Top 10 Mobile Banking Services in Asia Pacific

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.

Digital & Innovation Mobile Users Customer Experience Service & Features Payments Mobile Sales
Registered Mobile Users
Rank Country/Region FI Key mobile Initaitives launched 10% % of customer base are registered mobile users 2022 Monthly added users Active Rates (%) Definiton of Active Average log in per active user/month Portion of mobile banking txn to total retail txn YoY Growth mobile txn 20% BankQuality Score Android Score 20% Mobile deposit capture for paper cheques Personal Financial Management functions Lock and replace credit card Mobile forex services Full ekYC mobile Notifying when bill payment is coming up Moving through apps by voice commands Chatbot available Next best product recommendation engine 10% % mobile bill payments to total bill payments Portion of mobile P2P to total P2P payments (%) §Portion of cross border remittances send via mobile to total remittance txn (sent) 15% Portion of mobile personal loans contributing to total sales 15% TOTAL
10 5 10 10 10 10 10 10 10 15 10 10 10 5 5 5 5 5 5 5 5 5 10 10 10 10 5 10 5 50
1 Thailand Kbank 5 2.5 8 8 4 7.3 10 10 9.9 4.1 13.1 11 3.7 7.4 1 5 5 5 5 5 1 5 5 4.1 9.9 9.8 7.1 4.5 9 4.5 36.1
2 Australia CBA 5 2.5 5.7 6 2.6 4 10 6 7 3 9.5 11 4.2 7.6 1 5 5 1 5 5 1 5 5 3.7 7 8 4 3.2 8.8 4.4 30.8
3 Korea Kakao Bank 3 1.5 10 7 6.6 8.1 10 4 10 2 12.4 9.5 4.3 6.9 1 5 5 1 5 5 1 1 1 2.8 9 8 5 3.7 7.1 3.6 30.8
4 Hong Kong Hang Sen Bank 5 2.5 7.5 5 1 8 10 9 7 5.4 11.3 9 3.6 6.3 1 1 6 5 5 5 1 5 5 3.8 7.3 6.4 5 3.1 7 3.5 30.5
5 China CMB 3 1.5 9 10 7 4.5 10 5 n/a 2.3 10.2 11 4.9 8.0 1 5 5 5 5 5 1 5 5 4.1 6.8 7.3 6 3.4 5 2.5 29.7
6 India ICICI 5 2.5 5.6 7 0.4 5.1 7 8.5 5.8 3.2 9.1 10 4.3 7.2 1 5 5 1 5 5 1 5 5 3.7 4.7 7.1 8 3.3 7 3.5 29.2
7 China Ping An Bank 5 2.5 9.3 10 2.1 4.2 10 4 5.6 2 10.1 11 2.7 6.9 1 5 5 1 5 5 1 1 5 3.2 9.1 9 8.7 4.5 4 2.0 29.2
8 China ICBC 4 2 8.3 10 8 3.2 10 6 0 1.5 10.1 11 3 7.0 1 5 5 1 5 5 1 5 1 3.2 6.5 6.4 8 3.5 4 2.0 27.8
9 Malaysia Maybank 4 2 5.3 6 4.5 9 10 4 5.8 6.6 11.0 10 4.5 7.3 1 1 5 5 5 5 1 1 5 3.2 3.3 5.8 1 1.7 5 2.5 27.6
10 Vietnam VPBank 4 2 3 5 6 6 7 6 3.1 10 9.9 10 4.5 7.3 5 1 5 1 1 5 1 5 5 3.2 6 6 6 3.0 4 2.0 27.4

Source:   TABInsights

Note

Our assessment comprises of the following KPI per dimension

  • Customer: (1) Number of unique users/ total population; (2) Unique user growth
  • Coverage and Connectivity: (1) # of markets the platform operates in; (2) Scope of financial services embedded
  • Usage and Engagement: (1) GTV or GMV per user; (2) NPS
  • Performance: (1) Annual revenue; (2) Annual revenue growth; (3) Profitable (Y/N)
  • Ecosystem: (1) extensiveness of ecosystems
  • Strategy and Leadership: (1) Key achievements and initiatives undertaken in 2022