September 18, 2017
Just a decade ago, we are still running to bank branches and ATMs to complete our daily finance activities such as cheque deposit and fund transfer. Today, 73.1% of Malaysians are using internet banking and this prompted the banks to go one step further by introducing mobile banking apps.
To date, 11 banks in Malaysia have their own mobile banking apps for its customers and they continue to bring new features and improvements in order to impress users like you and me. But just how happy are you with the mobile banking app you are using now? Features, layout, safety concerns and accessibility are important for a mobile banking app to serve a customer.
CompareHero.my has conducted its first Mobile Banking Apps Awards in Malaysia. Known as the CompareHero.my 2017 Mobile Banking Apps Awards, today we are happy to announce the winners.
CompareHero.my has reviewed all 11 mobile banking apps in Malaysia for the CompareHero.my 2017 Mobile Banking Apps Awards.
|Bank Apps||Layout||Functionality||Security||User-Friendliness||Final Ranking|
|Standard Chartered Mobile Banking (Malaysia)||2.9||3||4||3.7||3.4|
|Hong Leong Connect||3.3||3.4||4||2.75||3.4|
|HSBC Mobile Banking||2.8||2.6||3||3.2||2.9|
|OCBC Malaysia Mobile Banking||2.3||2.5||3||3.4||2.8|
|Bank Islam i-Info||1.8||1.8||1||3||1.9|
Farah Nabila ★
“I thought I can check on my statements on doing an online banking/transfer using this app. But, I’m very disappointed with the app after I installed it. And now, I’m going to uninstall it.”
Alan Sii ★
“The app is not handy and all the vital features such as viewing bank info, fund transfer and etc are all not available in this version. I hope there will be an improvement!”
Ranked as the worst banking app in Malaysia, Bank Islam’s mobile banking app does not provide any basic banking functions such as account viewing, fund transfer or bill payment. It remains unclear whether Bank Islam will seek to restructure its app, but we sure hope plans are in place!
Each app was ranked based on its layout, functionality, security and user-experience and received a score between 1-5 (with 1 being the lowest and 5 being the highest).
These apps were scored based on:
A higher score of 4-5 meant the app had a simple yet effective design that added to its user’s experience. The app’s layout should also captivates user’s attention while not being too confusing at the same time.
A score of 3 is given to the apps that have adequate layout design. However, there are still some rooms for improvement such as updates for the latest user interface (UI) and perhaps more exciting colors or graphics.
Apps that received a score of 1-2 meant that the layout was not updated, or it was not on par with the other apps you see in store. Most of them required some updating in terms of color choice, fonts, menu layout and also visibility.
A higher score of 4-5 was given to mobile banking apps that have more than 8 features and were one step ahead of the rest, such as exclusive promotions, in store payment, manage global accounts and card-less withdrawal at ATM machines.
A moderate score of 3 was given to mobile banking apps that have more than 5 features including balance check, fund transfer, bill payment, prepaid reload and credit card management.
A lower score of 1-2 was given to mobile banking apps that provided (or failed to provide) basic or average financing functions as mentioned above.
We tested the security features based on a consumer’s perspective to determine the level of safety for a user while using the app.
We graded the apps based on:
A high score of 4-5 was given to the apps that have incorporated biometric login system, provide adequate security action plans, and also fast responsiveness to resolve customers’ issue in fraud or identity theft.
A moderate score of 3 was given to the apps that have adequate security system and biometric login system. However, it may needs to up its game in terms of prevention and educational efforts.
A low score of 1-2 was given to those that do not have login system or insufficient security steps to ensure the safe usage of the apps by the users.
A high score of 3-5 was given to those that had earned high favourability from the users based on the apps’ transition, responsiveness, practicality and also banks’ efforts to resolve users’ issues.
A low score of 1-2 was given to the apps that did not meet the average users’ demand and was filled with technological bugs like malfunctions, errors, and bad transitions.
So far, we noticed that almost half of the banks have at least updated or replaced their mobile banking apps to a newer one in the past six months, with better features and functions for the consumers.
Bank Islam, established in 1983, is Malaysia’s maiden Shariah-based institution. Since its establishment, it has emerged as the symbol of Islamic banking in Malaysia and its vision to be “A Global Leader in Islamic Banking” illustrates the Bank’s status as the flag bearer of the country’s financial services industry.
Find out more on the Bank Islam products here:
Through a vast expanding network of 139 branches and more than 1200 self-service terminals nationwide, Bank Islam parades a comprehensive list of more than 70 innovative and sophisticated Islamic banking products and services, comparable to those offered by its conventional counterparts.