UK Mobile Banking Emerging Features Benchmark 2021

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

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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.
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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.

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:

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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