Forrester’s 2024 European Digital Experience Review: Banks Should Prioritize Delivering More Secure And Inclusive Mobile Banking Experiences

Forrester's 2024 European Digital Experience Review: Banks Should Prioritize Delivering More Secure And Inclusive Mobile Banking Experiences

Sep 5 2024

According toForrester's Digital Experience Review™: Europe Mobile Banking Apps, Q3 2024, 85% of European online banking customers use mobile apps frequently. However, to optimize the mobile banking experience, European banks need to implement more robust fraud and security measures, focus on inclusion and accessibility to deliver customer value and earn trust, and deploy more personalized, engaging and effortless financial capability tools to help customers take better control of their finances.

Forrester evaluated the mobile apps of 11 European banks to gauge the effectiveness and ease-of-use for each mobile banking experience. These banks included ABN AMRO Bank (Netherlands), Bank Millennium (Poland), Banco Bilbao Vizcaya Argentaria (BBVA, Spain), BNP Paribas (France), Handelsbanken (Sweden), Intesa Sanpaolo (Italy), Lloyds Bank (UK), PKO Bank Polski (Poland), Revolut (UK), Santander (Spain), and Swedbank (Sweden).

The apps were scored across 18 customer scenarios, including managing finances, moving money, saving, and accessing help and support, which were combined with the results fromForrester's Banking Customer Experience Index Rankings, as well as findings from unmoderated usability testing with 100 customers of the included brands.

Key findings from the research include: 

• AI is starting to transform mobile banking apps. Banks are shifting from basic search and chatbots within their apps to sophisticated virtual assistants. Leveraging AI, banks are able to better anticipate customer needs and offer more personalized guidance, transforming an informational and transactional tool into a trusted advisor.
• Security is a top concern for mobile banking customers.Twenty five percent of European banking customers cite worries about the security of their personal and/or financial information as a reason for not having used their mobile app in the past month.
• Of those evaluated, BBVA leads for its feature-rich app and usability. The Spanish bank's conversational app, which enables customers to access all information in a single place, and proactive notifications to help customers manage their finances more effectively, helps it secure the top spot.

"A small number of leading European banks are offering innovative digital services and leveraging AI to transform their mobile apps, setting the stage for future beyond-the-app experiences," said Aurelie L'Hostis, principal analyst at Forrester. "However, our reviews indicate that significant weaknesses persist. Banks must work on delivering a more secure and inclusive mobile banking experience that promotes trust and financial wellbeing. Ultimately, as customers continue to shift to apps to manage their finances, banks need to differentiate their mobile experience and find ways to demonstrate added value to customers to drive loyalty."

To access this research or arrange an interview with a Forrester analyst, please contact [email protected].