Mobile banking apps to help get your finances on track
Mobile banking apps are becoming an increasingly dominant channel through which customers interact with their bank. These days having a well designed and easy to use mobile banking app is seen as a necessity, with consumers willing to change banks in order to get a better mobile experience.
63% of Australians use mobile banking apps at least once per week and this number will only increase.
According to research from Fiserv, Millennials in the US are using mobile banking nearly three times more than other generations.
Most of Australia’s major banks offer decent apps that allow you to conduct your day to day banking on your phone with ease, such as:
- Make BPAY payments
- Schedule transfers and payments
- View account balances
- Transfer funds to another account
When it comes to determining the right mobile banking app for you, much of the time it will come down to your needs and personal preferences, and in some cases the type of mobile device you use.
The Credit Savvy team have pulled together some information that may help you decide which of Australia’s big four banks have the right app for you.
2018 Analysis by Forrester Research out of the US found that CBA was leading the pack when it came to functionality and user experience. It also found that ANZ scored noticeably lower than the other three banks, particularly for self-service features.
Apple App Store & Google Play ratings
Reading user reviews on Apple’s App Store and Google Play is a good way to research mobile banking apps and learn more about the features that you may like (or dislike). Our research showed that on Google Play, CBA was the clear winner with 4.1 out of a highest possible score of 5, with the other banks coming in at 3.7 out of 5.
On Apple’s App Store, however, it’s a very different story. CBA comes in last with a score of 2.9, with ANZ the clear winner on 4.7. A closer inspection of individual reviews seemed to indicate those iPhone users may have marked CBA down because you can’t use CBA products via Apple Pay (you instead need to use a tag attached to your phone). Android users have been able to use the CBA mobile banking app at point of sale terminals since 2017, which may explain why CBA’s score is much higher on Google Play.
Being able to use Apple Pay with your ANZ mobile banking app may also be why ANZ was so highly rated on Apple’s App Store. To date it is the only of the big four banks that have had that ability, however, CBA is launching Apple Pay in January, which may result in their mobile banking app being reviewed more favourable by iPhone users in the future.
It can be worth taking some time to identify what the most needed capabilities that you need in a mobile banking app are, like cardless cash. This feature allows you to use your mobile device to withdraw cash from an ATM when you don’t have your card on you. NAB is the only of the big four banks not to have this capability.
Mobile banking technology seems to progress at such a rapid rate, it won’t be long before new features and capabilities are available on your phone. By consulting research online, user reviews, and identifying key features that are important to have, you can make sure the mobile banking app you use is right for you.