No time to stop, the Revolution is here to stay

Mark O’Keefe at Optima Consultancy has published a German Mobile Banking App review.

Three take aways from Mark’s report:

  • The challenger banks continue to raise the bar when it comes to what can be done in a mobile banking app. New entrant C24 have launched with a proposition stronger than most in the market and challengers continue to release features at a rapid pace. A lack of progress with incumbents in the last six months has widened the feature gap. More than half of accounts can now be opened ‘in-app’ via store download. Digital-first and contactless is just expected!
  • Apple Pay support has now become a ‘table-stake’ feature and it is likely card controls will soon follow.
  • COVID-19 is having permanent behavioural changes with the consumer. With more branch closures and remote working, will this further accelerate changes needed in the banking app? Where are the development priorities? Will the long-term Covid-19 restrictions increase pressure for supporting relevant features such as the Pays, virtual cards, subscription management and chat?

More: Optima Consultancy German Mobile Banking APP Review.

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