Business Online Banking Rank 2023: private banking on Android for SMB
MARKET OVERVIEW & BENCHMARK

Learn about a notable shift in metrics of business online banking

The Business Online Banking Rank 2023 emerges as a substantial research document, addressing the competitive landscape of digital financial services among mobile banks. Conducted in 2023, this extensive study meticulously evaluates over 780 criteria across ten product directions, specifically tailored for individual entrepreneurs and small to medium-sized businesses in a country in Eastern Europe. The analysis provides not only a benchmark for existing services but also identifies key growth opportunities and actionable insights for financial institutions aiming to enhance their digital offerings. This review offers opportunities for strategic collaboration with the Markswebb team: a willingness to share deep industry knowledge and customize the existing dataset to meet the needs of a specific business.

  • 14 banking on Android
  • 780+ criteria
  • 140+ user scenarios

Update! Explore the latest wave of the Business Online Banking Rank 2024 research here.

Researh highlights

Comprehensive user experience

The report identifies that the top-performing banks are those that offer a holistic service experience. This includes a comprehensive suite of banking tasks that users can perform with ease, from simple daily transactions to complex financial planning and analysis. The depth of functionalities available, such as account management, loan applications, and investment services, are integrated into user-friendly platforms, enhancing the overall digital interaction.

Convenience of service delivery

Beyond the range of services offered, the leading banks distinguish themselves through the convenience with which these services are delivered. This involves intuitive app interfaces, minimal procedural frictions, and quick access to customer support. Banks that excel in this area often utilize advanced technologies such as AI and machine learning to personalize user interactions and predict customer needs before they arise.

Diversity of mobile banking capabilities

The research highlights the importance of a diverse set of mobile banking capabilities. Leaders in the sector do not limit their offerings to generic banking operations; instead, they extend their digital footprint to encompass services like real-time notifications, custom financial advice, and cross-platform accessibility. This diversity not only caters to a broad spectrum of customer preferences but also ensures that all banking needs can be managed through a single, consolidated mobile application.

Leadership in the mobile banking sector is now defined by who meets user needs in the most comfortable way, not just who meets these needs.

Benefits of the Markswebb research: the way to optimize banking digital services

The Business Online Banking Rank 2023 offers a wealth of in-depth analytics that are instrumental for banks seeking to enhance and refine their digital service offerings. This comprehensive research plays a critical role in several key areas:

Assessment of digital services

Banks can use the detailed findings of the report to conduct thorough assessments of their existing digital platforms. By comparing their services against the benchmarks established in the research, banks can pinpoint areas of strength and those requiring improvement. This enables a granular analysis of functionalities ranging from basic account management to sophisticated financial tools like foreign payment systems and corporate lending solutions.

Strategic alignment with market trends

The report provides insights into the latest trends and consumer preferences in the online banking sector. Banks can leverage this information to ensure their digital services are not only current but also forward-thinking. Aligning digital strategies with these trends is vital for maintaining relevance and competitiveness in a fast-evolving market.

Competitive positioning

Understanding where a bank stands in relation to its competitors is crucial for strategic planning. The research offers a comparative analysis of digital services across various banks, highlighting leaders, challengers, and emerging players. This helps institutions identify their competitive position and strategize accordingly to capitalize on market opportunities or address potential threats.

Identification of effective solutions

The report outlines best practices and innovative solutions implemented by top-performing banks. Institutions can use these insights to adopt or adapt successful strategies within their own operations. Whether it's enhancing user interface design, integrating new payment technologies, or improving customer interaction channels, the research provides a blueprint for effective digital banking.

Future planning

With a comprehensive view of the current landscape and an understanding of the trajectory of market developments, banks can better plan for the future. The findings assist in forecasting changes in consumer behavior, technological advancements, and regulatory shifts, enabling banks to proactively adjust their strategies and offerings.

Business Online Banking Rank 2023
  • 14 banking on Android
  • 780+ criteria
  • 140+ user scenarios

The Business Online Banking Rank 2023 offers a wealth of in-depth analytics that are instrumental for banks seeking to enhance and refine their digital service offerings.

Research highlights summary:

  • Holistic service experience
  • Convenient service delivery
  • Diverse mobile banking capabilities
Get public report

Methodology: user experience simulation

To capture a true-to-life understanding of user experience in business online banking, analysts from Markswebb employed a detailed simulation methodology. This approach involved several key steps designed to mimic the activities of typical business account holders:

  1. Account opening: Analysts began by opening business accounts at various banks. This initial step allowed them to evaluate the ease and efficiency of the account setup process, which is critical for new users deciding which bank to choose.
  2. Fund deposits: Following account setup, the analysts deposited funds into each account. This step tested the banking interface's capability to handle deposits smoothly and provided insights into the user experience during this fundamental banking operation.
  3. Transaction execution: With the funds in place, analysts conducted a variety of transactions that a business might typically perform. These included making payments, transferring funds between accounts, setting up payroll distributions, and managing corporate expenses. This comprehensive engagement with the banking platforms allowed the analysts to assess the versatility, responsiveness, and reliability of each bank's online services.
  4. Real-world scenarios: The transactions chosen were representative of real-world business banking needs, ranging from high-frequency daily operations to less common but critical tasks like international payments and loan applications. This approach ensured that the simulation covered a broad spectrum of user interactions and banking requirements.

This methodological approach helps ensure that the banks can refine their platforms to better meet the needs of their business clients, enhancing overall customer satisfaction and service efficiency.

By immersively engaging with the banking platforms through these simulations, Markswebb analysts were able to gather authentic user experience data. The findings from these simulations provide banks with invaluable insights into how their services perform under everyday business conditions, highlighting areas of excellence and identifying opportunities for improvement. let's take a closer look.

What is the level of digitization of particular products in business online banking

Mobile Banking Rank 2023

Insights from hybrid interviews

To gain a deeper understanding of the user experience within online banking services, the Business Online Banking Rank 2023 incorporated findings from hybrid interviews with users. These interviews provided a dual approach, combining qualitative insights with quantitative data to paint a comprehensive picture of the banking landscape. The insights obtained from these interviews covered several critical areas.

User challenges

  • Navigational difficulties: Many users reported challenges with navigating the online banking platforms, particularly in finding specific features or services quickly.
  • Complexity of features: Users often found the array of features overwhelming, especially in banks that offer a wide range of services but do not integrate them intuitively.
  • Security concerns: Despite the importance of security in online banking, some users expressed concerns about the perceived security measures and protocols, impacting their trust and willingness to engage fully with the digital services.
  • Technical issues: Recurrent technical glitches, such as slow loading times, transaction errors, or system outages, were common points of frustration mentioned by users.

User advantages

  • Convenience: The ability to conduct banking transactions anytime and from anywhere was highly valued, underscoring the importance of online banking in the users' daily financial management.
  • Feature richness: Users appreciated the comprehensive range of features available, from basic account management to advanced financial tools like investment options and loan management, which facilitated a more complete banking experience.
  • Customization options: Some platforms offered customization features, allowing users to tailor the interface and the functionalities to their specific needs, enhancing the user experience.
  • Customer support: Effective and responsive customer support, especially through digital channels like chat and email, was highlighted as a significant advantage, helping users resolve issues quickly and efficiently.

Operational insights

  • Adoption of new technologies: Users responded positively to banks that integrated new technologies, such as AI-driven tools for personalized banking advice or blockchain for enhanced security.
  • Efficiency of services: The speed and efficiency of performing banking operations, such as instant payments or real-time updates on transactions, were crucial for user satisfaction.
  • Accessibility: Ease of access, with robust mobile platforms and adaptive web designs, ensured that users could engage with their banking services on various devices, which was particularly beneficial for users constantly on the move.

These insights from hybrid interviews are instrumental for banks to understand not only the current pain points and highlights of their services from the customer's perspective but also to gauge the effectiveness of their existing features and support systems. By addressing the challenges and reinforcing the advantages, banks can better align their digital offerings with user expectations and enhance overall customer satisfaction in their online banking platforms.

Future and trends

Studying the implementations of digital leaders and assessing the current state of the market allows us to understand which development directions for services may be priorities shortly. This data can form the basis of a strategy or help update existing plans.

For example, in Business Online Banking Rank 2023, we discovered that there is potential for the development of marketplaces within business online banking. Some banks are already implementing AI as an additional aid in finding answers. Additionally, banks face the task of customizing the main screen to make the diversity of products convenient for use.

We can also identify promising solutions for the strategy of your online bank, taking into account the peculiarities of the local market. To discuss a project, don't hesitate to get in touch with us!

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Reduse time-to-market with detailed gap analysis
Full Report
  • Market and trends overview
  • Detailed description of typical issues and 130+ best solutions
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Backlog update with personal recommendations
Audit
  • Assessment of the competitive position and key gaps of the online bank compared to others
  • List of recommendations with references and explanations
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Achieve the target metrics faster with tailored solutions
Consulting
  • Online bank audit
  • Backlog update with personal recommendations depending on business goals
  • Consultation for the product team on epics priority
  • Personal selection of best solutions and references
  • Tracking changes, assessment, and feedback
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