We’ve heard a lot of talk over the past six months or so, about traditional providers reportedly building stand-alone digital banking brands in the hope of attracting and retaining tech-savvy customers, including HSBC3, Santander and RBS4. They certainly talk a good game but are yet to launch; how long we’ll have to wait is anybody’s guess? The pressure they’re feeling from the digital challenger brands is certainly growing and if they take too long, customers may finally lose patience and start to shift in greater numbers. A good mobile app as key to holding onto that customer relationship.
The best are getting better
The speed at which apps are deploying updates has further increased since the last study, with app providers releasing on average 51% more updates than in 20175. The median number of app updates in 2018 is 17 versus 12 in 2017. The apps in the upper quartile however, are updating 27 times a year which is broadly one update every two weeks. More impressive still, is Revolut who are on track to have released over 50 updates in 2018 – almost one a week! In stark contrast to this agile development cycle, incumbents (Barclays6, TSB, HSBC7, RBS and NatWest8) have had several outages of late, which may indicate that legacy systems are becoming a hindrance to resilient mobile banking.