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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Specialist 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."