Answer: not very well probably, if it all!
Last week we published our 5th mobile banking app review. New in this edition, is a dedicated section categorising, scoring and ranking the PFM features provided in aggregation/AISP apps. Some of these are standalone apps dedicated to managing your money and some are provided as part of your regular banking app.
We see poor implementation of account information services as a tick box exercise rather than embedded functionality with real insight that actually helps customers
It is clear to see the attractiveness of providing a digital money manager, or as new entrant Snoop calls themselves ‘a Fitbit for your finances’ as you can forge a day-to-day relationship with the user. It is important, as with these health devices, to present it in a personal and understandable way for customers and make it easy to act on the data. Repeatedly we see poor implementation of account information services as a tick box exercise rather than embedded functionality with real insight that actually helps customers.
Features
It is unsurprising that tech-led, non-traditional AISPs have more features than traditional banking providers, especially in categories such as insight, integration and budgets.
Having recently added third party accounts, Revolut is a strong performer, supporting all but one of the features present in two thirds of the market (our ‘table stakes’). A key differentiator for Revolut is that the majority of features applicable to a user’s Revolut account can also be used on the third party accounts. Dedicated AISPs Cleo and Emma also have good coverage of the table stakes.
A key differentiator for Revolut is that the majority of features applicable to a user’s Revolut account can also be used on the third party accounts
Perhaps a surprise is Yolt’s position here, with a lack of common features such as multiple devices, live chat, chat history and the ability to take screenshots. Yolt instead use Facebook groups for chat, suggestions and reporting of bugs.
It's a vibrant ecosystem and there are lots of new entrants into the market (do let us know if you think we're missing an important app in this space, especially those you think do a great job). This week open banking launched an app store to showcase this very aspect.
Proposition graveyard
So who is best positioned to help the user manage their money? Their own bank or a 3rd-party app? We have included the French fintech Bankin’ (who integrate with UK banks) to showcase how the dedicated AISPs are able to rapidly develop a sophisticated proposition. Although some aspects of the Bankin’ service are still local language, it is a very strong offering. There is a proposition graveyard where half of the market lack any intelligent functionality.
What is abundantly clear, however is that there is a proposition graveyard where half of the market lack any intelligent functionality. At a time when the consumer is worried about money, support for bill and subscription trackers are increasing; Snoop, Starling, Monzo, Emma, Yolt all provide this.
This 'dumb' approach is also reflected in the table when we examine the total number of features supported (from the 72 we're tracking).
As with the main study, the simple number of features does not directly translate to the best app but there is a good correlation. To reach our ranking table we also reflect the coverage of third-party account, login times and the importance of each feature.
And the winner is...
So in our first official ranking list, Yolt tops the league table with an expansive marketplace and support of payment initiation and payment requests. Bankin’ with over 4 million users in France, England, Spain, and Germany, is in second place, although it is not really marketing itself aggressively in the UK at present.
Emma is a strong money manager however, a few of the features we track in the study (which would help them climb further), are only available on the Pro version. Long established Money Dashboard (historically web-based) is a weaker proposition although, they have launched a new app version since the data collection, and we will look closely at this in the next study. We expect great things with a renewed app-first focus.
Tandem actually removed insights and projections this quarter and there is now very little analysis on third party accounts which has seen them prop up the table. They have been working on Ada, a new AI system that will help offer customers “a truly personalised experience”. Perhaps insights and other money management features will soon return?
It will be interesting to see this in action because, as we have continually discovered during the three years of the study, actions speak louder than words.
Snoop is a new addition to the study in this edition and jumps straight in above nine other apps. Snoop has very quickly started making tailored suggestions (see below), including:
- become a member of the Co-op to collect points on spend;
- cut the cost of an energy bill;
- make money from spending by using Quidco; and
- save on food delivery services.
Snoop are releasing at pace and since their beta launch, we have been impressed by the content of the fortnightly updates to the app. We expect them to challenge the leader board in our next edition at this rate of development.
Who do you think will top the table next time? Will the mainstream banks finally get in on the act or will dedicated AISPs gain the trust of customers?
We'd love to here what you think of the report - reach out on social media to any of the team with your thoughts or feedback. To find our more about how we conducted the analysis, read the post from our analyst Janine which applies to both banking apps and aggregators.
A full set of the benchmarking analysis and individual app results are available to purchase as a download from our site for just £649 +VAT. This can also be purchased through PayPal's new social button. The enhanced report contains an extensive assessment of over 40 apps representing most of the UK current account market and AISPs including established players, challenger banks and fintechs.
