According to Forrester, 52% of Australian online adults agreed that they want to do all of their banking on a mobile app on their smartphone, up from 42% in 2020. In 2023, 76% of Australian Millennials and 69% of Gen Zers expect to be able to accomplish any financial task through a mobile app.
To find out how effectively banks are meeting customers’ expectations, Forrester reviewed the functionality and user experience of the mobile apps of the Big Four banks and one midsize digital-only bank in Australia: ANZ, Commonwealth Bank of Australia (CommBank), Macquarie Bank, National Australia Bank (NAB), and Westpac.
Key findings from Forrester’s review include:
- Westpac leads with best-in-class money movement, search, and error prevention. For the first time, Westpac takes the top spot overall in the review of Australian banks. Westpac fully redesigned its app in 2021 and since then, the bank has adopted a rigorous approach to creating digital experiences, which has resulted in stellar UX, especially in the search and navigation and error avoidance and recovery categories. Westpac also offers several unique in-app features such as the ability to request payments from peers, split group payments, and add billers by scanning a bill.
- CommBank is a close second, with industry-leading money management features. CommBank’s mobile app balances strong functionality with excellent UX. It stands out on money management capabilities thanks to best-in-class budgeting, savings, and financial well-being tools.
- Banks are experimenting with exciting new features but there’s room for improvement. More banks are adding useful new functionality to their mobile apps, but many still need to better help customers manage their finances — one of the three financial challenges most often cited by Australians. While the apps of some banks, such as CommBank, provide advanced budgeting and smart savings tools, most either don’t have this feature at all or don’t make it an integral part of the mobile banking experience.
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