The Mobile Banking Rank 2022 serves as a crucial benchmarking report, exploring the dynamic field of mobile banking services across a diverse array of financial institutions in an Eastern European country. This extensive analysis, conducted in 2022, rigorously assesses banks on over 250 best practices and is structured around two main evaluation systems - Daily banking and Digital office. By examining these dimensions, the report not only sets performance benchmarks but also identifies cutting-edge practices and substantial opportunities for financial institutions seeking to elevate their digital services. The insights garnered offer a deep dive into user experience enhancements and service optimization that are crucial for staying competitive in today’s rapidly evolving digital banking landscape. This report is invaluable for those looking to strategically advance their mobile banking capabilities and understand the prevailing market trends.
Update!
This research is conducted annually. The next iteration of the Mobile Banking Rank 2023 is available to all stakeholders. Contact us for the most up-to-date information.
Contents
Banks have enhanced capabilities in managing new products, modifying data, and accessing documents. The digitalization of credit cards and services like securities and insurance purchases reflect a shift towards more integrated financial management tools.
Innovations that improve UX include automatic phone number recognition for transfers, the ability to save payment drafts, subscription management for regular transactions, and increased transparency in investment products. These features aim to simplify operations and enhance customer satisfaction.
The research identifies a decline in the quality of digital customer experience related to debit card management, mainly due to external restrictions and the discontinuation of certain apps. However, improvements in payment detail accessibility and the emergence of QR codes as a major payment driver are notable positive trends.
The report outlines how businesses can use the research findings to benchmark their services, identify market trends, and integrate valuable features into their systems. It emphasizes the importance of understanding customer expectations and staying competitive in the evolving mobile banking landscape.
Certain mobile banking features significantly increase user satisfaction and improve the bank's competitive position. If you know these features, you know the path to leadership.
The Markswebb research provides key insights that empower banks and financial institutions to significantly enhance their digital offerings. Here’s why incorporating findings from the Mobile Banking Rank 2022 is crucial for your business:
Learn from the best practices identified across leading banks to refine user interfaces and functionalities.
Stay ahead by adopting innovative features that meet the evolving needs of digital banking customers.
Utilize the detailed analysis to make informed strategic decisions about service enhancements and new feature implementations.
Understand which features fail to resonate with customers, helping to prioritize development resources effectively.
These insights are tailored to benefit professionals in the banking sector looking to elevate their digital services and customer satisfaction levels.
A key insight from the Mobile Banking Rank 2022 is the significant impact of integrated investment services on user retention and satisfaction. As financial landscapes evolve, banks offering seamless access to investment products, such as bonds and securities, within their mobile platforms see higher engagement rates and customer loyalty.
This reflects a growing trend where customers value holistic financial services that are accessible and easy to manage through their banking apps.
We collected all accumulated experience of market leaders, effective solutions, and a large-scaled database of practices (250+). As an example, let’s look at some solutions and ratings in Daily Banking that make frequently used features more convenient for users.
A significant portion of transfers made using phone numbers are for point-of-sale transactions. Typically, users need to open the app, navigate to the transfer form, and manually enter all the details. A successful solution on the market allows users to scan the phone number automatically instead of manually inputting it. Even handwritten numbers can be recognized. The number is automatically populated in the form, and users only need to enter the amount.
Making payments using bank details often requires entering a large amount of data. If the process is interrupted for any reason, users often have to start over from scratch. An effective solution is to automatically save entered data in forms as drafts. Users can return to the draft at any time. This practice is already successfully used in complex scenarios, such as loan applications, and increases customer loyalty.
Provides better control over expenses. When users link their cards and accounts to various stores and services, they need to monitor deductions. The ability to do this within the banking app helps retain customers.Subscription for transfers using phone numbers: For frequent online shoppers, linking a card is a common practice. An effective solution is to enable subscriptions for payment of goods and services using phone numbers, without the need for scanning QR codes or confirming transactions.
Lowering the entry barrier for investment products can be achieved by allowing investors to track changes in bond prices over different periods on a graph and view the profitability dynamics in both percentage and monetary terms. The ability to predict investment product returns stimulates purchases. Beginner investors may struggle to forecast the profitability of investment products, which can hinder their decision to invest. A bank’s forecast can address this issue. Automatic loan repayment improves payment discipline. Automation also minimizes communication noise created by reminders of upcoming payments and allows notifications for other tasks, such as personalized offers.
Setting card limits automatically saves time as users don’t have to manage them manually. The bank calculates the card limits based on transaction history.
The findings from the Mobile Banking Rank 2022 underscore the critical role of digital innovation in maintaining competitive advantage in the banking sector. By embracing the research insights and integrating suggested best practices, banks can not only enhance their service offerings but also significantly improve customer satisfaction.
We invite you to collaborate with Markswebb to further tailor these insights to your specific needs, ensuring you not only keep pace but lead in the digital transformation of financial services.
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