Jul 23, 2024

Upcoming Business Mobile Banking Rank 2024!

In August 2024, we will release the latest edition of our business mobile banking app study. This research provides digital service teams at banks with valuable insights, derived from the intricate paths of user experiences, which we have meticulously systematized and explained.

Conducting these periodic studies allows us to gain a precise understanding of the banking sector's dynamics (the report on the previous wave is available here Business Mobile Banking Rank 2022). We can accurately identify how to enhance existing services to increase revenue and reduce user friction. Our research highlights stagnation points, indicating either unrealized service potential (leading to missed profits) or a need for substantial overhaul (indicating detrimental performance).

Curious about how we analyze and enhance business banking services? Take a look at our collection of best practices right now and see how our research can help drive growth and improve digital experiences for businesses.

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    In essence, we know you're losing money, and we're willing to show you where.

    How we apply our Business Mobile Banking Rank Methodology?

    The Business Mobile Banking Rank research focuses on evaluating mobile banking applications tailored for individual entrepreneurs and small to medium-sized enterprises (SMEs). The research assesses the digital banking experience provided by leading banks, specifically on Android platforms, covering over 100+ user scenarios.

    The primary aim is to enhance the operational efficiency and user experience of mobile banking apps for business clients.

    The study seeks to establish benchmarks for current mobile banking services and provide strategic insights and best practices that financial institutions can adopt to improve their digital offerings.

    Methodology by itself

    • Platform: The study evaluates Android mobile banking apps due to their prevalence in the market.
    • Participants: Dozens mobile banking apps were analyzed every year.
    • User scenarios: Over 100 user scenarios were tested every year, focusing on various aspects of business banking.
    • Evaluation criteria: 800+ criteria were developed, each weighted based on its importance to users. Tasks were rated on a 7-point scale, and overall service experience was measured using the SUPR-Q metric.
    • Testing: Accounts and products were opened, funds were deposited, and transactions were conducted in each app. User paths and task completion times were recorded.
    • Data segmentation: Data were divided into two rankings: one for individual entrepreneurs and another for small companies with employees. Key categories included "Mobile Bank as a Platform" and "Cash Management Services".
    • Task testing: Common tasks like app login, tariff viewing, payment creation, and statement downloads were tested, with separate rankings created for nine key business products.

    Key features

    1. Mobile bank as a platform:
      • Evaluates the comprehensiveness of the app, including features like user-friendly onboarding, functional chat, counterparty cards, user management, notification customization, global search, and a consolidated calendar.
    2. Cash management services:
      • Includes transaction history with search and filters, data validation in forms, tooltips, autopopulation of payment details, and commission calculation during payment entry.
    3. Foreign economic activity:
      • Evaluates functions like currency exchange, account opening, outgoing currency payments, status tracking, contract storage, and communication with currency consultants.
    4. Deposits:
      • Focuses on the ease of finding and applying for deposits, linking to accounts in other banks, detailed deposit information, and selecting interest payout formats.
    5. Loans:
      • Assesses loan conditions, early repayment forms, overdraft applications, and the variety of loan options offered.
    6. Acquiring (Merchant services):
      • Evaluates trade acquiring, online cash registers, integration of fast payment systems, and internet acquiring.
    7. Salary project:
      • Assesses the functionality for managing salary projects, especially the signing of registries and tools for working with self-employed individuals.
    8. Corporate cards:
      • Focuses on the convenience of using corporate cards, expense control, routine reduction in reporting, and payment simplification features.
    9. Document flow:
      • Evaluates work with primary documents like invoices and contracts, tax payment calculations for individual entrepreneurs, and reporting under simplified tax systems.

    Our aim and your benefit

    So, the upcoming research aims to provide an in-depth analysis of the changes in mobile banking over the past two years from the end user's perspective. How have the competitive positions of market participants evolved? What new best practices have emerged? We delve into these questions to uncover the latest trends. But beyond just tracking progress, we ask: What customer experience issues are still prevalent in mobile banking? What opportunities exist for banks to drive business growth through their mobile applications?

    Particularly, our focus is on the specialization within mobile banking. Are certain banks honing in on specific business segments or user roles with tailored products and unique scenarios? This specialization could be a game-changer. By zeroing in on these niche markets, banks can offer highly relevant and efficient solutions. Our study seeks to uncover these specialized strategies and their potential impact on the industry.

    For last

    We're almost ready to launch our Business Mobile Banking growth machine. Hey, who’s ready to take the first test drive?

    By Team Markswebb

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