The Mobile Banking Rank 2024: redefining digital banking excellence

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The Mobile Banking Rank 2024 serves as a cornerstone research document, offering an in-depth analysis of mobile banking services across a diverse range of regions. This year’s research evaluates 21 mobile banking applications on Android in one of the countries in Eastern Europe, using over 738 criteria for daily banking and 324 criteria for digital office functionality. The evaluation spans critical areas such as task automation, financial product management, and onboarding efficiency. This is the 13th wave of Markswebb's research on customer experience in mobile banking, combining desk analysis and UX testing with expert interviews. The report not only benchmarks the performance of top market players but also highlights actionable insights for enhancing user experience and optimizing business value. Contact us to discuss how to order your copy.

This research provides a strategic foundation for financial institutions to refine their mobile banking solutions and achieve sustainable growth in a competitive market.

  • 21 mobile banking apps on Android
  • 1000+ criteria
  • 2 evaluation systems

Researh highlights

Digital office evaluation redefines branch-free banking

The Mobile Banking Rank 2024 evaluates how well mobile apps can replace in-branch visits through digital office capabilities. This includes assessing the ability to open new financial products, manage documents, and access essential banking services remotely. Using 324 criteria across 56 user scenarios, the research highlights how effectively mobile apps meet the complex needs of customers. The final scores for each app reflect the weighted importance of these task blocks, providing a comprehensive view of their digital readiness.

Daily banking benchmarks usability and functionality

The Daily Banking system evaluates 738 criteria, focusing on everyday financial tasks such as transfers, payments, and account management. This year’s research emphasizes usability, efficiency, and alignment with modern banking standards. Apps that excelled demonstrated robust task automation, seamless transaction workflows, and user-friendly navigation, raising the bar for customer satisfaction.

Leading apps set new standards

The study's top-performing mobile banking apps are distinguished by their innovative approaches to digital transformation. They stand out for their comprehensive features, including advanced investment management tools, pension product services, and efficient document workflows. These apps also prioritize user empowerment by introducing features like error feedback systems, detailed analytics, and customizable dashboards.

Sector-wide trends and growth opportunities

The research identifies key trends driving the evolution of mobile banking:

  • Enhanced product management: Expanded functionality for managing investments, insurance, and loans.
  • User-centric improvements: Intuitive interfaces, financial health tracking, and personalization features.
  • Seamless onboarding: Simplified account opening and document submission processes.

While advancements have been made, the research highlights areas for growth, including greater flexibility in managing financial products and enhanced support for non-clients. Banks can leverage these insights to refine their digital strategies and align with customer expectations in an increasingly competitive market.

Practical use of the Mobile Banking Rank 2024 for addressing key challenges

The Mobile Banking Rank 2024 provides actionable insights tailored to help financial institutions address specific pain points in their mobile banking services. Whether it's enhancing customer experience, optimizing operational efficiency, or staying ahead in the competitive market, this research offers targeted solutions.

Solve your challenges with proven strategies from Markswebb

  1. Improve customer onboarding. Many mobile banking apps struggle with high abandonment rates during onboarding. The report highlights best practices for seamless account opening processes, such as pre-filled forms, camera-based data capture, and flexible document submission. Implementing these solutions reduces friction and increases conversion rates for new clients.
  2. Enhance investment and financial management. Managing investments and financial health is often cumbersome for users. The research identifies effective implementations of tools like real-time portfolio tracking, simplified investment account opening, and tailored recommendations. These features empower users to make informed decisions and build loyalty.
  3. Streamline complex services for non-clients. Non-clients often face difficulties accessing key services like credit applications or joint account creation. By adopting insights from high-performing apps, you can create user-friendly interfaces that simplify these processes, attracting new customers and expanding your client base.
  4. Address usability gaps in daily banking. Customers expect fast and intuitive solutions for everyday tasks, yet many apps lack proper navigation, payment automation, or error handling. The report highlights examples of successful task automation and smart error recovery systems, ensuring a smoother user experience.
  5. Boost operational efficiency. Inefficient workflows, such as document handling or customer support delays, can erode user trust. The study showcases practical approaches to digitizing document workflows and integrating AI-powered chat solutions, reducing operational costs and improving service quality.
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Methodology: a dual-system approach developed by Markswebb

The Mobile Banking Rank 2024 is based on a proprietary dual-system evaluation methodology, developed by Markswebb, to comprehensively assess the performance of mobile banking apps. This methodology combines two systems: Daily Banking, which focuses on routine financial tasks, and Digital Office, which evaluates the ability of apps to replace traditional branch services.

In this section, we highlight the Digital Office evaluation. Designed to address complex user needs, the Digital Office system assesses 324 criteria across 56 scenarios, including tasks like opening financial products, managing documents, and accessing essential services. Each scenario is carefully weighted to reflect its importance to users, creating a comprehensive score that benchmarks how effectively an app can replace in-person banking.

Take a look at how weights are assigned to groups of scenarios in 2024. This evaluation system is updated annually to reflect the most important tasks for users.

Digital Office evaluation

Our proprietary methodology ensures that every evaluation is rooted in real-world usage, with insights drawn from usability tests, expert reviews, and user feedback. This allows us to identify key strengths, gaps, and actionable opportunities for improvement.

While we’ve focused here on the Digital Office ranking, we’d be delighted to share more about the Daily Banking evaluation and how it complements this approach. Contact us to learn more about how our methodology can guide your app’s development.

Digital Office rankings and insights from Mobile Banking Rank 2024

Over the past year, the mobile banking market has seen notable developments in Digital Office functionalities, with banks prioritizing tools that enhance accessibility and user convenience. Key trends include:

  • Expansion of product management tools
  • Improved document workflows
  • Automation of routine tasks
  • Integration of personalization features

The diagrams illustrate changes in the evaluation of user task implementation across various functionalities in Digital Office and reflect shifts in scores between 2023 and 2024.

Mobile Banking Rank 2024 - shifts in scores between 2023 and 2024

shifts in scores across various functionalities in Digital Office between 2023 and 2024

Digital Office ranking in 2024: performance shifts and growth opportunities

The Digital Office rankings highlight notable progress among leading banks while pinpointing areas for improvement across the sector. The visualization of the rankings clearly shows how many positions each bank has shifted compared to the previous year. Below, we analyze the strengths and weaknesses of mobile banking apps within each cluster based on their rankings and scores.

Digital Office ranking in 2024: performance shifts and growth opportunities

From 1st to 3rd places

Strengths:

  • Seamless scenarios for managing pension products and credit history.
  • High-level support for opening and managing investment accounts.
  • Efficient tools for updating personal data, including sensitive information like identification documents and credit potential.

Areas for improvement:

  • Enabling customers to open credit cards digitally without requiring physical issuance.
  • Expanding options for borrower insurance.
  • Enhancing pension product management.

From 4th to 9th places

Strengths:

  • Advanced functionality for joint accounts and shared product management.
  • Effective tools for investment product onboarding, including brokerage accounts and mutual funds.
  • Broader offerings in property and health insurance solutions.

Areas for improvement:

  • Improving access to credit histories and credit scores.
  • Introducing streamlined processes for customer data updates.
  • Offering more robust tools for dispute resolution.

From 10th to 16th places

Strengths:

  • Practical support for managing credit limits and payment schedules.
  • Expanded tools for product registration and preliminary calculations for credit offers.
  • Enhanced customer interaction via chat and customer service.

Areas for improvement:

  • Limited capabilities for investment product management.
  • Basic functionality for borrower and life insurance applications.
  • Restricted options for customizing account management features.

From 17th to 21st places

Strengths:

  • Fundamental capabilities for ordering essential banking documents and closing accounts.
  • Early loan repayment options available for existing clients.
  • Ability to track and manage debit card orders effectively.

Areas for improvement:

  • Poor accessibility for non-customers to explore and apply for financial products.
  • Insufficient tools for investment and insurance product purchases.
  • Lack of advanced communication features within the apps, such as proactive chat support or automated updates.

Conclusions and collaboration opportunities

Mobile Banking Rank 2024 reveals how top-performing apps simplify complex tasks, such as opening new products, managing investments, and customizing services to fit user needs. For banks that struggle with gaps like limited investment tools, inefficient onboarding, or insufficient document workflows, the report offers specific benchmarks and practical solutions.

The detailed findings in the full report provide tools to:

  • Close gaps with competitors: Understand where your app falls short, whether it’s in borrower insurance, joint account functionality, or pension product management.
  • Adopt best practices: Learn from leaders how to implement features like real-time credit potential tracking or document export options, ensuring a smoother user experience.
  • Plan ahead strategically: Use insights to prioritize features that directly improve customer satisfaction and operational efficiency.

The report doesn’t stop at analysis — it’s a guide to action. Whether through an audit that evaluates your app’s performance against competitors or consulting that helps embed actionable solutions into your roadmap, we’re ready to help you transform your mobile banking service into a market leader.

Get in touch to explore how we can improve your app together!

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