Analyst firm Forrester said, “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.”
Reviewing the banking mobile apps of the big four Australian banks and neobank 86 400 for the first time, Forrester recommended the banks to offer money management features, improve self-service features and help customers reach their financial goals.
“The best mobile banking experiences don’t just meet customer needs with strong features and easy-to-use apps, they also anticipate customer needs”, Forrester’s latest report noted.
Consumers are under growing financial pressure and are looking to their banks for help. The analyst firm’s report cited “42% of Australian online adults have seen their income negatively impacted by COVID-19”.
The best mobile banking experiences don’t just meet customer needs with strong features and easy-to-use apps, they also anticipate customer needs
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Commonwealth Bank ranks number one in overall digital experience
Forrester ranked CommBank app as the overall leader in digital experience for the fourth consecutive year. The report states, “CBA takes the lead by delivering impressive digital experiences, excelling at both user experience and functionality.” CBA is the leader in usability, functionality, and overall digital experience for the fourth consecutive year noted the report.
For the fourth year running, CommBank takes the lead by delivering impressive digital experiences, excelling at both user experience and functionality.
Also Read: Commbank digital transformation strategy
Best Practices
Personalised recommendations
- CommBank notifies customers when their tax refund has been deposited and suggests they put it toward paying off existing debt
- Challenger bank 86 400 analyzes customers’ electricity bill payments; its “utility switch” feature helps customers find the best rate and change providers — all within the app.
- ANZ’s Spendi lets customers set up daily, weekly, or monthly budgets with emojis to help keep spending on track. As customers spend, they see an update on their budget balance with reminders of how much they have left. If customers spend beyond their budget, they see a worried emoji telling them they need to revisit their set goal.
Data is central to our decision-making: ANZ Bank
Search
National Australia Bank‘s search result relevance is the best among its peers, noted Forrester. The real-time filtering and keyword highlighting reassure customers that they’re getting the most accurate information.
“Westpac also excels at ensuring that search is visible and accessible from all parts of the app; it allows customers to follow through and take action straight away”
Forrester recommended the banks 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
