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Which are the best mobile banking apps in the world? Hong Kong’s services top Asian rankings but lag Western peers
- Hong Kong banks dominate the regional top 10 spots in a survey, taking seven spots, while Singaporean lenders occupy the remaining three places
- However, Hong Kong’s lenders are behind Western peers, according to the survey by a Paris-based management consultancy previewed by the Post
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Mox Bank, a virtual lender backed by Standard Chartered, has the best mobile banking app in Hong Kong and Asia but lags behind its Western peers, according to a study carried out by a management consultancy firm.
Livi Bank, a virtual bank co-owned by Bank of China (Hong Kong), ranks second in the city, while Hang Seng Bank, a traditional lender that has aggressively promoted digital banking in recent years, takes the third spot.
HSBC Hong Kong, the biggest lender in the city, came fourth in the list of more than 100 global mobile banking apps previewed by the Post. Another branchless lender, WeLab Bank, was ranked fifth.
The report, titled Sia Partners 2021 Mobile Banking Benchmark, looked at 85 criteria including functions, user experience and clients’ opinions to assess the performance of 114 mobile banking apps worldwide, with each getting a score from 0 to 20.
How Hong Kong's mobile banking services rank in 2021
| Ranking | Bank | Asia ranking | Global ranking |
|---|---|---|---|
| 1 | Mox Bank | 1 | 19 |
| 2 | livi Bank | 3 | 26 |
| 3 | Hang Seng Bank | 4 | 33 |
| 4 | HSBC-HK | 5 | 36 |
| 5 | WeLab Bank | 7 | 42 |
| 6 | Bank of China | 8 | 43 |
| 7 | ZA Bank | 9 | 55 |
| 8 | Citibank | 11 | 68 |
| 9 | Fusion Bank | 13 | 84 |
| 10 | Standard Chartered HK | 16 | 89 |
| 11 | Dah Sing Bank | 17 | 94 |
| 12 | DBS Bank HK | 18 | 97 |
| 13 | Airstar Bank | 19 | 101 |
| 14 | PAOB | 20 | 102 |
| 15 | Ant Bank | 21 | 104 |
| 16 | Bank of East Asia | 22 | 110 |
SCMP
Source: 2021 Mobile Banking Benchmark by Sia Partners SCMP
The South China Morning Post got an exclusive preview of the report before its publication later this month.
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