The Mobile Banking Rank 2023 represents a cornerstone analysis, investigating the evolution and competition within mobile banking services for individuals in an Eastern European country. This rigorous assessment, conducted in 2023, utilizes over 1,000 distinct criteria split across two comprehensive evaluation systems: Daily banking and Digital office. The Daily banking system examines the ease of routine transactions and customer interactions, while the Digital office focuses on product management tasks traditionally handled in bank branches. The study not only benchmarks the current state of digital experiences but also pinpoints emerging trends and strategic insights that banks can leverage to advance their digital frontiers. This research offers a crucial opportunity for banks to engage with the Markswebb team, gaining access to refined expertise and customized analytics to excel in the competitive landscape of mobile banking.
Update! Explore the latest wave of the Mobile Banking Rank 2024 research here.
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The Mobile Banking Rank 2023 utilized a dual-system evaluation to assess the digital banking landscape comprehensively. The Daily banking system, with over 700 criteria, scrutinizes the user-friendliness of everyday banking transactions such as payments, transfers, and customer support interactions. Meanwhile, the Digital office evaluates over 300 criteria related to more complex banking functions, including account management, product opening, and closure. This robust framework ensures a holistic view of the mobile banking experience from basic transactions to complex financial product management.
This year’s report revealed a significant uplift in the performance scores of leading banks, indicating an intensifying competition among institutions to deliver superior digital experiences. The average ratings on the Digital office scale saw an increase of 5.9 points, while the Daily banking scale rose by 7 points. Such enhancements reflect a broader industry trend towards refining digital interfaces and functionalities, as banks strive to meet the increasing demands of tech-savvy consumers.
One of the most critical aspects of the Mobile Banking Rank 2023 is its role in identifying not only current performance but also areas ripe for development. Insights from the study suggest that banks are increasingly focusing on integrating technological advancements such as AI-driven customer service and blockchain for secure transactions. Moreover, the research underscores the necessity for banks to innovate continually around user experience and service delivery to maintain a competitive edge.
The report also charts out key trends shaping the future of mobile banking. There has been a noticeable shift towards more integrated financial services, offering consumers a one-stop-shop for all their banking needs, including advanced features like investment services and insurance products directly from their banking apps. Additionally, the importance of cybersecurity measures and data protection has been amplified, mirroring consumers’ growing concerns about digital safety.
Staying ahead in banking means constantly upgrading digital features and experiences to keep pace with changing consumer demands.
By delving into over 1000 criteria, Markswebb evaluates digital experiences in mobile banking, enabling banks to elevate customer experiences tailored to specific needs. Whether you're in finance, retail, or any other sector, understanding these insights helps you tailor your digital offerings to meet evolving customer expectations.
In a market where every point counts, the Mobile Banking Rank 2023 provides a competitive edge. By benchmarking against industry leaders and identifying areas for improvement, businesses can fine-tune their digital strategies to outshine competitors and attract more customers.
Markswebb's research isn't just a one-size-fits-all approach. With a modular and flexible methodology, it adapts to any fintech market and related industries. This means you get insights customized to your specific market landscape, empowering you to make informed decisions that drive growth.
Beyond evaluating individual banks, the research provides a comprehensive overview of the market, detailing trends, changes, and key figures. Whether you're a startup looking to disrupt the market or an established player seeking to maintain relevance, these insights guide strategic planning and decision-making.
Why reinvent the wheel when you can learn from the best? Markswebb identifies over 220 best solutions from the Mobile Banking Rank 2023 research. These proven practices cover a wide range of scenarios, from joint account management to seamless navigation in currency operations, offering a roadmap for success in your own digital endeavors.
For top managers, monitoring the ranking isn't just about bragging rights - it's about getting an objective assessment of your product teams' actions. By understanding where you stand in comparison to competitors and where you can improve, you can drive continuous innovation and improvement within your organization.
We provide data-driven insights to help banks enhance digital experiences, close gaps, and stay ahead in a competitive market.
Our methodology stands as a testament to our expertise and commitment to delivering actionable insights. At Markswebb, we employ a rigorous process that blends industry standards with our proprietary approach, ensuring thoroughness and relevance in our research endeavors.
We begin by crafting a tailored evaluation framework, aligning with the specific objectives and nuances of each project. Drawing from our extensive experience and deep industry knowledge, we curate criteria that reflect the most critical aspects of the subject matter.
Our methodology is dynamic, evolving in tandem with changes in the industry landscape and emerging trends. We regularly review and refine our evaluation criteria, ensuring they remain aligned with the evolving needs and expectations of stakeholders.
We employ a multifaceted approach to data collection, leveraging a combination of quantitative analysis, qualitative assessments, and expert evaluations. This holistic approach enables us to capture nuanced insights and uncover hidden patterns within the data.
In our quest for authenticity, we simulate real-world scenarios within controlled environments. Whether it's opening accounts, conducting financial transactions, or interacting with customer service, we strive to recreate the user experience as accurately as possible.
Our team of seasoned experts meticulously analyze the collected data, drawing upon their domain expertise to extract meaningful insights and draw actionable conclusions. This human element ensures that our findings are not just data points but actionable recommendations grounded in real-world understanding.
We believe in the power of validation and iteration. Throughout the research process, we continuously validate our findings through peer reviews, stakeholder feedback, and benchmarking against industry standards. This iterative approach ensures the reliability and credibility of our research outcomes.
Finally, we uphold the principles of transparency and integrity in our reporting. We provide clear and comprehensive documentation of our methodology, allowing stakeholders to understand the process behind our findings and make informed decisions based on our insights.
The research provides an overview of the market, detailing changes, events, trends, and figures.
We evaluate how each market participant performs in every task block, and then calculate the average. The resulting figure indicates the average progress or regression for specific scenario blocks. Through visualizing this data, banks gain insights into which current tasks have experienced a decline universally – and what needs attention in the upcoming year to transform it into a competitive advantage. This is a useful tool to find a niche or create a unique solution.
The diagram below gives an overview of Daily Banking user scenarios progress over a year.
We also make a list of scenarios where all or almost all market participants have room for improvement. This serves as an additional tool to identify tasks where a competitive advantage can be gained.
To help banks reduce time to market, we suggest using solutions that are already tested by competitors. Each practice is individually described following the model "What task/problem users face – How to help them solve it more effectively."
For example, one of the implementations of joint accounts was among the best. Some users maintain a joint budget: they save money and take into account expenses. You can create a separate card for this and install the application on the smartphones of each savings participant, but this is inconvenient. Based on the results of the study, we found several best practices for implementing joint account management in a mobile bank - they are convenient for users, cover their key tasks, and therefore help increase transaction activity and engagement.
Giving the best user experience of maintaining a joint budget is:
In total, we identified 220+ best solutions as a result of Mobile Banking Rank 2023 research.
Here are other examples:
The registry of the best interface solutions from a specific market is a handbook for the mobile bank product. Here, product teams can find more successful mechanics for implemented scenarios or see references for new user tasks, thereby reducing the time spent searching for successful solutions and the time to market for new features.
Examples of best solutions from any market are accompanied not only by textual descriptions but also by screenshots, which, if necessary, can be translated into English upon request.
These are scales that provide an understanding of how competitors tackle product management and day-to-day banking tasks – and what overall objective assessment they receive. These figures vividly illustrate how competitors' positions have changed since last year, highlighting the strengths and weaknesses of banks. The maximum score in the ranking is 1000 points.
For example, consider the Digital Office rank.
From 1st to 3rd places
Strengths: Efficient scenarios for opening and closing products, high-level support, access to a complete set of official documents.
Areas for improvement: Managing credit history, pensions, and self-employment.
From 4th to 7th places
Strengths: Property insurance, pension product management, providing access to another person.
Areas for improvement: Enhancing dispute resolution for card transactions, updating personal information, and ordering credit product statements.
From 8th to 14th places
Strengths: Customer support in chat, dispute resolution, purchasing investment products.
Areas for improvement: Communication in the pre-login zone, ordering a credit card by non-customers, and installment plans for completed transactions.
From 15th to 17th places
Strengths: Ability to become a customer through product registration, opening investment products and a debit card.
Areas for improvement: Updating personal information, applying for life and borrower insurance, managing existing products.
From 18th to 22nd places
Strengths: Ordering essential documents, closing current and savings accounts, early loan repayment, managing the loan payment date.
Areas for improvement: Allowing non-customers to order a product, purchasing investment products, and enhancing chat features.
Currently, the market is examining the research findings. Going forward, some participants will collaborate with us to shape the backlog, while others will seek consultation to enhance business metrics—this process repeats every year following the publication of results.
In a year's time, we will conduct another, the thirteenth, market snapshot and observe which entities have meticulously addressed customer experience aspects in mobile banking.
The Mobile Banking Rank 2023 underscores the imperative for banks to innovate and integrate advanced digital functionalities to stay competitive. By demonstrating the advantages of adopting emerging technologies and data-driven strategies, this research offers valuable insights for banks aiming to refine their digital services and customer engagement. We invite industry leaders to collaborate with the Markswebb team to delve deeper into these findings, tailor solutions to specific needs, and lead the way in transforming the mobile banking landscape. Embrace the opportunity to enhance your strategic capabilities and position your institution at the forefront of the digital banking revolution.
We’ve evolved dozens of successful financial services and are eager to prove that our expertise can be implemented in other industries and around the world. Have a look at our success stories!
We’ve evolved dozens of successful financial services and are eager to prove that our expertise can be implemented in other industries and around the world. Have a look at our success stories!
From research and analysis to strategy and design, we help our clients successfully reach their customers through digital services.
