CommBank’s mobile banking app beats ANZ, NAB, Suncorp and Westpac: Forrester

Commonwealth Bank’s mobile banking app topped Forrester’s Digital Experience Review, retaining the top spot for the sixth year in a row.

Forrester’s smartphone banking app review of Commbank, ANZ, NAB, Suncorp and Westpac revealed that the five banks perform strongly in the categories of self-service, marketing and sales but the majority have not seen improvement in money management and movement.

CommBank was named the overall digital experience leader with its app delivering strong functionality and a cohesive user experience. Westpac’s app took second place, led by UX and search, navigation and content.

“Rising inflation, a looming energy crisis, and the increased cost of living in Australia mean more and more customers need help managing their money. In fact, 54 percent of Australian online adults say they need help with money management, yet only 21 percent strongly believe that their financial institution cares about their financial well-being,” the report said.

“This is a missed opportunity for banks to show customers where they spend their money and how they can save more effectively as well as to offer effective debt management tools. Australian banks must centre their digital strategy around customers’ financial well-being and prioritise tools that lead to smarter financial decisions.”

ANZ bank’s app was highlighted for its automated categorisation of customer transactions, to assist customers in understanding where there money is being spent.

NAB’s banking app’s search function delivered yields that were deemed helpful to users, and Westpac used automation to manage payments as well as having a digital vault for customers to store documents.

One area where the banking apps were missing key features is in budgeting and savings features.

According to the report, “Most Australian banks offer basic savings features, but very few offer effective budgeting tools and hardly any have debt management solutions.”

The authors suggest that the Australian banks work to provide mobile banking solutions that offer better visibility over finances and empower customers to take smart financial decisions.