The state of European mobile banking

Mobile banking apps have become an essential tool for money management, with millions of Europeans depending on them for their everyday banking needs. According to our data, 85 per cent of European online adults who are banking customers use mobile banking apps monthly or more frequently, and nearly a third (29 per cent) of European banking customers are now mobile-only. Yet many customers consider that their banks’ mobile banking experiences do not offer all the capabilities required to meet their needs.

Mobile banking experiences are a crucial component of the overall digital banking experience – and therefore should be a top priority for banks. Forrester’s CX Index™ research shows that customer experience (CX) leaders grow revenue faster than CX laggards, as well as cut costs and reduce risk. They can also charge more for their products.

In 2024, Forrester evaluated 11 leading European mobile banking apps to gauge their effectiveness and ease of use, as well as identify mobile banking best practices that digital banking executives should learn from. The research reveals the European leaders in mobile banking, uncovers key findings about the current state of mobile banking experiences and explores emerging trends that will shape the future of digital banking experiences.

Three European banks are leading the pack, setting the standard for excellence

With its feature-rich app, BBVA emerges as the top performer in 2024. The Spanish bank delivers an increasingly immersive experience. A conversational virtual assistant allows customers to use natural language to search the app and provides information about their finances, while proactive notifications about, for example, upcoming bills and transactions keep customers engaged and on top of their finances.

The Italian bank Intesa Sanpaolo is a close second. Its mobile app offers extensive functionality, intuitive tools and innovative features that simplify financial management. In Poland, PKO Bank Polski stands out by enriching core banking tasks with innovative value-added services, such as integrated “buy now, pay later” options and geolocation-based payments. 

These leaders not only excel in offering innovative digital services, they also deliver superior user experiences that set them apart from their peers.

There’s still room for improvement – and opportunities to shine!

This year’s review shows that top performers keep enhancing their mobile banking experience. But the evaluation also reveals that many banks still struggle to fully meet customers’ needs and expectations with their mobile apps.

Banks have vastly improved their account management capabilities over the past years. But some customers are still worried about the security of their personal and/or financial information when using mobile banking. Banks need to work on delivering a more secure mobile banking experience by implementing more robust fraud and security measures. Security protocols, including biometric logins and multifactor authentication, and privacy features help safeguard customers’ personal and financial data – and inspire trust.

Banks should also focus on accessibility and making their mobile banking services more inclusive to improve customer experience. Enhancing accessibility ensures that all users, regardless of their physical or cognitive abilities, can use mobile banking services. Digital teams need to include people with disabilities or impairments early in the design process to help create more accessible digital experiences.

Many banks are offering money management features to help customers improve their financial situation. They now need to gradually infuse AI in their mobile experiences to deliver more intuitive and personalised experiences. Forrester believes autonomous finance is the next generation of financial services. Banks need to tap into data, analytics and intelligent automation to implement more personal, proactive and effective financial management solutions and empower customers to take better control of their finances.

AI is starting to transform mobile banking apps

Leading banks are gradually shifting from basic search and chatbots to sophisticated virtual assistants that anticipate customers’ needs and provide personalised financial guidance. As AI evolves, we expect digital banking experiences to become increasingly invisible and immersive, transforming the app from a transactional tool into a trusted advisor – revolutionising how customers interact with their banks. This shift lays the foundations for the future of beyond-the-app experiences, although delivering fully invisible and immersive experiences requires banks to develop core cross-disciplinary competencies.

You can read about Forrester’s 2024 European Banking CX Index Rankings here.