Westpac has been recognised as the overall best mobile banking app among Australia’s big four banks as part of Forrester’s latest Digital Experience Review.
Westpac took out the top spot as the overall best mobile app as well as the overall digital experience leader in the yearly review by the tech researcher, released in Q4, beating out mobile app offerings from rivals CommBank, ANZ, NAB and Suncorp.
Westpac said its app was recognised for its “exceptional user experience and comprehensive functionality”.
Last year’s review saw CBA’s app take out the top spot for the sixth consecutive year, with the app commended for its “rich… functionality, making for an easy, seamless, and informative mobile banking experience.”
Westpac came in a close second in the 2022 review, commended by Forrester for its “leading user experience”, “stellar UX for customers” and “best-in-class search/navigation and content”.
Responding to news of the most recent accolade, Westpac said its banking app underwent a complete redesign 2021 as part of a wider digital transformation across the bank.
Since then, the bank said it has seen a record growth in digital engagement, with 5.8 million digitally active customers – an increase of six per cent year-on-year.
Westpac chief executive Peter King said Westpac had “invested heavily in the app with a focus on improving safety, security and digital services for customers”.
“We’ve introduced new scam prevention measures and launched budgeting tools so customers can track their spending and saving goals.”
He added: “We decided to rebuild and redesign our app to ensure we had the right platform in place to adapt quickly and introduce new tools and services in line with changing customer needs, both now and into the future.”
Westpac also announced the introduction of a new in-app budgeting tool.
The tool, set to be rolled out “over the coming months”, enables customers to calculate their leftover spend based on their income, bills and savings targets.
Westpac said the new feature promises to provide personalised insights to customers to help them manage their spending, including across specific categories like groceries, travel, and entertainment.
Last year’s 2022 Digital Experience review flagged several missing features across the big four banks’ app offerings, including insufficient savings, budgeting, debt management, and spend analysis features.
As part of a 2022 consumer survey, Forrester found that more than half of Australian adults (54 per cent) stated that they need help with money management; however, only one in five (21 per cent) strongly believe that their financial institution cares about their financial well-being.
Westpac chief digital officer Jason Hair said: “As more customers seek to adjust their spending in response to cost-of-living pressures, tools like the new budget planner will give them a more holistic view of their finances to help guide their decision-making and identify potential savings.”
According to Westpac, more than three million customers are signing into the app each day to manage their daily banking tasks.
Among Westpac’s money management tools, spend categorisation and savings goals rank among the most popular features.
