Australian banks struggle to meet mobile app expectations
Despite increased usage, customers rate experiences as average.
One every four Australian online adult banking customers used their mobile banking app in the past month, however, despite this rise in usage, customer satisfaction remains a concern, according to Forrester’s latest report, "Digital Experience Review: Australian Mobile Banking Apps.”
Most users give their banking apps a Customer Experience Index score of only "OK," and only 63% believe that their bank's mobile capabilities adequately meet their needs.
Zhi-Ying Barry, Principal Analyst at Forrester, highlights a pressing issue: “The gaps were in looking at managing finances and savings.” While many Australian banks perform well in general, there are notable deficiencies in areas crucial for effective financial management.
Barry noted, “I think it's very clear that most Australian online adults are using mobile apps, and the demand and expectations are increasing very quickly.” This rapid evolution means that banks must adapt to meet rising customer expectations to remain competitive.
To address these challenges, Barry emphasised the importance of understanding customer needs deeply. She asserted, “They have to really understand truly deeply what their customers want,” pointing out that anticipating customer requirements is crucial for innovation.
“Customers are becoming a lot more empowered,” she said, noting that the rise of generative AI has made users more familiar with advanced technologies, leading to higher expectations from their banks.
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