Mobile Banking App Review 2019
Optima Consultancy announces winner of third “Mobile Banking App Review” at Money 20/20 Europe in association with Visa
Manchester, United Kingdom – 3rd June 2019 – Optima Consultancy today announces the publication of its Mobile Banking App Review 2019, in association with Visa.
It’s the third edition of the study, which tracks and measures digital transformation in UK banking, highlighting how technology is being utilised by providers to enrich customer experience.
The top two mobile banking apps are again dominated by the challenger brands with a tie for first place between Starling and Monzo, both previous winners of the study, with Barclays remaining the only traditional bank in the top 5.
The speed of change is phenomenal, and the market shows no sign of abating with 89 features now tracked, up by over 40% from just 12 months ago – partly driven by new functionalities related to Open Banking.
This year’s study emphasises the need for speed. Some of the traditional banks are launching new challenger propositions to reduce time to market in delivering new digital propositions, but the challenger banks are getting even quicker at digital deployment: whether it’s delivering new features or reducing log-in times.
Collaborating with fintech partners may be a key strategy for some incumbent banks moving forward to reduce the costs and time to market of delivering new propositions. The report also highlights that intelligence, and in particular, money management features, allowing customers increased visibility and better budgeting, is becoming the new battleground for customers.
The study includes;
The latest edition also evaluates the impact of Open Banking and account aggregation, showcasing how the new dedicated third-party money managers compare against the established banks and new challenger brands.
Mark O’Keefe, Optima’s founder, said:
“The findings of our study highlight the pace of change in digital banking continues to accelerate. It is fitting that two of the most prominent challengers in the market share first place in our league table. They are the flag bearers for best-practice.”
Hugh Kingdon, Head of Fintech for the UK & Ireland at Visa, said:
“The third edition of the report is against a backdrop of increased competition in the banking sector. While traditional banks are closing some of the functionality gaps offered by the new entrants, the challengers are responding with speed; rapidly deploying new money management features and reducing log-in times. The report is fast becoming a leading benchmark for financial institutions to deliver best in-class customer experience which is why we are delighted to continue supporting it.”
Highlights of the study were shared today with industry leaders at Money 20/20 in Amsterdam.
Optima has also today announced the full publication of the mobile bank app study, available free to download http://www.optima-consultancy.com/bankapp19
A full set of the benchmarking analysis and individual app results are available to purchase. The enhanced report contains:
We also offer bespoke reporting, insight and analysis tailored to your business and related mobile apps. This will help you to understand how your app is performing against others in the market including specified competitor sets. The data and insight received will equip you with the knowledge of where your app has gaps to establish and prioritise functionality for development, as well as to understand best practice in mobile banking.
Get in touch: email@example.com
A comprehensive benchmark study of UK mobile banking apps
In association with Visa
A full set of the benchmarking analysis and individual app results is available to purchase and download for just £549 + VAT