DBS Bank and Capital One have taken the top honours in a review of apps offered for mobile devices by private banks.
The two banks scored 50 out of a possible 60 for there mobile applications, as the entire industry saw a rise in standard since the last review in 2011. Société Générale, ABN Amro and Westpac rounded out the top five.
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Although the number and quality of banking apps has grown overall, the advanced features and functions that are now seen as standard in other sectors are still missing, the survey by MyPrivateBanking said.
Steffen Binder of MyPrivateBanking said the winners provided more than just the basic features, and the top ranked banks are employing techniques which allow them to keep up with the latest developments.
‘Significant divide’ between top banks and the rest
The report found a significant divide between the best performers and the majority of banks, with many apps not offering features such as ATM and branch finders, or systems for reporting lost and stolen cards.
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By GlobalDataSpecialist features such as brokerage/trading apps, corporate information and multimedia were also not offered by a majority of banks.
Binder said it was disappointing many banks were not offering customers basic functions and application for tablets.
"It shows a lack of understanding of the opportunities for reaching and engaging the customer via these mobile channels.
This is going to backfire badly unless these banks close the gap that separates them from the best banking app providers without delay."
