Who Leads In Mobile Banking: Forrester Ranks 15 Banks Around The World

Mobile banking success is a moving target: Customers needs and expectations are changing rapidly, and eBusiness teams at banks are sprinting to get ahead of their customers’ expectations. To achieve this, firms are rolling out new features, optimizing existing services, and enhancing mobile experiences.  

To understand which firms are leading in mobile banking — and to better gauge the mobile banking landscape overall — we used our Mobile Banking Functionality Benchmark to evaluate and rank the mobile banking efforts of 15 of the largest banks in North America, Western Europe, and Australia.

Our findings across all the banks we evaluated can be found in our 2013 Global Mobile Banking Functionality Rankings. We've also published two additional reports looking at the banks we reviewed in the UK and the US: 2013 UK Mobile Banking Functionality Rankings and 2013 US Mobile Banking Functionality Rankings

Highlights of this research include these findings:

  • Chase takes the top spot overall. Chase received the highest overall score among the banks we evaluated, netting a score of 71 out of 100. The bank offers mobile banking services across a range of touchpoints ranging from smartphone apps, strong mobile websites, and two-way SMS. In addition, Chase also has strong mobile money movement features such as bill pay – including the ability to add a payee – and mobile transfer capabilities.
  • La Caixa is the leader in Europe. With a score of 67, la Caixa received the highest score among the eight European banks we assessed — and landed in second place among the 15 banks we ranked worldwide. The bank excels at offering convenient experiences for common mobile banking activities. For example, La Caixa lets mobile bankers customize the landing screen on its iPhone app (see below).
  • Banks in the US and Canada score well in general. Although they haven’t quite matched the achievements of Chase, the digital banking teams at Bank of America, Wells Fargo, Citibank, and RBC have also built impressive mobile banking services that offer their customers extensive functionality on a wide range of devices.
  • UK banks lag behind. Strikingly, the UK’s banks — which were slow to take mobile banking seriously and late to launch mobile banking services for smartphones — have not yet caught up from their late start. The mobile banking services from the UK’s banks are notably less advanced than those offered by banks in North America and elsewhere in Europe. The best of the UK’s banks, NatWest, scored slightly above the average for the 15 banks overall. 

We encourage you to read the reports and let us know your thoughts!

[co-authored with Stephen WalkerBenjamin Ensor, and Myriam Da Costa ]

Comments

Mobile Banking

I would like to comment that while no emerging market banks feature highly on here, my company for example works with leading banks in Nigeria where my belief is the embrace towards mobile and technology is more in "tune".

While La Caixa features highly i dont quite think it matches reality vs consumer engagement. Having lots of APPS does not mean anything. Spain needs to be innovative bearing in mind the economic crisis and i have lived in Barcelona for 7 years plus where many still "Top Up" their mobiles via pre paid cards...

American Banks SHOULD rank highest, as its in line with the US being ahead of the consumer curve in Mobile engagement and its just based on the reality of time and development,

In time Africa will takeover - EG. Where did Mpesa come from? ...

re: mobile banking

Thanks for your comment Rajesh!

I cannot speak in detail about La Caixa's individual score since another analyst reviewed that bank, but I would like to take a moment to respond to your other comments.

First and foremost, I think you are right that there are some amazing, leading-edge mobile initiatives coming out of banks in emerging countries. Part of the reason we chose to focus on North American, European, and Asia-Pacific banks is that these markets share many similarities (and are distinct in many ways from emerging markets). So the lack of emerging market banks here is a result of that thinking.

I also think you're correct that US banks "should" lead. It's also worth noting that these same US banks are doing "battle" with customer expectations that are often higher than the expectations of customers in other regions.

As far as the African "takeover" you reference, our vision is a lot more complicated than that, but I do firmly believe that digital banking teams in the US, Canada, UK, Europe, and Asia-Pac can learn a LOT from mobile banking efforts in Africa, Latin America, and other emerging markets.

I don't think that the

I don't think that the quality of experience in Chase is best by any standard. I can say this because I am a customer of these banks and find it difficult. I assume this ranking is based on functionality available and not the quality of experience.

You are correct that Chase's

You are correct that Chase's score is driven more by scores for its features and functionality than by its score in our "usability" category. That said, I want to clarify that this review and ranking is based on both mobile banking features and mobile bankers' experiences when using these features.

Make sense?

one last thing

Nikhil - I forgot to say thank you for your comment, always great to know that our blogs are being read and reacted to!

Thanks!

BestMobileBankingApps.com

Interesting article and data. I stumbled across this new company/program and will be very interested to see how the handle the mobile banking space. Off hand, it looks like they rank and certify mobile banking apps based on security, performance and user experience.

Seems like they are still in the early stages, but they clearly have a market to play in with the growing adoption of mobile banking apps.

Check it out for yourself: BestMobileBankingApps.com