MOBILE APPS FOR BANKING:
FROM MULTI-CHANNEL TO
MOBILE FIRST
Benchmarking – Best Practices - Strategies
May 2014, 3rd edition
Report Extract
Original Report with 295
pages plus comprehensive
CONTENTS
1
EXECUTIVE SUMMARY
6
2
RANKING TABLE (40 BANKS)
10
3
MOBILE APP STRATEGIES TO WIN CLIENTS
11
3.1
FROM MULTI-CHANNEL TO MOBILE FIRST
11
3.2
MOBILE INTERNET DEVELOPMENTS
12
3.3
QUALITATIVE INTERVIEWS – INSIGHTS FROM
THE USER PERSPECTIVE
15
3.4
A WIDE FIELD: STILL WEAK ON BROKERAGE
BUT ACCERLERATING IN MOBILE PAYMENTS
17
3.5
ELEMENTS OF A MOBILE APP STRATEGY
19
3.6
CRITICAL FUNCTIONS
21
¬
CONTENT AND FEATURES FOR CUSTOMER RETENTION AND MARKETING
22
3.7
THE FUTURE OF BANKING APPS
29
4
METHODOLOGY
32
4.1
SELECTION OF BANKS AND APPS
32
4.2
USE CASES AS GUIDELINE
34
4.3
EVALUATION PROCEDURE
35
4.4
DETERMINING THE CRITERIA
35
¬
Availability of mobile apps
36
¬
Core functions for clients
36
¬
Innovative add-ons for clients
36
¬
Security and Privacy
36
¬
Content and features for customer retention and marketing
37
¬
Contact and finding the bank
38
¬
Technical features and support
38
¬
Strategy and navigation
39
¬
Best practices
39
5
SUMMARY OF FINDINGS. BANKS STILL STRUGGLE
TO EXPLOIT FULL APP POTENTIAL
40
5.1
AVAILABILITY IS DEVELOPING, INCLUDING MORE OPERATING
SYSTEMS
41
5.2
STRONG IN CORE FUNCTIONS, WEAK IN BROKERAGE
42
5.3
PERSONAL BUDGETING AND PAYMENTS ARE STILL MINIMALLY
SUPPORTED
43
5.4
APPS FAIL TO SECURE LOG-IN CREDENTIALS AND TRANSACTIONS
5.5
CUSTOMER RETENTION AND MARKETING
REMAIN DISAPPOINTING
45
5.6
HOTLINE ACCESS MOSTLY GOOD BUT OTHER COMMUNICATION
CHANNELS ARE LACKING
46
5.7
GETTING IT RIGHT – TECHNICAL FEATURES AND SUPPORT
47
5.8
OVERALL APP STRATEGY NEEDS ONLINE INTEGRATION
48
5.9
DOMINATING BANKING APPS, WEAK IN BROKERAGE
AND CONTENT
49
5.10
STRUCTURAL WEAKNESSES IN THE OVERALL
BANKING PORTFOLIOS
50
6
TOP-TWO BEST STAND-ALONE BANKING APPS
52
7
PROFILES OF BANK APP STRATEGIES
53
7.1
ABN AMRO
53
7.2
ANZ
58
7.3
BANK OF AMERICA
63
7.4
BARCLAYS
68
7.5
BBVA
74
7.6
BMO
80
7.7
BNP PARIBAS
85
7.8
CAISSE D’EPARGNE
91
7.9
CIBC
96
7.10
CITIBANK
101
7.11
COMMERZBANK
106
7.12
COMMONWEALTH BANK OF AUSTRALIA
111
7.13
CREDIT SUISSE
117
7.14
DBS
123
7.15
DEUTSCHE BANK
129
7.16
FIRST NATIONAL BANK
134
7.17
HSBC
139
7.18
HYPOVEREINSBANK
144
7.19
ICBC
150
7.20
ING GROUP
155
7.21
ITAÚ BANK
160
7.22
JP MORGAN CHASE
166
7.23
KBC
171
7.24
LLOYDS BANK
177
7.25
NATIONAL AUSTRALIA BANK
183
7.26
NATIONWIDE
188
7.27
NATWEST
194
7.29
PNC
204
7.30
RABOBANK
209
7.31
ROYAL BANK OF CANADA
215
7.32
SANTANDER
221
7.33
SOCIÉTÉ GÉNÉRALE
226
7.34
STANDARD CHARTERED
231
7.35
TD BANK
237
7.36
UBS
242
7.37
UNICREDIT
248
7.38
U.S. BANK
254
7.39
WELLS FARGO
259
7.40
WESTPAC
263
8
BEST PRACTICE: THE BEST MOBILE APPLICATION FEATURES
269
8.1
AVAILABILITY OF APPS
269
¬
EXEMPLARY MULTI-OS APPS: XXXBanks
269
8.2
INNOVATIVE ADD-ONS FOR CLIENTS
270
¬
CONTACTLESS MOBILE PAYMENT: XXXBanks
270
¬
VIRTUAL PREPAID CARD: XXXBank
271
¬
‘GET CASH’ FUNCTION: XXXBank
272
¬
INNOVATIVE PAYMENT SOLUTIONS: XXXBank
273
¬
FINANCIAL MANAGEMENT TOOLS: XXXBanks
274
8.3
SECURITY
275
¬
STRONG SECURITY FEATURES: XXXBanks
275
¬
GENERATE TAN/TOKEN WITH SMARTPHONES:
XXXBank PHOTOTAN
276
8.4
MARKETING AND CUSTOMER RETENTION
277
¬
MOBILE APPLICATIONS FOR KIDS: THE WISE KIDS MONEY (XXXBank),
PIGBY’S FAIR (XXXBank), AND FAME GAME (XXXBank)
277
¬
CUSTOMER MAGAZINE FOR INVESTMENT CLIENTS: XXXBank
278
¬
EDUCATIONAL CONTENT: XXXBank OPEN MIND
279
¬
INTERACTIVE PRESENTATION OF PRODUCTS AND SERVICES: XXXBank
280
¬
INTERACTIVE INFO APP: XXXBank
281
¬
IMPROVEMENT THROUGH FEEDBACK: XXXBank, XXXBank
282
¬
COMPREHENSIVE PREVIEW OF CLIENT-ONLY FEATURES: XXXBank
283
8.5
CONTACT FEATURES
284
¬
DIRECT COMMUNICATION CHANNELS: XXXBank
284
¬
EMBEDDED VIDEO COMMUNICATION: XXXBanks
285
¬
SOPHISTICATED BRANCH FINDER: XXXBank
286
8.6
TECHNICAL FEATURES AND SUPPORT
288
¬
SUPPORTING FEATURES FOR CUSTOMERS
WITH DISABILITIES: XXXBanks
288
¬
SOPHISTICATED REAL ESTATE APP: XXXBanks
289
¬
INNOVATIVE CUSTOMIZING FEATURES: XXXBanks
290
¬
ADVANCED HELP OPTIONS: XXXBank MOBILE BANKING
291
8.7
NAVIGATION AND INTEGRATION
292
¬
CHANGE COUNTRY/LANGUAGE MENU: XXXBank MOBILE BANKING
292
¬
INTERACTIVE ONLINE PLATFORM: XXXBank
293
¬
EXEMPLARY INTEGRATION AND BALANCED CONTENT: XXXBanks
294
1
EXECUTIVE SUMMARY
«Only a minority of leading retail banks has made significant progress
since last year’s evolution, led by the winners of our ranking DBS Bank
(Singapore) and BNP (France). These two, together with runners up UBS
(Switzerland) and Westpac (Australia) plus a few more top-performers are
already proof that the mobile channel is rapidly rising to dominate the
retail banking business. The majority of banks, however, show little
progress and treat their mobile channel still as a “nice-to-have”. One field
where we found significant positive change are mobile payment solutions,
where a number of banks have introduced innovative, enterprising
solutions. This spirit must be applied to banks’ overall mobile app
development for them to stay competitive and to keep up with the digital
evolution of their customers. This in a nut-shell is the outcome of our
benchmarking analysis of a total of more than 170 apps for private
customers, offered by the 40 leading global banks»
The development of banking app portfolios witnesses significant stagnation this year. Few banks managed to overhaul their apps, or to develop fresh mobile solutions and numerous apps became outdated or simply vanished. That it is possible to overcome such stagnation is evidenced, for instance, by players in the Australian, Dutch and French markets where several banks show a strong performance. Particularly in these markets, we found a “great leap forward” with apps that bear witness to a “mobile first” approach, taking into account more and more contextual variables like location, type of end-user-device or different user segments.
BNP Paribas and DBS Bank, the winners of this year´s app ranking, achieve an overall score of 61 out of 70 points, UBS follows with 60 points and Westpac attains 59 points while BBVA and Commonwealth Bank of Australia achieve 58 points for their excellent app offerings. Société Générale wins in the category of best stand-alone banking app with L’appli (56 points for one app).
All these banks succeed in providing more than just basic account information and transaction features. They offer well thought out, comprehensive app strategies that can keep up with the best app developers in the world. However, many of the other benchmarked banks fall short in providing content and features that use the full potential of app technology to deliver a highly user-friendly experience with features that are truly exciting for consumers.
The biggest shortcomings in the app strategy of many or – for some features - most banks are:
□ App coverage for Windows Phone/ Blackberry and tablet devices on all
platformsis still lacking. Coverage for iPhone and Android has reached 100% whilst Windows Phone/ Blackberry is only offered by 78% of banks (for at least 1 of their apps). 85% of banks have at least one tablet app in their portfolio.
□ Most banking apps offer only basic payment functions, missing out on investment features. Whereas all banks provide banking and credit card account status via their apps and offer some sort of online banking, other important functions are often not available. Investment account overview is limited to 83% of banks and the integration of securities trading is still only available for about half of the banks (55%).
□ Banks rarely offer tools to encourage financial self-management and personal financial assessment. ... (More in full version of report)
□ Security and privacy are weak spots. ... (More in full version of report)
□ Banks are weak in providing engaging marketing features and content for customer retention. ... (More in full version of report)
□ Little has been done in terms of developing apps as sales channels. ... (More in full version of report)
□ Banks provide limited contact features. ... (More in full version of report)
□ Banks are weak in integrating their apps into other customer interfaces. ...
(More in full version of report)
The overall finding of our analysis is that most banks are stagnating with an incomplete app portfolio with limited integration into everyday business processes. Banks do not make use of the full potential of mobile applications to engage clients, sell their products, strengthen their brands and achieve customer loyalty.
The winner of our benchmarking, BNP Paribas, for its feature-rich portfolio of apps, and Société Générale, for the single best banking app, show how important a comprehensive, strategic approach to app development is:
□ First of all, banks must listen better to their app users. App stores, social
networks and other channels provide frequent, instant feedback from users of banking apps. There is a big user community out there which does not hesitate to voice comments, positive and negative, about their app experience. Banks should take advantage of these rich, real-time sources of feedback and implement user suggestions through rapid update cycles.
□ Mobile apps will be the dominant client channel. Therefore, banks should follow a mobile first approach. ... (More in full version of report)
□ Apps, both on a stand-alone basis as well as each bank’s total portfolio of apps, must have a clear strategic focus. ... (More in full version of report)
□ Banking, brokerage, corporate information and client-support are must-haves for a banking app portfolio. ... (More in full version of report)
□ A bank should concentrate its efforts and set priorities. ... (More in full version of report)
□ International banks must think globally about their app strategy. ... (More in
full version of report)
The mobile app revolution is happening fast. For many banks, the number of logins with mobile banking is already higher than the number of logins for online banking, increasing the overall customer contacts considerably. Mobile apps are becoming increasingly important and will be a deciding factor when choosing a bank. The challenge for banks now is to offer, across multiple access channels, a platform that allows clients and others to bank, transact, trade and be entertained wherever and whenever they wish.
All of the banks with the strongest performance in our evaluation concentrate on the integration of mobile with other channels and business lines of the bank. BNP Paribas scores for all communication features and offers clients the choice to contact the bank via Twitter, email, chat or phone. Wells Fargo connects users directly to Twitter, Facebook and YouTube. Rabobank strives towards richer customer experience by providing a video chat, which refreshes the often unpopular call-center experience. These banks are showing a great understanding of integrating different channels. This shows how personal interaction, telephone, online banking and mobile media could increasingly merge into a unified service platform. Banking apps are the strategic key for this new platform as they will be the dominant interface at home, in the office, on the move and even in the branch office of the bank. Apps are not a gimmick, but a game changer. Banks that miss out will lose out.
2
RANKING TABLE (40 BANKS)
Rank 2014 Rank 2013 Bank Total (max. 70 points) Avail-ability of Apps (4) Core functions for clients (10) Innovat. add-ons for clients (5) Security and privacy (7) Customer retention and marketing (14) Contact and finding the bank (10) Technical features and support (10) Strategy and navigat. (8) Best Practices (2) 1 8 BNP Paribas 61 … 1 1 DBS 61 2 13 UBS 60 4 4 Westpac 59 5 8 BBVA 58 5 28 CBA 58 5 3 Société Générale 58 8 4 ABN Amro 56 9 13 Credit Suisse 55 9 16 Itaú 55 11 20 … 54 3 10 5 4 6 7 9 8 2 12 20 53 4 10 3 5 6 7 9 7 2 12 8 53 3 10 3 4 6 9 10 6 2 12 23 53 4 8 2 5 5 10 10 7 2 15 16 52 4 10 4 7 4 7 9 5 2 16 20 51 4 10 3 3 7 6 10 7 1 16 8 51 4 10 4 4 7 5 9 7 1 18 8 50 4 10 3 3 5 8 8 8 1 18 29 50 4 6 5 4 7 6 10 6 2 20 38 49 4 10 5 5 2 4 10 8 1 21 41 48 4 8 3 5 4 7 9 7 1 22 41 47 4 10 3 4 5 6 9 6 0 23 32 46 4 10 3 0 6 8 8 5 2 24 32 45 4 10 2 4 2 7 6 8 2 24 35 45 4 10 3 5 4 6 9 4 0 26 16 43 4 8 1 4 4 10 7 4 1 26 na 43 2 8 1 5 2 8 9 6 2 26 45 43 3 10 2 3 3 6 9 7 0 29 37 42 4 6 4 4 3 4 9 7 1 30 47 41 3 8 2 3 3 8 6 6 2 30 38 41 4 10 4 5 3 3 8 4 0 32 16 40 4 8 3 4 2 4 7 7 1 32 13 40 3 10 4 3 1 6 7 4 2 34 25 39 3 6 4 4 3 5 7 7 0 35 41 38 3 6 2 6 0 5 10 5 1 36 29 37 2 6 1 5 6 4 7 5 1 36 na 37 4 8 2 4 1 4 8 6 0 38 38 34 2 10 0 7 1 5 6 3 0 39 48 33 4 6 2 2 1 4 8 4 2 40 na 32 4 6 1 4 2 2 7 5 1 Average Points 47,8 3,6 8,8 3,1 4,4 5,0 6,5 8,6 6,3 1,4All analyzed banks:
ABN Amro, ANZ, Bank of America, Barclays, BBVA, BMO, BNP Paribas, Caisse d'Epargne, CBA, CIBC, Citi, Commerzbank, Credit Suisse, DBS, Deutsche Bank, FNB (South Africa), HSBC, Hypoverseinsbank, ICBCI, ING Bank, Itaú Bank, JP Morgan Chase, KBC, Lloyds Bank, NAB (National Australia Bank), Nationwide, NatWest, Nordea, PNC, Rabobank, RBC, Santander, Société Générale, Standard Chartered, TD Bank, U.S. Bank, UBS, UniCredit, Wells Fargo, Westpac
3
MOBILE APP STRATEGIES TO WIN
CLIENTS
3.1
FROM MULTI-CHANNEL TO OMNI-CHANNEL
4
METHODOLOGY
4.1
SELECTION OF BANKS AND APPS
This study analyzes the apps of 40 leading global banks that serve private/retail clients and offer apps for their private clients (some banks did not provide apps at all and were therefore removed from the analysis). The group of 40 analyzed providers includes the biggest banks in terms of retail customers worldwide (provided they offered apps) ranked by total assets, and banks that don't have such a strong global presence but are among the leading providers in their national or regional markets.
Apps that were excluded are those aimed exclusively at wealth management clients, institutional clients and business clients as well as apps targeting job seekers. MyPrivateBanking will release a benchmarking report on wealth management apps in June 2014.
For all banks, mobile apps on the Apple, Android, BlackBerry and Windows Mobile platforms were identified globally. One app was identified as each bank’s “primary app”. In principle, this app was the main banking app for the home market of the bank. For instance, for Deutsche Bank the app “Meine Bank”, targeted at German retail clients, was chosen as the primary app.
Besides the primary app, other apps were also included in the analysis if they met the following criteria:
□ Available for the home market or (in a few cases) home markets where the bank has a
significant presence.
□ Available to retail customers
□ Related to banking/brokerage
As a first step, the primary app was analyzed and rated using our list of criteria (for a detailed explanation of the criteria see below, chapter 4.2.). A perfect app would score a maximum of 70 points.
If the primary app did not achieve the maximum number of points, all other relevant apps were included in the next stage of the analysis. By this process a bank could gain additional points against those criteria where the primary app had not reached the maximum number of points. In this way, other apps could contribute to the bank’s overall score, up to the maximum of 70 points.
We chose this method to allow for the fact that some banks had comprehensive apps covering many different functions (e.g. banking, brokerage, ATM search, etc.) while other banks employ many different apps, in extreme cases providing one app for every single function (one for ATM search, one for currency conversion, one for account status, etc.). To take into consideration both approaches we included all available and relevant apps for every bank in the ranking.
Throughout, it was important for us to view not just the collection of single apps offered by the banks to their clients and the public, but to take into account each bank’s overall app strategy.
In many cases, banking and brokerage apps were only accessible with specific log-in credentials. We contacted all banks prior to the evaluation for whom we did not possess log-in credentials in order to get access to a demo account and additional information. In cases where it was not possible to log in, our analysts evaluated the functionality of the app that was behind the log-in wall based on secondary data such as app descriptions, website information and demo accounts in the app stores as well as screen shots of the app from various sources.
4.2
USE CASES AS GUIDELINE
Prior to the analysis of the apps, MyPrivateBanking Research conducted qualitative, in-depth interviews with banking clients and app users. A representative group was surveyed that uses banking and brokerage apps frequently. The grouping into representative user profiles that reflect the users’ preferences and concerns played an important role in the weighting of the criteria. From the user profiles our analysts developed five core use cases.
The term 'Use case' originated as a software and systems engineering term to signify the actions a user must take to achieve a specific result. The term can also be applied to user interfaces in website tests and comparisons. By use case we mean a typical scenario of how and why certain user groups use the app. We derived our detailed evaluation criteria and their weightings directly from these use cases:
Use Case User Group Objective
Banking or brokerage transaction
Existing and potential new clients
... (More in full version of report)
Search for financial information and lifestyle content
Existing clients, potential new clients, general public
... (More in full version of report)
Search for contact or local information
Existing and potential new clients
... (More in full version of report)
Search for financial
information about the bank including products and services
General public, journalists, job applicants, suppliers
... (More in full version of report)
Interactive support tools All possible client groups and stakeholders
... (More in full version of report)
4.3
EVALUATION PROCEDURE
Every app was analyzed independently by two analysts, and the analysis and evaluation were repeated after an interval of six weeks. This was done in order to minimize the probability of faults due to a subjective point of view and accidental network problems at a certain point in time. Given the quantity of information that had to be analyzed, the possibility of not finding all the information in individual cases cannot be ruled out. The evaluation was done on the basis of 70 different criteria that were divided into nine main categories. Care was taken to keep the definition and allocation of points as free as possible from all subjective influences, thus ensuring a high level of objectivity in the benchmarking process.
In addition to the apps themselves, other sources of information were also included in the analysis: user feedback and ratings in the app stores (Apple, Android), screenshots from the major app stores (iTunes, Google Play, Windows Phone and Blackberry), information from the banks’ websites (often the banks displayed additional information about their apps on their websites such as the privacy policy, FAQs or a video tutorial), and occasionally other sources such as Twitter feeds, blogs, etc.
4.4
DETERMINING THE CRITERIA
In this study, the main evaluation criterion for the apps was the extent to which they fulfill the use cases described above, from the point of view of various user segments. We measured usability in terms of the nine overarching parameters:
□ Availability of mobile apps
□ Core functions for clients
□ Innovative add-ons for clients
□ Security and privacy
□ Content and features for customer retention and marketing □ Contact and finding the bank
□ Technical features and support
□ Strategy and navigation
□ Best practices
What follows are the descriptions of these parameters with the detailed criteria and maximum achievable points. In comparison to last year’s report edition, there have been some important changes in our rating scheme: An automatic timeout function (for mobile banking/brokerage) as well as a real estate and/or mortgage function have been added to the list of required features. In the case of automatic log-out, this reflects the increased awareness and need for mobile security. With regard to real-estate and mortgage features, this highlights the importance of the mobile channel for active advise and sales activities for specific banking products.
Availability of mobile apps (maximum 4 points)
□ Mobile banking/brokerage application for iOS (1 point) □ Mobile banking/brokerage application for Android (1 point)
□ Mobile banking/brokerage application for Windows/Blackberry or other operating systems (1 point)
□ Native mobile banking/brokerage application for tablet (1 point)
Core functions for clients (maximum 10 points)
□ Account overview: Users can check their account and balance through the app. (2
points)
□ ... (More in full version of report)
Innovative add-ons for clients (maximum 5 points)
□ Personal financial management tool: One point is awarded for a simple tool which offers clients a comprehensive, visual account overview or allows simple budgeting; two points are awarded for more sophisticated tools such as the possibility to set certain cost/saving targets, receive saving alerts, etc. (2 points)
□ ... (More in full version of report)
Security and Privacy (maximum 7 points)
□ Information on data protection: There is a statement regarding how user data and privacy are protected within the app. (1 point)
□ ... (More in full version of report)
Content and features for customer retention and marketing (maximum 14 points)
□ General information about the bank: Corporate information introducing the bank beyond the legal requirements, for instance, info about the management team, corporate history, etc. One point for any simple content in written form, two points for more sophisticated media such as video, audio, timelines. (2 points)
□ ... (More in full version of report)
□ Customer loyalty programs: discounts, rewards that are promoted and accessible through the app, e.g. promo code for special discounts in a cafe. (1 point)
Contact and finding the bank (maximum 10 points)
□ Branch/ATM finder: one point for a simple branch or ATM finder, two points for a sophisticated branch finder offering at least two of the following: map with directions to the branch, contact and address of the branch, information about the branch such as opening hours, wheelchair accessibility, etc., map with both ATM and branches. (2 points)
Technical features and support (maximum 10 points)
□ Stability: App works with reasonable stability, no crashing or freezing (tested on
multiple networks, reflects user feedback). (1 point)
□ ... (More in full version of report)
Strategy and navigation (maximum 8 points)
□ Accessibility in app store: App with core functions ranks among the top three of the listed apps when searching for the bank’s name in Google Play and iTunes store (if Android or iOS app is available). (1 point)
□ ... (More in full version of report)
Best practices (maximum 2 points)
5
SUMMARY OF FINDINGS. BANKS STILL
STRUGGLE TO EXPLOIT FULL APP
POTENTIAL
This year’s analysis reveals that the majority of banks under evaluation are still struggling to realize the full potential of their banking apps…
6
TOP-TWO BEST STAND-ALONE BANKING
APPS
7
PROFILES OF BANK APP STRATEGIES
... (More in full version of report)8
BEST PRACTICE: THE BEST MOBILE
APPLICATION FEATURES
In the course of our analysis of more than 170 mobile applications from 40 of the world's leading retail banks, we came across a variety of functions, features and content that we consider to be particularly innovative and worthy of attention, especially since most of these best practices can be easily integrated into mobile applications. The most outstanding features, content and design of the apps are listed below.
9
DISCLAIMER
No Investment Advice
This report is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. This report is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. It does not constitute a general or personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. The price and value of securities referred to in this report will fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of all of the original capital invested in a security discussed in this report may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.
Disclaimers
There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth in this report. MyPrivateBanking GmbH will not be liable to you or anyone else for any loss or injury resulting directly or
indirectly from the use of the information contained in this report, caused in whole or in part by its negligence in compiling, interpreting, reporting or delivering the content in this report.
Copyright
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