Mobile banking apps get thumbs up from consumers

By Αmy Sarcevic
Wednesday, 29 July, 2020

Mobile banking apps get thumbs up from consumers

Mobile apps are the touchpoint of choice for Australians to manage their finances, with 53% of online adults using their smartphones for banking, according to new data by Forrester.

Leading Australian banks, including neobank 86 400 and the ‘big four’, do well at delivering digital functionality, such as online transfers and bill payments, the researchers found. This has been especially important for consumers throughout the COVID-19 pandemic, during which the use of cash, ATMs and bank branches has declined.

“Overall, Australian banks do well in account management and assisted services. Most Australian banks do well at giving customers a single view of all their accounts with the bank and enabling them to search their transactions and dispute a transaction,” wrote researchers Zhi Ying Barry, Riccardo Pasto and Seles Sebastin.

NAB helps users manage alerts by giving them control over their notifications, allowing customers to select a day and time to receive them,” they said.

“Most of the Australian banks we reviewed provide great UX, employing clear navigational structures, contrasting color schemes, and effective use of headers and subheaders to keep users oriented at all times. 86 400 stays on brand by providing relevant, effective, and engaging retailer icons for bill payments, thereby creating a more personal relationship with customers.”

For the fourth year running, CommBank took the lead in terms of both digital experience and functionality; in particular, protecting the financial wellbeing of consumers. It scored highly for account management, money movement and assisted service.

However, all bank apps fell short of consumer expectations when it came to money management, alerts and self-service features. The researchers have recommended further functionality, such as consumer-managed alerts, better visibility of spending and help in reaching financial goals to improve the app experience. 

Image credit: ©

Related News

GenAI market research: 80% of leaders concerned about data privacy and security

A recent study shows US organisations are seeing obstacles to realising and measuring GenAI's...

Akamai, Fujitsu strengthen partnership in ANZ

Akamai and Fujitsu plan to collaborate to develop solutions for enterprises in Australia and New...

Cloudflare enters multicloud networking market

Cloudflare has launched a new multicloud network management solution powered by technology...

  • All content Copyright © 2024 Westwick-Farrow Pty Ltd