Which bank has the best mobile app? Five questions to ask

While the Forrester report found that each of Australia’s leading banks had strengths in different areas, Westpac took the number one spot overall for its banking app, which was redesigned in 2021. Forrester cited its best-in-class money movement, search, and error prevention as contributing factors. Other unique in-app features mentioned by Forrester include the ability to request payments from peers, split group payments, and add billers by scanning a bill.

CommBank was found to have come a close second, thanks to industry-leading money management features in the CommBank app. 

Westpac CEO, Peter King, said that the bank’s 2021 app redesign saw record growth in digital engagement, with 5.8 million digitally active customers – up by 6% from the year prior.

“The way people want to bank is changing. In the past decade alone, we’ve seen digital banking evolve from a personal computer to banking on your phone, to making payments with your watch. We’ve been investing in the latest technology and digital services to allow customers to do their banking anywhere and anytime of their choosing with the best possible digital experience.”

Westpac has also announced a new budgeting tool, allowing customers to calculate their leftover spend based on their income, bills and savings targets, while also providing personalised insights to help customers manage their spending, including across specific categories like groceries, travel, and entertainment.

Want to know if a bank’s app will be right for you? Here are five questions you could ask when researching the features and benefits it offers:

1. How easy is it to find transactions? Rather than scrolling through old statements and getting confused by unfamiliar merchant names, some banking apps let you search past transactions, identify merchants with their logos, or use geographic data to view on a map where past transactions were made.
2. Can the app help you manage your money? If an app offers budgeting tools, credit score information and more, it may be able to help you take  control of your personal finances.
3. Does the app automate your finances? Some apps use algorithms or even AI to predict upcoming bills and subscription payments, or to automate your savings, so you can focus your attention elsewhere.
4. Can the app help you avoid or recover from errors? Some apps will automatically alert you if you're about to make a mistake, like accidentally paying the same bill twice.
5. Does the app help protect your from fraudsters, scammers, and cybercriminals? Strong cybersecurity features are important for keeping your money and your personal information out of the wrong hands. 

When choosing who you’ll bank with, be sure to consider what their app offers before making your decision. But keep in mind that there’s much more to also consider, from interest rates and fees to features and benefits, to make sure you choose a bank that suits your financial situation and personal goals.