Sia Partners 2024 International Mobile Banking Benchmark

The digital transformation continues to make significant strides worldwide, and the banking sector is no exception. Banks are continuously challenged by emerging trends, evolving regulations, and shifting customer preferences, compelling them to adapt at an increasingly rapid pace.

In this landscape, banks are under heightened scrutiny regarding their actions on Environmental, Social, and Governance (ESG) issues, given the profound impact they can have on society. Regulators and the public are closely evaluating whether banks’ initiatives align with regulations and meet rising expectations, particularly as sustainability becomes a central concern. This pressure drives banks to evolve and play a more active role in the sustainable transition. Digitalization offers banks a valuable opportunity to enhance communication about their ESG efforts, empowering clients to improve their own sustainability practices—especially through mobile banking apps.

An essential aspect of this digital evolution is ensuring that banking applications are accessible to all users, particularly those with impairments. Upcoming regulations emphasize the importance of creating digital environments that are inclusive, enabling everyone to participate fully in society. Enhancements in accessibility can dramatically ease daily life for individuals with disabilities.

Moreover, emerging disruptive technologies, including artificial intelligence (AI), are reshaping the banking sector by harnessing Big Data to drive automation and enhance operational efficiency. As AI capabilities continue to advance, banks are increasingly integrating these technologies into their mobile banking apps to foster greater personalization and improve customer experience.

Innovation is critical, especially in the face of new market entrants such as Neobanks and FinTech companies, which offer best-in-class, digital-only experiences by focusing on specific segments of the banking value chain. However, while the banking industry navigates these challenges and opportunities, the focus remains on the core offerings of Daily Banking Functionalities and the User Experience of Mobile Banking Applications.

As digitization continues to advance, mobile banking apps have firmly established themselves as the primary channel for customers to engage with their banks. To succeed in this digital-first landscape, banks must offer seamless, fully integrated digital customer journeys across a wide range of products and services, along with streamlined onboarding processes to attract new clients. To stay on top of these innovations in the banking sector, Sia Partners performs an annual global benchmark on banking apps, searching for the most complete, innovative, and user-friendly banking applications in the world. Sia Partners’ 2024 Mobile Banking Benchmark assessed the performance of 140 banking applications in 22 countries across the EMEA region, North & South America, Asia and Australia. The banks in scope of the study were evaluated on more than 95+ criteria in 3 pillars: Functionalities (FX), User Experience (UX), and App Store ratings.  In response to recent trends and market developments, Sia Partners recognizes ESG, AI and Accessibility as transformative forces that will shape the future of digital finance. As a result, dedicated assessments have been conducted to consider and cover their impact on the Mobile Banking landscape.