The Mobile Banking Rank Uzbekistan 2024 is comprehensive comparative study of the digital customer experience in mobile banking for private clients. It offers an overview of market trends, best practices, and application rankings within Uzbekistan’s fintech sector. The results of the study aim to help create the best mobile bank for private clients by considering the unique characteristics of Uzbekistan’s financial market and leveraging proven solutions from European countries. Conducted annually, this type of research utilizes a refined methodology, making the results an incredibly valuable resource. Research document evaluates over 700 criteria across 17 user task blocks, specifically tailored for private clients. The analysis provides not only a benchmark for existing services but also identifies key growth opportunities and actionable insights for financial institutions aiming to enhance their digital offerings.
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 study reveals a moderate increase in user experience (UX) quality, driven primarily by incremental enhancements rather than breakthrough innovations. Significant improvements include the automation and simplification of data exchange and export processes, expanded payment options, and the growing integration of QR code payments. The introduction of digital offices in mobile banking apps has also begun (at a basic level), allowing users to access more complex financial services directly from their mobile devices. These enhancements contribute to a better overall user experience, facilitating easier and more efficient banking interactions for clients.
In terms of transactional activity, banks are currently lagging behind payment systems, especially in areas such as transfers and payments.
The top three banks (Uzum Bank, Bank Ipak Yuli, and Agrobank) distinguish themselves by effectively solving frequent tasks and offering diverse payment methods.
However, there is still a significant gap between these leaders and the rest of the market. This gap highlights the potential for other banks to adopt best practices and enhance their daily transaction capabilities. By focusing on improving these areas, banks can increase their competitive edge and better meet the needs of their clients.
The study identifies several challenges and opportunities within the market.
One of the main challenges is the uniformity of services, which limits the potential for internal best practice adoption.
Despite this, the close proximity in ratings among participants indicates that even small improvements in user experience can yield substantial competitive advantages. To stay ahead, it is crucial for banks to innovate beyond the current market standards.
The study highlights the need for improved onboarding processes, comprehensive support, and the inclusion of advanced financial management tools such as automated savings and expense analytics. Enhancements in these areas are critical for increasing user engagement and satisfaction.
The ranking of mobile banks provides valuable insights into the performance and capabilities of each participant.
Over the past 18 months, payment apps and mobile banks have seen minimal improvement in quality, with most tasks scoring below 50 points, highlighting the need for more features and better interfaces to enhance customer engagement.
The Markswebb research on mobile banking in Uzbekistan offers significant practical benefits for financial institutions aiming to enhance their digital services. Here are key reasons why this research is essential for your business:
The full report will provide a comprehensive view of the market, highlighting growth areas and best practices. It is a 300+ page PDF with a detailed analysis of the niche, helping you understand who leads and who lags, and how the Uzbekistan market addresses various challenges.
It will provide insights into:
Benefits for your business:
To access these valuable insights and more, order the full report today.
The current wave assessed the versions of applications available on Android, as of March 28, 2024. This ensured that all evaluations were based on the most current and widely accessible versions for all customers.
The Markswebb research utilizes a detailed evaluation framework designed to assess the digital customer experience in mobile banking. The framework includes over 700 criteria across 17 user task blocks, such as payments, transfers, onboarding, and support services. This thorough assessment identifies each mobile banking application’s strengths and weaknesses, providing a comprehensive analysis.
For the 2024 study, we selected 13 banks and payment systems from Uzbekistan. The primary criterion was to include market drivers, specifically mobile banking applications and payment systems that ranked in the top three of the Mobile Banking Rank Uzbekistan 2022. Additionally, we assessed their popularity based on the number of downloads in Google Play. This criterion resulted in five participants from the previous wave, while two did not meet the criteria, and five new participants were included for the first time.
In this wave, we expanded our scope beyond just banking applications by including two popular payment systems. We also offered an initiative participation option, allowing any services not initially included to join the study voluntarily. These services did not receive any special preferences except the option to withdraw from publication. Two banks utilized this option.
The analysis of each service was conducted using a unique evaluation system developed by Markswebb. This system considers all possible operations with personal finances necessary for effective management of money on a debit card. At a high level, it includes 16 user scenarios, which are further broken down into 87 tasks, each evaluated against a set of heuristics defining an ideal mobile bank. For example, the task «Accessibility and responsiveness of support» includes 22 criteria, and the entire evaluation system comprises over 600 criteria.
Our UX experts collected data for each service by updating the evaluation system based on expert interviews and market changes since the last wave. They performed real transactions, such as fund deposits, payments in retail locations, service payments, and transfers, to create a realistic account history. Each service was evaluated through scenarios available to clients, recording results in a binary checklist where each criterion was either met or not, ensuring objectivity.
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.
The resulting rankings reflect how comprehensively and conveniently a private client can manage personal finances through each digital service.
Comparative analysis revealed common and rare features in the Uzbek market and identified growth areas.
For each identified opportunity, we matched it with best practices from the global fintech market.
We provide actionable insights to help Uzbek banks enhance digital services, adopt best practices, and lead in user experience innovation.
The Mobile Banking Rank Uzbekistan 2024 provides a lot of critical insights into the digital banking landscape, highlighting key areas where banks can improve and innovate. Here we provide some insight from the full report.
The research identifies several critical areas needing attention, including onboarding processes, comprehensive user support, and advanced financial management tools.
For example, Uzum Bank, while excelling in payment options and user support, needs significant improvements in several areas. These include the automation of savings, the creation of fundraising tools, and the provision of detailed financial service information such as service points, tariffs, and limits. Furthermore, Uzum Bank lacks functionalities for exporting transaction history and making cash transfers. Enhancing these features can greatly boost user satisfaction and engagement .
Similarly, Bank Ipak Yuli, which offers a variety of transfer scenarios and robust automation for scheduled payments, faces challenges in other areas. The bank’s application struggles with transaction history search and lacks seamless navigation and card information notifications. Recent improvements, such as the introduction of the «My Home» section for tracking utility bills and the automation of transfers and payments, have enhanced the service. However, addressing the identified gaps can significantly enhance the overall user experience and streamline financial management .
By focusing on these critical areas, banks can not only improve user satisfaction but also position themselves competitively in the market, ensuring that their digital banking services meet the evolving needs of their clients.
Only mobile banking applications are presented in the ranking - customer experience in applications was evaluated by 16 blocks of user tasks, which cover transactional activity and digital office.
Calculation based on the results of the Mobile Banking Rank Uzbekistan 2024 study, scale from 0 to 100
The score reflects the quality of digital customer experience based on a comparative analysis of 13 blocks of tasks that are related to transactional activity and relevant for mobile banks and payment services.
Uzum Bank leads with a score of 53,9 excelling in payment options and user support but needing improvement in automating savings and providing detailed financial services information.
Bank Ipak Yuli ranks second with a score of 51,5, offering diverse transfer scenarios and robust payment scheduling features, though it faces challenges in transaction history search and navigation.
Agrobank holds third place with 50,5 points, having made significant strides in support and onboarding but lacking comprehensive transfer options and debit card management capabilities.
Calculated based on the results of the Mobile Banking Rank Uzbekistan 2024 survey, scale from 0 to 100 points.
The Mobile Banking Rank Uzbekistan 2024 provides an in-depth analysis of the digital banking landscape, highlighting key areas for improvement and innovation. By leveraging the comprehensive insights and best practices identified in this research, financial institutions can significantly enhance their digital services and maintain a competitive edge.
Markswebb offers also extensive audit services to elevate the quality of the customer experience in mobile banking. Our methodology involves a thorough examination of your service, resulting in a PDF file with personalized recommendations. These recommendations include service development strategies, assistance in creating a backlog, and prioritization to quickly reach the level of digital leaders.
We are also pleased to offer our consulting services with end-to-end support, guiding your bank from evaluation to success. After the audit, we assist your product team in developing a backlog and share responsibility for the outcomes. This includes personalized recommendations, continuous support from the Markswebb team during implementation, tracking changes, and timely course adjustments. These services help you identify strengths and weaknesses, prioritize tasks, and maintain focus, ensuring your company quickly reaches and sustains a position among digital leaders.
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!
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