Over the past five years, neobanks have advanced on two fronts: user growth and richness of mobile functionality. But they’re still chasing profitability, launching new financial services offerings and reserving some of their most innovative features for paying customers. This second annual study stacks up the top four UK neobanks against one another, evaluating their mobile app capabilities based on consumer demand for 48 emerging features.
3 KEY QUESTIONS THIS REPORT WILL ANSWER
WHAT’S IN THIS REPORT? This benchmark highlights the most in-demand emerging mobile banking features an incumbent or neobank can offer to attract, retain, or monetize users. It evaluates neobanks based on their features across seven categories and weights their scores according to the results from a survey of UK adults who have used mobile banking. The findings pinpoint product development priorities for high-street banks and neobanks alike.
KEY STAT: Among the UK mobile banking users we surveyed in June and July 2021, four of their five most in-demand banking app features pertain to keeping accounts and cards safe. One of those features is in the Alerts category, and three are in Security and Control.
Insider Intelligence also publishes annual mobile feature benchmarks for the US and Canada, as well as a companion study for the UK:
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