Business Mobile Banking Rank 2022: main features
Market overview & Benchmark

Maximize the financial products’ profit in mobile banking apps for businesses

The Business Mobile Banking Rank 2022 serves as a critical study addressing the evolution and operational efficiency of mobile banking applications tailored for banks in one of the eastern European countries. Conducted over the course of 2022, this report meticulously evaluates mobile banking apps across more than 140 user scenarios, specifically designed for individual entrepreneurs and small to medium-sized enterprises. With a focus exclusively on Android platforms, the research dives into the digital banking experience provided by eleven top banks in the market, assessing their ability to handle complex business banking needs effectively. This thorough analysis not only sets a benchmark for existing mobile banking services but also unveils crucial insights and best practices that can propel financial institutions towards significant enhancements in their digital offerings. This document offers an opportunity for in-depth understanding and strategic engagement with cutting-edge financial technologies that can reshape business banking.

  • 11 mobile banking apps
  • 140 user scenarios
  • 850 evaluation criteria

Researh highlights

Several key insights emerged from this meticulous evaluation:

User experience and usability

The study revealed significant disparities in the user experience offered by different banks, particularly in terms of app navigation, transaction handling, and information accessibility.

Service integration

Best practices identified included comprehensive integration of services like foreign currency operations and loan management directly within the apps, highlighting the importance of mobile banks as a platform for extensive business management.

Innovation and best practices

Insights into how the leading apps are leveraging technology to simplify complex processes and provide value-added services were also uncovered. This includes the use of chatbots for customer service and advanced features for monitoring and managing financial health.

Effective integration of comprehensive and convenient mobile banking features is crucial to improve the efficiency of enterprise financial management.

Practical use of mobile banking insights: empowering digital service teams

This structured research offers comprehensive insights and practical guidance for digital service teams in banks, helping them enhance their mobile banking offerings for business clients.

  • Informed decision-making: Digital service teams can make data-driven decisions about which features to prioritize and implement based on the comprehensive analysis of user scenarios and best practices.
  • Efficiency improvements: Insights from the report can help streamline app development processes, enhance transaction management features, and improve overall user experience.
  • Adoption of best practices: The report highlights various innovative practices adopted by leading banks that digital service teams can integrate into their development strategies.

Overview of the evaluation methodology

Eleven mobile banking apps on Android participated in the Business Mobile Banking Rank 2022 research, as Android apps are more prevalent in the Russian market compared to iOS, with a slight difference in app performance.

In all banks, accounts and products were opened, funds were deposited, and various types of transactions were conducted. Over 140 user scenarios were tested in each app, and seven usability tests were conducted for each bank. Respondents recorded the time spent and paths taken within the app. The final evaluation included the difficulty of task completion on a 7-point scale and the overall service experience measured by the SUPR-Q metric, rated from 1 to 7.

A total of 850 evaluation criteria were developed, each assigned a weight based on its importance to the user. The data were divided into two rankings: one for individual entrepreneurs and another for small companies with employees. The «Mobile Bank as a Platform» and «RKO» (acronym for cash management services) carried the most weight for both business models. Noticeable differences were observed in the «Accounting and Document Management» category, which is more important for individual entrepreneurs as they handle accounting tasks themselves.

Additionally, the most common tasks were tested, such as app login, tariff viewing, payment creation and search, and statement downloads. A separate ranking was created for each of the nine key business products.

This structured approach allows for evaluating the market from different perspectives, including the development of specific products and the overall quality of services based on client needs.

9 product rankings and their main features

We have compiled ratings of banks by key financial products for business. They reflect how convenient it is to manage a specific product in a mobile bank.

Mobile bank as a platform

Evaluates the comprehensiveness of the app, including its comparison with other business services. Best implementations feature:

  • user-friendly onboarding
  • functional chat
  • convenient counterparty cards
  • user management
  • notification customization
  • global search
  • consolidated calendar

Cash management services

Banks showcased more comprehensive user experiences in this category. Key features in top apps include:

  • transaction history with search and filters
  • data validation in forms
  • tooltips
  • autopopulation of payment details
  • commission calculation during payment entry

Foreign economic activity

All services offer basic functions like currency exchange and account opening. Evaluation also considered interaction with currency consultants via the mobile banking chat. Convenient communication with consultants provides a unique experience.

Higher standards include:

  • the ability to create outgoing currency payments
  • track their status
  • store contracts
  • establish document relationships
  • communicate with currency consultants

Deposits

Users often rely on offers presented in stories or notifications rather than actively searching for deposit conditions. Only leaders in this category provide seamless communication between promotions and a user-friendly deposit application process.

Highly rated solutions offer:

  • the ability to link to an account in another bankdetailed deposit information
  • the option to choose the interest payout format.

Loans

One of the most diverse product categories in the research, with implementation levels ranging from 4.8% to 71.1%. Seven out of eleven banks in the research do not promote credit products in their mobile banking apps, while the leader offers multiple loan options.

The best user experience includes:

  • detailed loan information
  • interactive calculation of loan conditions
  • a separate form for early repayment
  • overdraft applications

Acquiring (Merchant services)

This product is a growth point. Even the market leader rates this product at 81.8%. Trade acquiring is available in 8 banks, fast payment systems in 5 banks, online cash registers in 5 banks, and internet acquiring in 6 banks. The best experience allows for the integration of turnkey trade infrastructure in the mobile banking app.

Salary project

Some applications have limited functionality for working with the salary project. The goal for which the product is being integrated is the signing of the registry, which is important for mature businesses. Companies with a small staff may not see the benefits of the product and will use regular payments, which does not contribute to the growth of the banks’ client portfolio.

The best solutions offer the salary project as a default or enable it with a single click. The growth point is tools for working with self-employed individuals.

Business cards

Corporate cards are more of a convenience element for entrepreneurs rather than a necessity. To increase demand, it is necessary to clearly communicate the value of the product: how it allows for expense control, reduces routine in reporting, and simplifies payments. These are precisely the aspects addressed by the leaders in the ranking.

Mobile banks demonstrate a high level of maturity in card management. The market standard includes:

  • navigational links between the application form and the description of terms
  • PIN code changes
  • blocking
  • limit settings

Solutions that simplify payments and allow for expense control have received high ratings.

Document flow

Among the variety of primary documents, most banks emphasize working with accounts and issuing them in the application. This is one of the key tasks based on our surveys, and it is present in 10 out of 11 banks. However, insufficient attention has been given to working with contracts, which is only available in 2 banks.

Our high ratings were given to applications that include:

  • calculations of tax payments for individual entrepreneurs
  • declarations for individual entrepreneurs
  • reporting under the simplified tax system

Conclusion

The Business Mobile Banking Rank 2022 underscores the pivotal role of advanced, user-friendly mobile banking applications. By providing detailed insights into how mobile banking apps cater to various business needs through efficient service offerings and technological integration, this report serves as a vital tool for for digital service teams in banks aiming to optimize their offerings for business clients. We invite industry stakeholders to collaborate with us, leveraging these insights to foster innovation and enhance the digital banking experience for business users.

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