According to the latest RFi Global Digital Banking Council survey however, when it comes to growth and frequency of usage, it is mobile that wins.
More than 50 per cent of respondents use mobile banking on a weekly basis and a further 25 per cent are using it daily, compared with 49 per cent and 21 per cent for internet banking. Essentially, internet banking is increasingly for the occasional user. For a heavier user, mobile prevails.
If this wasn’t clear prior to the beginning of 2020, then it’s become evident during the pandemic. Mobile is the ascendent channel through which consumers conduct their day-to-day banking.
In fact 41 per cent of consumers call their mobile device their most preferred channel for banking, compared with 33 per cent for desktop banking - however this is still way ahead of branches which take just 9 per cent of the vote.
Getting mobile banking right
This shift in preferred channels means the overall banking experience is likely to be more and more heavily influenced by mobile experience.
So how do you deliver the optimal mobile banking experience to customers? Where do app features fit into the equation? Should you prioritise number of features or simplicity of design? Where is the balance?
RFi Group had a look at the Australian market in more detail to see what we could find. We catalogued all the features that were available through mobile banking apps in the market and came up with a list of 42 features across categories ranging from account management to security and travel.
We recorded how many features each banking app had and overlaid it with customer Net Promoter Scores (NPS) taken from our XPRT annual survey of 63,000 consumers. The top 12 banks had between 32 and 15 features available in their apps (with an average of 23) while NPS rankings ranged from +59 to +16.