Who Are The Mobile Banking Leaders In Australia And New Zealand?

Zhi-Ying Ng

This blog post was co-written with senior research associate Erna Esa.

Over the past few months, we have diligently reviewed the mobile banking services of five retail banks in Australia and three retail banks in New Zealand. We used our mobile banking functionality and digital user experience methodologies to find out who the mobile banking leaders in Australia and New Zealand are. And the results are out: In Australia, CommBank takes the top spot thanks to its impressive usability and strong functionality features, with Westpac coming in a very close second. In our inaugural New Zealand mobile banking benchmark, KiwiBank has edged out BNZ with good usability.

Here are some key takeaways from this year’s benchmarks:

  • Leaders stand out with strong functionality features and great user experience . . . Many Australian banks offer mobile banking services with strong functionality and slightly above average usability. This is a result of digital teams having fostered strong relationships between their customer experience, digital business strategy, and technology management teams. The digital teams have also adopted an iterative test-and-learn process, with cross-functional teams taking an Agile approach of experimentation, measurement, and quick adjustment to drive success.
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Counting Down To Forrester's Next-Generation Financial Services Summit Sydney

Zhi-Ying Ng

Despite being geographically far away from the rest of the world, Australia's financial services sector has found its place on the world stage. Australian banks are some of the most innovative in the world. As our 2016 Global Mobile Banking Functionality Benchmark has shown, some Australian banks have overtaken their global counterparts, with Westpac taking the coveted top spot.

The question that I often get asked from Australian digital banking teams is, "so what's next in financial services?"

And I think that's a great question. As uncertain economic conditions, wavering markets, and tight budgets continue to increase the pressure on Australian digital teams to deliver better experiences and increased sales through digital touchpoints, we believe that digital business executives have to drive digital transformation. And this means far more than simply developing a "digital strategy". 

Digital banking executives must make mobile the hub of customer interactions, and not treat mobile as if it were just another channel. They should develop mobile banking as a platform to engage customers. To continue to win and retain mindshare and increase wallet share, the next step digital banking teams must focus on are ways to create new sources of value for their customers, not just meeting their basic needs.

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National Australia Bank Tops Our Australian Bank Content & Functionality Benchmark

Benjamin Ensor

A few months ago I wrote here about our benchmark of the sales content and functionality of UK banks' sales sites. My colleague Vanessa Niemeyer has just published a benchmark of the big four Australian banks' sales sites. Crushingly for an Englishman, the Australians beat us. The four Australian banks achieved an average score of 56 (out of 100), compared with an average of 48 for the British banks.*

National Australia Bank (NAB) came top, just ahead of Westpac in second place, with Commonwealth Bank of Australia not far behind. The Australian banks demonstrate a series of good practices in their application processes, such as cross-selling during the application and automated confirmations. We highlight many of the good practices that the eBusiness teams at the Australian banks have developed in the report which is available for Forrester clients here.

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