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NatWest, Barclays, and Lloyds lead the UK market in offering the most in-demand mobile banking features in 2020, according to Business Insider Intelligence’s second annual UK Mobile Banking Competitive Edge Study.
Mobile is a pivotal banking channel and a vital driver of how customers choose banks, according to our study, which found that 68% of respondents use the channel. Respondents were selected to closely align with the UK general population on the criteria of age (18-74), gender, and income. Of those who use mobile banking, 54% selected the channel as one of the top three factors they’d consider when choosing a bank, edging out all other options.
To help banks attract and retain the large base of mobile-oriented customers, our 2020 UK Mobile Banking Competitive Edge Study selected 41 sought-after mobile banking capabilities — 20 of which are new to the UK study this year — and ranked them according to how valuable 1,100 respondents said they are. Next, we determined which of the top 10 UK banks and building societies lead in offering the mobile banking features customers crave.
Here are the leaders in supporting sought-after mobile banking tools:
1st: NatWest jumped from fourth last year to first place.
This year, the bank introduced several features to enhance its app, including the ability to see a credit score, view spending across categories, and set a monthly budget on any of these spending categories. NatWest led in the Digital Money Management category and tied for first in the newly added Alerts section.
Rank in 2019: 4th
2nd: Barclays set a high bar for sought-after features.
The bank offers a robust mobile feature set that includes rare tools, such as the ability for customers to customize what’s displayed in-app, set spending limits for a credit or debit card, and receive a provisional digital card that can be used immediately upon issuing. Barclays maintained its ranking since last year, leading in the highly important Security and Control category, and sharing first place in the Transfers section.
Rank in 2019: 2nd
3rd: Lloyds excelled in Account Management, Transfers, and Alerts.
Lloyds continues to transition along its digital transformation journey: It embarked on a three-year transformation program in 2018 that set as priorities digitizing the end-to-end customer journey and modernizing the group’s IT and data architecture. And the bank boasts a broad suite of in-demand mobile banking features, allowing it to secure the lead in the Account Management category, and tie for first in the Transfers and Alerts sections.
Rank in 2019: 1st
Business Insider Intelligence’s UK Mobile Banking Competitive Edge Study ranks banks according to the strength of their mobile offerings and offers analysis on what banks need to do to win and retain customers. The study is based on a June benchmark of what features the 10 top UK banks offer, and a survey of 1,100 UK mobile banking users on the importance of 41 cutting-edge features in choosing a bank. The survey was sourced by a third-party provider to a sample closely aligned with the UK population on the criteria of age (for those between 18 and 74), gender, and income.
The full report will be available to Business Insider Intelligence enterprise clients in July. The banks included in the UK Mobile Banking Competitive Edge study are Barclays, Co-operative Bank, HSBC, Lloyds Banking Group (Lloyds, Halifax, and Bank of Scotland), Metro Bank, Nationwide, Royal Bank of Scotland (RBS) Group (NatWest, RBS), Santander, TSB, and Virgin Money (formerly CYBG). Lloyds, Halifax, and Bank of Scotland all belong to Lloyds Banking Group and offer identical mobile banking features; while we only mention Lloyds in our study, it should be inferred that we are referring to both Halifax and Bank of Scotland as well. NatWest and RBS are both a part of RBS Group and offer identical mobile banking features; while we only mention NatWest in our study, it should be inferred that we are referring to RBS as well.
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