April 24, 2024

Lloyds Tops Review of Mobile Banking

lloyds_bankingFor the second year in a row, Lloyds Bank has received the highest score in Forrester‘s review of UK mobile banking functionality, achieving a score of 77 out of 100 in an evaluation that covers more than 40 criteria.

Lloyds Bank distinguished itself for the wide range of touchpoints and service features it offers, including a fully mobile-optimised mobile website that includes product comparison tools and security alerts.

UK banks as a whole continue to do well in the areas that matter most of customers, fulfilling the basic needs of mobile banking such as secure login, balance checking, basic money movement, balance alerts and peer-to-peer payments.

However, they lag behind US and European banks when it comes to more advanced  features, such as app-wide search, security alerts and tools to help customers manage their money better or set monthly budgets.

Forrester also released figures related to its H1 2016 Consumer Technographics survey, which showed that 29 per cent of UK online adults use their smartphone for banking at least monthly, either through an app or mobile browser.

Balance checks are the most popular activity, performed by 90 per cent of mobile banking users, while 74 per cent view or check recent transactions, and 56 per cent use their mobile device to transfer money between their own accounts.

Among online adults who do not us mobile banking, 37 per cent stated that they do not like banking on smartphones or tablets, while 35 per cent don’t believe that such methods are secure, suggesting that banks still have a way to go to encourage wider adoption of the technology.

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