A comprehensive report has been published that examines the status of mobile banking apps in the UK, and establishes a view of which ones are pulling ahead. It’s comprehensive in that it looks at everything, from time to open an account to features, security, pace of development/release cycles, etc. It also looks ahead at what customers can expect in future:
I won’t spoil the surprise, except to say that Monzo come out looking very good - though the report was compiled before Apple Pay was launched, and this has impacted their ranking. Those who have less time or only want the summary can read the executive summary on pages 4-6 and conclusions on page 41.
Key features already considered MVP include TouchID logon, real-time balances, transaction data insights, card control and wallet pay solutions
Based on app ratings and feedback, Optima predict the following features are the next to become de-facto MVP: instant chat, budget management solutions, saving pot, marketplace and personal voice assistants.
Here’s an example of the level of detail into which the report goes:
Really interesting to see how features like card control move from ground-breaking to old hat so quickly. The pace of change has definitely picked up with challenger banks in the market…
Me too, though by then many of the other banks will have launched new functionality too. As consumers, we can only be winners - and I do think Monzo have the ability to launch new features at greater pace than most of the competition.
Interestingly, I wonder how they will rate IFTT integration
The thing is that, once the basics are all in place, personal recommendations are at least as much to do with service (“experience”) as the product itself. It’s the old “hygiene factors” and “motivators” theory. That should be where Monzo stand out, but the lack of hygiene factors (previously Apple Pay, now the rest of the Big List) is currently overshadowing the other achievements. I opened a Starling account the other day just for the free foreign ATMs. They have a few more of the basics in place (like free cash deposits), but the app just feels like any bank, and the features they have aren’t as well thought out as Monzo. I know theres a huge thread about this, but ultimately, one the Big List is completed, the total experience will eclipse the importance of having more features. The fact that Monzo were seven times the size of Starling before Apple Pay speaks volumes, especially when Starling have their marketplace and business accounts.
