UK Mobile Banking Emerging Features Benchmark 2021

How the Top 10 Financial Institutions Stack Up by the Features Consumers Value Most

Report by Tyler Brown, Lea Nonninger, and Michael Tattersall  | Sep 2, 2021
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Table of Contents
Executive Summary
Key Points
Introduction
Leading UK FIs in 2021
Security and Control
Alerts
Account Management
Transfers
Digital Money Management
Customer Service
Methodology
Survey Demographics
Read Next
Sources
Media Gallery
About This Report
This third annual study ranks the 10 largest UK banks and building societies by assets according to their mobile banking capabilities and how highly consumers value their offerings. We present detailed benchmarking data on the availability of 41 mobile features, selected based on their propensity to set financial institutions apart.
Topics
Banking
United Kingdom
Table of Contents
Executive Summary
Key Points
Introduction
Leading UK FIs in 2021
Security and Control
Alerts
Account Management
Transfers
Digital Money Management
Customer Service
Methodology
Survey Demographics
Read Next
Sources
Media Gallery

Executive Summary

This third annual study, weighted based on responses to a consumer survey, is an exclusive benchmark that ranks the 10 largest UK banks and building societies by assets according to their innovative mobile banking capabilities. We include research on the availability of 41 mobile features, selected based on their propensity to set financial institutions apart, as well as data on consumer demand for each of these features.

3 KEY QUESTIONS THIS REPORT WILL ANSWER

  1. What are the most important emerging mobile banking features that FIs in the UK can offer to stand out from competitors and delight customers?
  2. Which emerging features do UK consumers value most, both overall and within key customer segments?
  3. How do the top UK FIs’ apps compare in terms of offering the features most in demand among our survey respondents?

WHAT’S IN THIS REPORT? It’s never been more challenging—or more important—for FIs to stand out with innovative mobile features. In this report, we share data and insights about emerging mobile features that banks and building societies can support to rise above the competition. We used a dedicated survey of 1,134 UK adult mobile banking users to identify the features that those consumers demand, highlighting features that the 10 largest UK FIs deployed and the mobile functionalities that respondents valued most.

Mobile Banking App Performance of the Top 10 UK FIs, July 2021 (benchmark score*)
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KEY STAT: Lloyds Banking Group offered the most in-demand mobile feature set in our study, scoring 45.0% of possible points in a tight race—narrowly ahead of runner-up Barclays, with the NatWest Group and HSBC close behind.

Our Annual Mobile Banking Benchmarks

Insider Intelligence also publishes annual mobile feature benchmarks for the US and Canada, as well as a companion study for the UK:

Here’s what’s in the full report

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. Introduction
  4. Leading UK FIs in 2021
  5. Security and Control
  1. Alerts
  2. Account Management
  3. Transfers
  4. Digital Money Management
  5. Customer Service
  1. Methodology
  2. Survey Demographics
  3. Read Next
  4. Sources
  5. Media Gallery

Charts in This Report

Mobile Banking App Performance of the Top 10 UK FIs, July 2021 (benchmark score*)UK Smartphone Banking Users, 2020-2025 (millions and % change)
Security and Control Mobile Feature Performance of the Top 10 UK FIs, July 2021 (benchmark score*)Alerts Mobile Feature Performance of the Top 10 UK FIs, July 2021 (benchmark score*)
Account Management Mobile Feature Performance of the Top 10 UK FIs, July 2021 (benchmark score*)Transfer Mobile Feature Performance of the Top 10 UK FIs, July 2021 (benchmark score*)
Digital Money Management Mobile Feature Performance of the Top 10 UK FIs, July 2021 (benchmark score*)Customer Service Mobile Feature Performance of the Top 10 UK FIs, July 2021 (benchmark score*)
Demographic Summary of Respondents, UK Mobile Banking Emerging Features Benchmark Study, July 2021 (% of total)

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authors

Tyler Brown, Lea Nonninger, and Michael Tattersall

Contributors

Caitlin Cahalan
Researcher, Financial Services
Na Li
Director, Primary Research
Daniel Ramirez
Researcher, Financial Services
Daniel Van Dyke
VP, Content