Mobile apps are the touchpoint of choice for Australians to manage their finances. Forrester data indicates that 53% of Australian online adults use their smartphone to conduct their banking.
Forrester reviewed the mobile banking apps of the Big Four Australian banks and neobank 86 400 and found that leading Australian banks do well at delivering digital functionality to help users complete basic mobile banking tasks like transferring money and making recurring transfers or bill payments. This was particularly important during the pandemic lockdown when the use of cash, ATMs and bank branches declined.
For the fourth year running, CommBank takes the lead by delivering impressive digital experiences, excelling at both user experience and functionality. Due to the current economic recession, protecting the financial wellbeing of consumers has also never been more important. CBA performs well in this area, receiving perfect scores for account management, money movement and assisted service. Personalised recommendations are also a best practice for the industry, and CBA is a leading example of how banks should better understand their customers and put customers first by helping them improve their financial wellbeing.
However, most banks still fail to deliver helpful and valuable functionality in areas like money management, alerts, and self-service features. The absence of such features leaves customers in the dark when it comes to staying on top of their finances and completing customer service tasks at will.
The best mobile banking experiences don’t just meet customer needs with strong features and easy-to-use apps, they also anticipate customer needs. Our analysis found that banks need to:
- Let customers manage alerts
- Communicate better with customers
- Give customers more visibility into where they spend their money.
- Help customers reach their financial goals
- Improve self-service features
Zhi-Ying Barry, author of the report, also published this blog post with some key insights.