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20 Top Mobile Banking Apps

Expectations surrounding functionality within mobile banking apps are higher than ever, as consumers engage more and more with mobile and tablet devices. Here is the best of what The Financial Brand has seen.

Over the past year, banks and credit unions have focused their efforts on trying to keep up with the demands of the highly mobile digital consumer, who wants access to their accounts 24/7 and the ability to perform more and more sophisticated transactions on a smartphone or tablet with one or two taps of a finger. The result has been a plethora of exciting innovations and enhancements to the way consumers bank with their mobile device.

Using examples culled from Mapa Research, who conducts ongoing quantitative and qualitative analysis of dozens of the most innovative financial institutions worldwide, The Financial Brand has compiled some of the best examples of great mobile banking apps and functionality. While some of the functions are provided by multiple banks, we show only one institution as an example. Each example illustrates the importance of the three pillars of any successful mobile app:

  • Simplicity: The ability to remove steps or make a current process easier to perform
  • Engagement: The ability to encourage greater user involvement that will increase loyalty
  • Contextuality: The ability to leverage user insight to improve the functionality of an app

Mobile Banking Trends

Subscribe TodayIn fact, many of the comments made by the dozens of participants in the discussion revolved around simplicity of design, the removal of friction and the ability to improve the customer experience.

  • Consumers expectations around mobile banking are higher than ever as use of mobile banking increases at the expense of desktop banking.
  • 100% of the banks surveyed support both iPhone and Android devices, with 60% supporting Windows and fewer financial institutions investing in Blackberry support.
  • 24% of banks surveyed allow balances to be viewed before login, 29% allow mobile blocking of a credit or debit card, and 68% allow the viewing of future transactions post login.
  • 72% of banks allow a user to save their ID on the mobile app while only 26% require mobile specific login details.
  • While the vast majority of banks integrate savings, overdraft and credit cards within the mobile banking app, far fewer include loans or investments.
  • 91% of banks allow consumers to make payments to an existing payee, roughly half allow the payment to a new payee or mobile phone number, while only 14% allow payment to an email address and 2% using social media.
  • Sales and marketing as well as the ability to buy products within the mobile banking app is available at fewer than 30% of the banks monitored.
  • Secure messaging is available at 30% of the organizations, with live chat only provided by 7% of the institutions.

Overall, the Mapa Research report found that while many innovations have been introduced in the past 12 months, other mobile banking functionalities that were once considered ‘new’ are now simply table stakes in the competition to improve the consumer experience.

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Enhanced Mobile Banking Engagement

From account opening to the login and home screen, financial institutions are working on new ways to create a simple and engaging first step for the mobile banking customer. As more institutions are providing easy ways to leverage the camera within a smartphone to facilitate account opening, others are providing more functionality prior to login (such as viewing balances) and are redesigning their home pages to generate greater engagement using icons, personalization options and visuals.

gobank_pre_login_balance_inquiry

GoBank pre-login balance inquiry

societe_generale_login_page

Societe Generale visual balance and icon login

barclays_personalized_login

Barclays mobile app with personalization option

bnp_paribas_mutltiple_user

BNP Paribas allows customers to have multiple mobile users on one device

CAPITAL_ONE_SURESWIPE

Capital One eliminates forgotten passwords with Sure Swipe

usaa_voice_command_banking

USAA provides members hands-free voice command capability

lacaixa_icon_login

LaCaixa has moved to icon-based login screen

Improved Mobile Banking Payment Functionality

One of the key drivers of increased usage of mobile banking apps is the ability for customers to do more within the app. Greater self-servicing capability, payment functionality and account integration are all moving from the desktop to the mobile device. As functionality increases, so does the challenge of maintaining a good user experience as the mobile applications begin to feel busy. In the past year, banks seem to have focused primarily on adding functionality, but future spoils will go to those who are able to combine increased functionality with an improved user experience through better navigation and design.

moven_digital_receipts

Moven provides instant digital receipts

kaching_payments-screen

Kaching provides several one-touch payment options

barclays_borrowing_calculator

Barclays provides integrated borrowing calculator within mobile app

bofa_mobile_billpay_management

Bank of America provides mobile billpay payee additions

ica_baanken_location_management

ICA Banken allows customers to select regions where cards can be used

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Expanded Mobile-First Capabilities

Using the GPS and photo capabilities inherent within a smartphone, many banks are now providing unique capabilities that enhance the customer experience and provide potential revenue opportunities for financial institutions. These are apps that many believe are the future of mobile banking because of the ease of use and digital value provided. A small number of banks have been introducing digital storage where consumers can store important information, usually pertaining to accounts held at the bank, but sometimes expanding to insurance documents, etc. Barclays is one of the first provider to introduce Cloud Storage. The usefulness and logistics of digital storage is still being evaluated by many banks and credit unions.

bofa_locational_rewards

Bank AmeriDeals can leverage location to pinpoint reward offers

halifax_mobile_home_finder

Augmented reality is used for new home finder app at Halifax in the UK

barclays_digital_lockbox

Barclays provides a digital lockbox for important documents

natwest_cardless_atm_withdrawals

Customers of Natwest can make cardless withdrawals at ATMs

Improved Sales and Service

Despite all of the improvements to mobile banking over the past couple of years, mobile sales and service has lagged. This is the key to a true omnichannel experience, however, as financial institutions hope to migrate more costly transactions from the branch or call center to more of a self-service mode. Calculators and comparison tools have been introduced in the past 9 months, but sales and monetization in the app are still not common. It is believed that part of the reason for lack sales integration is related to the challenge of selling within a limited space and at the same time not being too intrusive or disturbing to the consumer. One functionality with great growth potential is allowing the consumer greater access to customer support from the secure site either via live chat or a secure click to call. At this point, most mobile customer service is done through text messaging.

usaa_integrated_sales_message

USAA is one of only a few banks that integrate sales messages within the mobile app

lloyds_product_comparison

Lloyds provides product comparison charts within mobile app

wells_farg_appointment_setter

Wells Fargo allows customers to set appointments using their mobile device

asb_virtual_branch

ASB has developed a virtual branch to field inquiries from customers

About The Report

The 80-page Mapa Research report entitled, ‘Mobile Banking Series: State of the Market 2014,’ provides an extremely in-depth analysis of mobile banking trends and innovations worldwide. 48 banks were researched in depth, providing the basis for the data presented throughout the report. In addition, other banks and financial service providers were used to provide additional insights in this report.


Jim MarousJim Marous is co-publisher of The Financial Brand and publisher of the Digital Banking Report, a subscription-based publication that provides deep insights into the digitization of banking, with over 150 reports in the digital archive available to subscribers. You can follow Jim on Twitter and LinkedIn, or visit his professional website.

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All content © 2016 by The Financial Brand and may not be reproduced by any means without permission.

The Financial Brand Forum 2017 | May 17-19 | Las Vegas

Comments

  1. Love this post. Great list of great offerings. I like Moven’s focus on PFM and realtime consumer engagement. I love gobank’s UI. all the european offerings, I wish I was in europe so I could try them myself. thanks for doing the legwork here jim!

  2. Jim Marous Jim Marous says:

    Appreciate the input. The purpose of the post was to show some of the best functionality we see in the global marketplace. Several banks offer some of the functions (pre-login balances, PFM) while others are unique to the specific brand. We may have missed some great apps as well which will be covered in the future. The key is to try to improve simplicity of what we offer and use context to drive engagement.

  3. Tuncay Tuncer says:

    Jim great post, love to read your detailed posts as they are really helpful.
    For mobile banking, you should focus on Turkey. Turkish Market is really advanced in terms of online and mobile services, but the lack of marketing their services globally is preventing most of the people see their abilities.

    I strongly suggest Akbank’s Akbank Direct Mobile and Garanti’s iGaranti as a case.Not only them, but also Yapi Kredi and TEB have great mobile apps so may be a focus on that market should be great. May be I can help you also to create a post about this market.

  4. Hi Jim.

    Thanks for the post. Talking about the above Mobile Banking apps, all of them are using HTML5 right? Certain parties said that by using HTML5 it can caused a slow response/delay on Mobile banking transaction when during high peak time.

    Is there any article on the performance wise of the above apps?

    Actually, I am currently work at Malaysia Islamic Bank. We have our own Mobile Banking. Using a smart chip attach to the customer sim card, customer can enjoy the mobile banking facilities without any internet connection.

    However by seeing the current trend especially to our Gen-Y, an apps is a must. They fancied to the more fascinating GUI of the apps.

    What is your opinion on the current technology that we’re using now? Is it an obsolete technology or also a future of mobile banking?

    From Malaysia

  5. Shirley Baunach says:

    Good article – you may want to also take a look at Chase – identified as one of the five leading US Banks in Mobile Banking functionality.

  6. Jim Marous Jim Marous says:

    To catch up on some of the responses to this post. Yes, Turkey has some of the most exciting mobile innovations globally as does Poland, and even Africa. Much is this caused by the lack of a structured financial industry until relatively recently. We will be covering more in the future.

    Regarding the technological and ‘back office’ components of mobile banking, this is not an area we are the best at. As with all of the changes in payments, we tend to cover the consumer impact more than infrastructure issues.

    And yes Shirley, Chase and some of the larger big banks in the US have just recently ‘upped their game’ in the mobile space. This was covered in our recent article around the Forrester ratings. Unfortunately, while the Big 5 all received ‘passing’ grades, none really stood out as offering innovations not already introduced elsewhere in the world. That said, US bank continues to push the envelope on camera-based innovations, Bank of America is doing well with their mobile rewards and Chase and Wells are improving payments functionality.

    What is unique and fun about an article like this, however, is that it is potentially outdated the moment after it is published. We’ll keep trying to keep up.

  7. hany kadry says:

    hi. I need ideas / samples/ examples of successful mobile apps in banks. appreciate your help

  8. Shashank Gupta says:

    Great report Jim it provided great insight to the current innovations in the financial sector.

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