“Leading banks continue to raise the bar on mobile functionality”

21 January 2019

We started the year hearing from Spanish banking giant BBVA that over 50% of its customers now access products and services through remote electronic channels (1). As the balance continues to tip towards digital banking, the challenge for application development teams in banks continues to increase, as they are required to offer great functionality that fulfils the needs of their customers.

To help digital banking leaders stay ahead in terms of functionality, in September 2018 Forrester published the report Best Practices in Mobile Banking Functionality. This report analyses the mobile banking applications of 42 leading banks, demonstrating that best practices can be found all over the globe.

The report considers what these banks have in common and what sets them apart from their competitors. It provides a valuable tool for digital banking leaders to understand what mobile functionalities are being offered today, identify best practices, and find new ways to improve their own mobile banking services.

The three key takeaways of this report are:

• A cluster of banks worldwide offer stellar mobile functionality

Banks such as BBVA and CaixaBank in Spain, Garanti in Turkey, CommBank in Australia, mBank in Poland, and USAA in the US are at the forefront of mobile banking. These banks make incremental improvements and bring innovative functionality to their mobile services year after year, thereby delivering outstanding mobile banking services.

• Digital banks are raising the bar on mobile banking

Over the past few years, a wave of new digital banks such as Chime, digibank, Monzo, N26, and Revolut have launched, competing to win customers with better digital customer experiences than those offered by the established banks. These digital banks have embraced mobile technologies to create differentiation, using digital platforms to offer simple, convenient, and more personalised customer experiences.

• Review how you design, develop and deliver mobile banking

Bolt-on approaches to add mobile to existing applications rarely leads to a great customer experience. Digital banking teams should not only review what they offer to customers but also how they work both with internal and external partners to design, develop, and deliver mobile banking.

At GFT, we found the insights provided by the Forrester report truly inspiring. That is why we have decided to offer, licensed from Forrester, the full report Best Practices in Global Mobile Banking Functionality as a complimentary download for a limited time on our website.

Christian Ball, Head of Retail Financial Services at GFT said “Mobile apps are certainly the preferred touchpoint for bank customers, for this reason digital banking teams are focusing their efforts on understanding customer needs and developing mobile banking experiences around them. This report offers a practical guide to understand what are the functionalities most highly valued by customers, and provides actionable insight to improve one’s own mobile services.”

We hope you enjoy reading this very interesting report and can use it to help you to develop your digital banking strategy.

To view the full report, please click here

1. https://www.bbva.com/en/bbva-reaches-global-digital-tipping-point/

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