Top 10 Mobile Banking Services in Asia Pacific 2023

Asia Pacific region has witnessed a rapid technological transition over the past years especially during the pandemic due to the region's highly adaptable digital consumers mainly in Mobile Banking.

Customers have shown a preference for mobile devices over personal computers, highlighting a mobile-first digital ecosystem throughout Asia Pacific. The mobile banking revolution that is reshaping the financial services industry has introduced digital-native competitors to the market, while banks and financial institutions have introduced initiatives to improve customer service, security and mobile banking services. TABInsights ranks the best mobile banking initiatives with their own KPI’s & scorecard derived from their evaluation criteria.

Rank Country FI Digital & Innovation Mobile Users Customer Experience Payments Service & Features Mobile Sales Total
5 15 10 10 5 5 50.0
1 Thailand Kbank 2.5 13.1 7.4 4.1 4.5 4.5 36.1
2 Australia CBA 2.5 9.5 7.6 3.7 3.2 4.4 30.8
3 Korea Kakao Bank 1.5 12.4 6.9 2.8 3.7 3.6 30.8
4 Hong Kong Hang Sen Bank 2.5 11.3 6.3 3.8 3.1 3.5 30.5
5 China CMB 1.5 10.2 8.0 4.1 3.4 2.5 29.7
6 India ICICI 2.5 9.1 7.2 3.7 3.3 3.5 29.2
7 China Ping An Bank 2.5 10.1 6.9 3.2 4.5 2.0 29.2
8 China ICBC 2.0 10.1 7.0 3.2 3.5 2.0 27.8
9 Malaysia Maybank 2.0 11.0 7.3 3.2 1.7 2.5 27.6
10 Vietnam VPBank 2.0 9.9 7.3 3.2 3.0 2.0 27.4

Note:

Our assessment comprises of the following KPI per dimension

  • Organisation: (1) Digital Platform Integration; (2) Degree of Group Finance/ledger Reconciliation; (3) Degree of Income stream attribution; (4) Operational Risk
  • Financial performance: (1) Profitability; (2) Delta ROE; (3) Retail CIR
  • Digital Customer: (1) Average digital user growth per month; (2) Percentage of eKYC customers onboarded; (3) Number of Digital Users per Full Time Employees; (4) Portion of total customer base that is digitally active; (5) Definition of “Digitally Active”; (6) average log in per user per month
  • Digital Brand: (1) NPS; (2) Percentage of new-to-bank deposits that originated from digital channels
  • Digital Sales: (1) Portion of retail sales that originated digitally; (2) Portion of Personal Loans that originated digitally; (3) Portion of Mutual Funds/Unit Trusts that originated digitally
  • Open Banking Capabilities: (1) Number of clearly identifiable ecosystems; (2) Portion of frontline sales that have a digital workbench at hand
  • Big Data: (3) Number of Areas that ML have been applied to; (2) Portion of retail business driven by AI/ML; (3)The status of setting up a data lake
  • Operations Technology: (1) Percentage of retail banking transactions originating from mobile and internet banking; (2) Total number of RPAs deployed in retail banking; (3) Annual cost saving combined by RPAs; (4) Portion of all core systems that have been moved to the public cloud; (5) Current portion of all retail applications running on public cloud.
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