Forrester's Digital Experience Review reports a significant increase in the use of mobile banking apps among Australian adults, with 75% having used their bank's app in the past month, up from 59% in 2022.

However, the customer experience appears to be less than satisfactory, with most users rating their experience as just 'OK'.

Forrester evaluated the smartphone apps of Australia's 'big four' banks: ANZ, Commonwealth Bank of Australia (CommBank), National Australia Bank (NAB), and Westpac. The review found that Westpac leads the pack with innovative features, particularly in money movement and account management. The bank has introduced personalised features that keep customers informed about their budget usage and spending limits. CommBank was a close second, offering automated savings capabilities that reduce the cognitive load on its customers.

Interestingly, only two of the four banks, Westpac and CommBank, introduced new, personalised features that anticipate customer needs over the past year. The research identified a gap in the use of customer context to offer actionable insights that help customers manage their money, a weakness that banks need to address as customer expectations rise.

"Given the widespread use of mobile banking apps in Australia, banks should consider investing in features valued by their customers," said Zhi-Ying Barry, principal analyst at Forrester. "While there are some bright spots, there is a huge opportunity for Australian banks to invest more in emerging technologies such as generative AI and conversational AI to anticipate their customers' needs and offer more personalized financial advice and solutions."

The report suggests that Australian banks need to invest in industry best practices that are now table stakes. These include emerging technologies such as generative AI and conversational AI, which can anticipate customer needs and offer more personalised financial advice and solutions.