Wells Fargo scored the best mobile banking grade in a new report issued today by Keynote Competitive Research. Other banks that received grades include: Bank of America, Capital One, Chase, Citibank, PNC Bank and US Bank.

The evaluation by the firm also pointed out how much work banks still have ahead of them in further developing their core mobile banking functionality, let alone getting involved in the to-be-booming mobile payments mess.

“Customer experience is still centered on classic online banking services ported to the mobile environment,” said Chris Musto, general manager of Keynote Competitive Research, in a statement. “At this point, banks vary greatly in what they’ve brought online and how discoverable and usable they’ve made mobile banking features. The Scorecard shows that as banks pursue novel mobile functionality, many need to re-double their focus on refining the usability of their existing features.”

Additionally, the Scorecard discovered that text banking appears to be the most underdeveloped offering relative to its potential for all banks. For example, none of the banks evaluated let customers use text banking to search for deposit transactions.

Keynote says it ranked the seven retail banks based on nearly 100 criteria. Measurement categories include: functionality, ease of use, privacy & security, quality and availability across text, mobile web and applications. Keynote said it plans to release an expansive report with Scorecard analysis for the top 15 retail banks in January 2012.