The Mobile Banking Rank Azerbaijan 2024 presents a crucial analysis of the digital banking landscape for private clients. This comprehensive study scrutinizes over 750 user experience criteria among 10 leading banks. It aims to benchmark existing services and highlights growth opportunities to help banks tailor their offerings to better meet client needs. The research encompasses a deep dive into market trends, offering insights based on proven solutions from European markets. This report not only furnishes a competitive analysis but also provides actionable recommendations for banks striving to optimize their digital services.
On this page, you will find the public results of the study. You can order the full report, audit, or consulting based on the evaluation system.
Contents
The landscape of Azerbaijan's banking market is rapidly evolving towards digitalization and enhanced customer support. Mobile banks are pioneering solutions that simplify transactions and service payments directly through mobile interfaces, setting new standards in customer interactions. As digital channels become the norm, user support requests are also rising, though at a modest pace compared to similar trends in other developed markets.
The median market score for task resolution has improved by more than 15 points out of 100, signaling a significant advancement in user-focused solutions.
Mobile banking in Azerbaijan has seen notable advancements in digital product access. Full catalogues of cards, previously unavailable in 2022, are now standard across applications, allowing customers to compare costs and benefit programs. Information clarity on credit limits and terms has improved, boosting user conversions significantly.
The median market score in new product orders by customers increased from 19 to 47.7 points out of 100.
The ability to request official documents online has transformed customer experiences, reducing the need for branch visits and cutting operational costs.
The accessibility of documents confirming financial transactions and histories has significantly increased, with the median market score for data access and export jumping from 29.5 to 68.6 out of 100, and from 0 to 34 in document accessibility.
Mobile banks are now facilitating updates to essential contact information such as phone numbers and email addresses directly within their apps, enhancing customer loyalty and connectivity. The development of features for callback requests and internet calls when mobile service is unavailable marks a significant shift toward digital-first customer interactions.
The median market score for updating client data improved from 10 to 30 out of 100.
Over the past two years, payment functionalities, particularly for telecom services, have become more streamlined and standardized. The integration of features allowing payments to organizations using open banking data and simplified mobile payments has boosted transactional activity.
These enhancements contribute to a more efficient user journey and encourage the use of mobile banking for payments, with the median market score increasing from 41.6 to 61.9 out of 100.
The integration of smartphone payments as a standard feature across mobile banks demonstrates significant progress in managing debit cards. Users now have greater control over their cards' details and limits, crucial for secure online purchases. The development of these capabilities not only enhances security but also facilitates quicker transactions, positively impacting user activity.
The possibilities for managing other clients' account access and reissuing bank cards are also expanding, with the median market score for product settings rising from 41.6 to 61.9 out of 100.
The rating assessment reflects the quality of the digital experience in banking apps for private clients on a scale from 0 to 100. These are banks that:
To ensure all participants were on equal footing, the study included versions of the apps that were available for download to all users on a specific date — May 2nd of this year.
Markswebb has been conducting the annual Mobile Banking Rank study for many years, which has allowed us to refine our methodology to perfection. This long-term commitment to research enables us to offer unique tools for the rapid and precise development of digital banking services. Our arsenal includes:
We neatly compile all our findings into a clear and structured full report. It delivers an exhaustive analysis of the mobile banking sector in Azerbaijan, providing deep insights into the competitive landscape and user experience enhancements. It includes:
The methodology combines qualitative and quantitative data collection, reflecting Markswebb’s commitment to delivering robust and actionable insights. Each bank was evaluated across multiple dimensions, including user interface design, customer service responsiveness, and product innovation capabilities, ensuring a comprehensive understanding of the digital banking landscape.
Markswebb's evaluation of each service is conducted using a unique scoring system that has been meticulously developed to cover all possible personal finance operations that might be necessary for comprehensive management of funds on a debit card.
At the highest level, this involves 17 criteria that are decomposed into 100 subgroups. Each subgroup is assessed based on a series of heuristic criteria that define what a mobile bank should be, totaling over 750 distinct measures.
We deliver tailored insights to help Azerbaijani banks improve mobile services, enhance user satisfaction, and stay ahead in the market.
Throughout our extensive research process, we uncover numerous valuable insights, both within the local market and through comparative analyses with neighboring similar markets. Here, we share one intriguing example. A full compilation of insights is available in our comprehensive report - you can order it right now, just contact us.
In Azerbaijan, the pronounced variability in the quality of digital user experiences underscores a dynamic market where banks can differentiate themselves through distinctive service and pricing strategies. This diverse landscape provides a fertile ground for innovation and competitive positioning, enabling banks to closely monitor and potentially emulate the strategies of market leaders while also adapting global fintech best practices to surpass them.
Contrastingly, in markets like Kazakhstan and Uzbekistan, where variability in user experience scores is more constrained, opportunities for leveraging internal best practices are somewhat limited. The narrower range suggests a more homogeneous market environment where major innovations or distinct competitive advantages might be harder to establish. This scenario underscores the strategic importance of variability: it not only reflects customer preferences and market maturity but also directly influences the potential for banks to innovate and adapt in response to emerging trends and customer demands. In such environments, Azerbaijani banks are provided with a strategic advantage to pioneer and set new benchmarks in digital banking, propelling them ahead of regional counterparts with less diverse markets.
Markswebb offers detailed audit services designed to improve the digital customer experience in mobile banking. Our approach involves an exhaustive evaluation of your services, culminating in a tailored PDF report that includes specific, actionable steps. These recommendations are aimed at developing service strategies, assisting with backlog creation, and offering guidance on prioritization, all designed to elevate your services to the level of market leaders.
Furthermore, our consulting services provide comprehensive support, helping your bank navigate from initial assessment to successful execution. Following the audit, we assist your product team in developing a project backlog and share in the responsibility for achieving results. Our support continues with ongoing advice from the Markswebb team, monitoring of implementations, and adjustments as needed. This ensures that your bank can effectively identify its strengths and areas for improvement, prioritize initiatives correctly, and maintain a sharp focus on strategic goals, helping your institution quickly achieve and sustain a leadership position in the digital banking landscape.
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