CBA nabs top spot in mobile banking rankings

The Commonwealth Bank's mobile app has ranked number one in Forrester’s Global Mobile Banking Functionality Benchmark, edging out rival, Westpac, by a single point.

The Benchmark report, which ranked banks’ mobile customer service platforms according to functionality and usability, saw CBA best last year’s top place getter, Westpac, to rise to the top of the pack.

Westpac was not without accolade, however, achieving the highest score in app functionality.

Recent upgrades to the CBA platform, including a money management feature and a camera-based fast payments facility, contributed to its high score.

“The Commonwealth Bank offers strong mobile functionality, providing the widest range of touchpoints for customers,” said Forrester analyst Zhi Ying Ng.

In April this year, the bank also launched two new features, Transaction Notifications and a Spend Tracker, designed to assist customers in tracking spending and maintaining a budget.

Money management features will be the future of mobile banking; however, they are lacking in most mobile banking platforms offered today, according to Ng.

The Forrester report compared the retail mobile banking services of five retail banks in Australia, examining a range of variables including touchpoints, transactional functionality and service features.

NAB ranked third in the survey, followed by Macquarie and ANZ.

Australia remains a world leader in the adoption and use of mobile customer service platforms, according to Adobe Digital Index’s (ADI) “State Of Banking” 2016 report.

Australians, on average, visited their banks’ smartphone and tablet app upwards of 113 times a year, more than three times the average visitation rates for US consumers.


Related Stories

DBS unveils mobile-only bank for Indonesia
Known as digibank, the DBS subsidiary utilises mobile-friendly technologies, including biometrics... Read More
Westpac launches ‘data accelerator’ program
Partnering with Sydney-based fintech hub Stone & Chalk, the FUELD accelerator program will give... Read More
CBA responds to AUSTRAC probe, blames ‘coding error’ for alleged money laundering
Financial intelligence agency and industry regulator, AUSTRAC, has initiated a civil suit against... Read More
CBA, Austrade ink innovation agreement with HK & China
The agreement will provide support to Australian businesses, including fintechs, to access Hong... Read More