mobile banking

What’s happening in mobile banking?

Our latest Mobile Banking Dashboard has been published to clients, featuring all the changes made in the last quarter by 50+ banks across the world, as well as an overview of the functionality and user journeys offered by these top financial services providers.

What have we found? Well, you’ll need to download a sample for a taste, or purchase a subscription so you can share the comparison matrix and accompanying report with your teams. But I thought we’d share a couple of interesting trends we’ve noticed and a few sneaky screenshots to give you an idea of what’s what – and the sort of interesting content you can find in our Dashboards.

1. More than a third of banks have actually REMOVED functionality this quarter

Lots of features does not a great experience make. Indeed, too much functionality can make the app harder to use, and make it less likely to be adopted. Around a third of the banks we monitor took features away, presumably to streamline the experience and make common tasks easier to perform.

2. Customers can view their transactions in a more interactive way

A considerable number of providers have changed the layout of their transaction feeds and the way information is presented in order to make information about payments and spending easier to consume. Being able to check balances and transactions plays an important role in making customers feel secure, so providing more information about transactions (such as locations and additional merchant details) can help customers identify unusual activity on their account.

(This is a basic attempt at PFM, something we cover in our upcoming webinar on 13 July! Sign up now!)

A growing number of banks are also making it possible for customers to view and export full statements within the mobile app. Not very interactive, but on the same lines. Click below for an example from BBVA.


3. There are more ways to apply for new products within mobile banking apps

Banks have gradually been adding more and more product applications to their mobile services. For existing customers, applications should be succinct as possible and the number of inputs minimal. While for basic product lines (such as savings), banks have been offering such applications, for more challenging products such as mortgages there is still a noticeable gap. Revolut, for example, offers instant credit to existing customers within the app, as well as the option to upgrade to a ‘Premium’ account – in very few clicks. Their partnerships with PensionBee and Trussle are also clearly promoted

4. Mobile is helping customers access ‘cardless cash’

Several banks have introduced this functionality – the ability for customers to get cash from ATMs without a card, using their smartphones. For ICICI customers, this involves getting a unique code from the smartphone app.


5. Touch ID is now a hygiene factor

We believe that offering more sophisticated security options, and greater control over how your mobile banking is kept secure, will encourage more customers to adopt and regularly use mobile as a money management channel. Only two of the providers we monitor offer biometric security via face or voice, Touch ID is pretty much ubiquitous.

Want to find out more? Here is a summary of what our quarterly mobile banking competitor analysis reports offer to financial services clients.

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