Analysing your position in the market against competitors is a critical component for strategic decision making for your business. By understanding where your app sits against a range of competitors, you'll get a better understanding of what changes will make the greatest impact.
ANZ Leads The Way; Benchmarking Mobile App Performance in Australasia
Mobile apps are the new battleground for market share for banks in Australia. Banks are continuing their digital transformation journey, attempting to cut operating costs and shifting away from the traditional service model to embrace their customer’s preference to use technology for ease and convenience.
As a result of this shift, banking apps are becoming an integral representation of the brand and the resulting customer experience. This is a valuable opportunity to improve the experience for customers by leveraging the wealth of insights hidden in public app reviews, particularly the unstructured text data from customer feedback.
“By applying AI technology to app user reviews, banks can for the very first time compare the performance of competitors easily in the most important digital channel of mobile banking."
Ritesh Bisoi - Country Manager Australia
We recently conducted a review of the Big 4 banks in Australia using our Ipiphany AI analyst to uncover what separates them when it comes to the performance of their mobile banking apps. By analysing the feedback behind the scores, we can uncover ‘why’ they are different – down to the detail.
ANZ leads the way with the best mobile app performance
The key strengths of the ANZ mobile App include intuitive usability and ease of access. Particularly focused on speed, simplicity in navigation, reliability, and appearance.
Areas of improvement for the underperforming ‘Big 3’ banks
In-depth analyses highlighted technical issues and security as being the biggest pain-points for app users from the other ‘Big 3’ banks, particularly around battery life, app updates, security and login issues.
ANZ is the only Australian bank that benchmarks competitively in app performance and usability compared to major banks in the US and UK. In a heavily regulated industry where it's hard to differentiate between banks, leveraging customer feedback is essential to understanding customer perception to protect and grow market share.
About Touchpoint Group
Established in 2000, Touchpoint Group is a champion of customer engagement. Its SaaS products, supported by managed services, have resulted in a successful business servicing clients globally with offices in Australia, New Zealand, and the UK.
Touchpoint Ipiphany™ the AI customer analytics tool used to extract these insights, allows you to categorise and analyse app review data. Benchmark against industry leaders and your competitors is as easy as using a spreadsheet. Compare performance at the most granular level to discover what you need to improve to enhance the market share.
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*Data correct at the time of publication. Any reviews not containing comments have been removed from this data set.