2018 was an incredibly busy and crowded year for the mobile banking sector. Challenger banks faced off incumbents and new regulations forced the industry into a new transparent and digital age. Briony Richter looks at the global mobile banking apps that topped the charts.

With Open Banking spreading across the EU, mobile banking became more important than ever. Customers increasingly shift to digital and judge their experiences from those channels. As more branches close around the world and mobile banking is on the rise, consumers are, more often than not, interacting with their bank through online or mobile channels.It is easy to see why people prefer mobile banking; it gives them easy access to a range of products, it’s quick and convenient with 24/7 access. Furthermore, it is also secure – another element that Open Banking has been trying to promote. It allows banks to open up to other third parties that effectively give consumers greater choice.

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However, finding the best mobile banking app is not an easy task. Nowadays, each and every bank offers a wide array of functions and features in their apps. These include the ability to check balance, view statements, send and receive payments and categorise spending.

With all banks offering very similar features, it comes down to the functionality and overall quality of the app. So which global mobile banking apps are grabbing consumers’ attention?

RBI created a table that aggregates user rankings from the Apple and Android app stores to find an overall rating of mobile banking apps. Out of the top 100 traditional banks, 61 scored a rating of 4.0 or above out of 5.0. Furthermore, none of the traditional banks dropped below an overall rating of 2.0 out 5.0.

The top global mobile banking app: PKO wins again

PKO Bank Polski has won top spot in the RBI ranking. Its mobile banking app is at the centre of its banking experience for customers.

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User reviews on both the Apple and Google Play store comment positively about the app design. It is also easy to navigate through and managing money is simple.

The platform shows a customer everything they need on one screen. Although we are stepping into a digital age, the mobile app has a feature that tells a customer where their nearest branch or ATM is to withdraw cash. This feature supports the best of both worlds.

Speaking to RBI about the mobile banking app, Michał Macierzyński, director of the Digital Services Department at PKO Bank Polski, said:

“The leading motive for the development strategy of PKO Bank Polski is the digital transformation of interbank processes, as well as customer services. It is key, which allows us to maintain the position of a leader in our sector, at the same time changing the biggest bank in Poland and in the region into an agile organisation, focused on needs and stepping ahead of the expectations of our clients.

“Therefore, the most important piece of information on how to improve and develop the IKO application are the voices of our clients, monitored on a regular basis at mobile app stores, in the social media and on the Internet. Every day, we work to increase the number of people actively using the bank’s mobile access channels and to make the experience of users of our mobile application and web services the best it can be.”

Top global banking apps
Top global banking apps

 

Banks have a lot to gain with a star app

Coming just in behind PKO Bank Polski is Capital One, JP Morgan and Sberbank. Those three banking apps are three out of 11 banks ranked that scored 4.7 out of 5.One particular reviewer on the apple store noted that the Capital One app is visually good and attractive. However, the user experienced several bugs when trying to view their PIN on the app. However the user also notes that having the option to create a payment plan within the app is extremely useful.

With Sberbank, users highlight their enthusiasm for having Visa support with Apple Pay and the seamless onboarding process.

All the apps that scored 4.7 offer a variety of unique and convenient services. However, developing a completely transparent and faultless app is an incredibly difficult task. It all comes down to balancing several characteristics perfectly.

Banks are now raising the bar when it comes to their mobile banking app. It’s a fiercely competitive market, one which has high consumer demand and to win, those demands have to be met.