DBS, HSBC have best-performing mobile banking apps in Asia, according to a new report

Hong Kong and Singapore have the best performing mobile banking apps in Asia, a global study found, though they lag behind some Western counterparts that do a better job of integrating services from partners into their apps.

The report was conducted by Sia, a Paris-based international management consulting firm. The study assessed 140 apps in 22 markets with a slate of 95 criteria, including functionality, user experience and feedback, with each receiving a score from 0 to 100. The Post got an exclusive preview of the study, the Mobile Banking Benchmark 2024, on Tuesday before it is published later this month.

DBS Bank's mobile app in Singapore was ranked first in Asia and 11th worldwide with a score of 69, the study said. HSBC Holdings' Hong Kong app and mainland China's Ping An Pocket Bank tied for second in Asia and ranked 16th worldwide with a score of 67.

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Two digital lenders - Hong Kong's Mox Bank and Trust Bank Singapore - tied for fourth in Asia with a score of 65.

In Asia, Sia reviewed 11 banking apps in Hong Kong, eight in Singapore, five in mainland China and three in Japan. This is the firm's seventh annual report on mobile banking. Floris Delecluse, a senior financial services consultant at Sia, said the study's criteria change from year to year so historical comparisons are not able to be made.

"The traditional banks such as DBS and HSBC are leaders in the mobile banking sector as they are very strong in terms of functionality," he said. "This is because they have long-standing banking experience that they can leverage to offer a wide range of functionality in their mobile banking apps for their clients."

"The digital banks such as Trust, Mox and ZA are outperforming DBS and HSBC in terms of user experience, but they are lagging on ... functionality."

From left to right, Floris Delecluse, Camilo Ramirez and Vincent Kasbi of Sia. Photo: Enoch Yiu alt=From left to right, Floris Delecluse, Camilo Ramirez and Vincent Kasbi of Sia. Photo: Enoch Yiu>

Even though DBS's Singapore app was the leader in Asia, the 11 Hong Kong banks' average scores outperformed the eight Singapore lenders by 5 per cent. Mainland China's digital banking performance ranked third while Japanese banks came in fourth. The three Japanese lenders that were assessed - Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group and Mizuho Bank - ranked 116th, 124th and 128th, respectively, out of 140 worldwide.