The Mobile Banking Rank Azerbaijan 2022 serves as a crucial analytical resource, dissecting the nuances and competitive dynamics within the mobile banking sector in Azerbaijan. This research, carried out in 2022, systematically reviews the user experience across ten mobile banks, scrutinizing over 1000 criteria meticulously selected to evaluate the comprehensiveness and convenience of mobile banking tasks, particularly focusing on debit card management. The findings offer a quantified snapshot of the industry's progress and pinpoint areas ripe for enhancement, aiding banks in prioritizing improvements to heighten client satisfaction and service quality.
Update!
This research is conducted annually. In 2024, the next iteration of the Azerbaijan Mobile Banking 2024 will be available to all stakeholders. Contact us for the most up-to-date information.
Contents
The banks were assessed based on functionalities such as the ease of fund transfers using a card number, the clarity of information during the process, and the convenience of the user interface. The criteria were binary and weighted based on their frequency and impact on the user experience.
Banks were categorized based on their level of digital service development. Some banks showed high digital maturity, integrating extensive personal financial management (PFM) functionalities and digital office tasks. Others had uneven development, with gaps in service areas like autopayments or transfers. A few banks still predominantly offered services offline, with limited digital capabilities.
Since 2017, there has been notable progress in functionalities like product status checks and service payments, but other areas still need development. Key digital services like transfers, payments for utilities and fines, and debit card management showed varying levels of implementation across banks.
The report identifies best practices that enhance user engagement and operational efficiency, such as simplified login processes, effective onboarding, convenient transaction forms, and robust chatbot integration.
Improving user experience in mobile banking applications through convenient digital services is essential for banks in Azerbaijan to enhance customer satisfaction and maintain competitive advantage.
The Markswebb Mobile Banking Rank Azerbaijan 2022 research is pivotal for financial institutions aiming to excel in the digital banking sphere. Here’s why embracing this research can be transformative for financial institutions:
The comprehensive analysis of user experience across various mobile banks helps identify prevailing gaps in digital services. Understanding these areas allows institutions to prioritize development efforts, fostering innovation and ensuring they stay ahead of the curve.
With detailed evaluations of over 1000 criteria across the top mobile banks, the research enables benchmarking services against market leaders. This comparison is crucial for understanding current market positions and strategizing on how to outperform competitors.
The study highlights the best practices in user experience and customer service, offering insights into how leading banks succeed in satisfying their customers. Implementing these practices can significantly improve customer interaction and retention rates.
By highlighting trends and advancements in mobile banking, the research provides strategic foresight into the evolving digital banking landscape. This information is essential for making informed decisions about where to allocate resources and which technologies to invest in.
The research provides specific examples of functional excellence and user interface innovations that have proven successful. By adopting these proven strategies, banks can enhance the user experience, making mobile banking apps more intuitive and user-friendly.
Understanding the regulatory environment and the best practices adopted by industry leaders through this research ensures that digital offerings are not only competitive but also compliant with industry standards.
We offer insights from 1000+ criteria to help you optimize key features and boost user satisfaction in Azerbaijan’s mobile banking sector.
To compile the ranking, we utilize a set of heuristics rather than relying on subjective user opinions. For evaluation purposes, we selected 10 banks and ordered a classic debit card with a basic service package from each bank. We deposited funds, made payments at retail outlets, and through the mobile application. We then simulated various scenarios of mobile banking usage and assessed the quality of the customer experience within the application.
Based on the data collection process, we identified over 1000 significant criteria across 17 blocks of user tasks. These criteria reflect the presence or absence of specific functions in the application and the completeness of their implementation.
For example, in the task of transferring funds using a card number, we evaluate the presence and convenience of the transfer form, such as the presence of an input mask for the card number, the ability to include a message, the display of the bank’s logo during card number input, and so on.
Each criterion is evaluated as binary and carries its own weight. The weight assigned to each criterion depends on the frequency of occurrence of the corresponding scenario. The sum of all criteria and their weights determines the bank’s position in the ranking.
By the way, we're proud of our research methodology, which excels in comparative analysis by meticulously organizing all gathered data to enable objective comparisons between various applications. We decompose services into their essential elements, assign weights according to user significance, and derive a score that truly represents the quality of the user experience.
In the comprehensive report on the Mobile Banking Rank of Azerbaijan 2022, there are over 200 best practices that can enhance the digital customer experience in mobile banking for individuals and achieve targeted business metrics. In the public report, we highlighted some of them.
Increases Daily Active Users and Monthly Active Users. A straightforward registration process influences customer engagement with the service. Offer customers with a card to log in using its number or phone number, and provide new customers with an alternative login method. Best practice: Offer multiple login options, such as phone number, FIN code, or card number. Card numbers can be captured via NFC to avoid manual input errors.
Boosts service engagement. Onboarding is essential at different stages of the customer lifecycle: during the initial app login, when introducing new sections, and when familiarizing customers with new features.
Enhances transactional activity. Convenient solutions offer the ability to select the transfer amount, display the payment system and recipient bank, indicate the maximum transfer amount, and show the fee on the screen.
The Azerbaijani payment system, Anipay, drives activity growth. Simplifying transfers via phone number and user onboarding can help banks attract audiences and increase transactional activity.
Information provision increases credit sales. The ability to make a preliminary calculation facilitates the decision-making process, alleviates customer concerns, and reduces the risk of errors.
Digital service increases credit card sales. When ordering through the application, it is important to provide users with comprehensive service conditions, enabling them to quickly choose a suitable option. Successful product implementation offers users detailed information, including credit card service costs, upper credit limit threshold, lower interest rate threshold, and the duration of the grace period.
Reduces branch workload. A quality implementation allows users to order statements and select the desired period. PDF documents can be opened within the application, downloaded immediately, or sent to other applications.
Facilitate customer-bank interactions, reduce staffing costs, help handle mass customer flows, and overcome peak load moments. Azerbaijani banks offer the option to transition to third-party messengers and provide in-app chat functionalities.
The Mobile banking rank Azerbaijan 2022 research by Markswebb offers a detailed overview of the current state and potential advancements within Azerbaijan's mobile banking sector.
Research findings will allow you to assess the direction of development, key features, and trends in mobile banking in Azerbaijan. They provide insights into practices and solutions for enhancing customer experience and gaining a competitive advantage.
We invite all stakeholders in the financial sector to leverage this research to optimize their offerings, ensuring they are not only meeting but exceeding the demands of today's digital-savvy customers. For further collaboration and to gain a deeper understanding of how these insights can be applied to business strategy, we encourage you to reach out and engage with our team.
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