In some sense, we all have blinders on. We’re so focused on what’s “new” and “innovative” that we tend to forget that, in the end, it is the customer who decides which banking innovations have merit and which do not.

We have endeavored to determine what those customers have decided. It gives me great pleasure to introduce Bank Innovation Monitor, a unique report and data service that tabulates which innovative banking products consumers know of, want and use.

To download the inaugural edition of Bank Innovation Monitor, please click here.

What we found in our research was striking. Americans are largely unaware of the mobile banking tools and services available to them today, and we believe that this obliviousness creates uncertainty surrounding the advancement of mobile services by the nation’s banks. Everyone in banking today talks about widespread adoption of mobile services as if they are a given, but we are seeing ignorance of mobile banking among consumers on a wide scale. Better than 63% of US consumers, when asked which mobile banking features on a laundry list of services they would want, said “none of the above.” That’s a remarkably high rate. If awareness does not spark among consumers, mobile banking might remain in the shadow of online banking for the foreseeable future.

It is impossible to consider mobile banking without measuring it against online banking, and online banking remains the big winner among consumers. The awareness, usage and desirability of online banking services far exceeds those for mobile banking services. The mobile service that the most consumers have ever used — “check account balance” — topped off at about 46% of the U.S. population over the age of 18. The most popular online banking services have been used by better than 90% of that population. The raw numbers seem to say that mobile banking pales in comparison to online banking, but mobile banking is at a far different stage in development than online banking, and it could supersede online banking. But that’s not a given at all today, and the number for mobile banking usage and “want” right now are low.

The Monitor also found that men are more engaged with mobile banking than women; that people across all income brackets seem to have a relatively equal attraction to mobile banking; and that — not surprisingly — younger consumers are using mobile banking services in greater numbers than consumers in other age tiers.

As for which of the nation’s major banks is leading the pack in mobile banking, that would appear to be Bank of America. Bank of America’s customer base has the greatest awareness of the bank’s mobile banking services compared to other large financial services companies in the US. Whether BofA’s strength in mobile banking is a result of its recent marketing efforts or a more robust feature set than JPMorgan Chase, Wells Fargo & Co. and others, we don’t know. What we do know, however, is that BofA enjoys an awareness of its mobile banking products and services among its customers that is at least about 15% greater than any major banking institution today.

The Monitor, which consists of a quarterly, Census-valid data query of US consumers, was prepared in partnership with BuzzBack Market Research, a leading research firm based in New York. The next issue of Monitor in July will focus on online banking. The August Monitor will explore alternative payments. To subscribe to the Monitor, please visit here. The Bank Innovation group for the Monitor can be found at www.monitor.bankinnov.wpengine.com.