Background

Every three months our UX analysts track the in-app feature offering from leading banks and challengers in the UK. The intention is to provide transparent and insightful comparisons of banking apps, focusing on how well they meet their user needs and stand out in the competitive landscape.  

Each feature is assigned an importance score to reflect the feature’s impact. The aggregated feature count of a given app then provides the Pulse Feature Score - which is a normalised score out of 100 and is the most important metric used for our Feature Benchmarking. 

The Jobs to be Done (JTBD)  angle

In an industry first move, all features are assigned a given JTBD category. These jobs are derived from our years of research into how people manage their finances and the goals they want to accomplish. They provide a unique way to compare how financial providers are serving the needs of their users. On the 11:FS Pulse platform “Customer goals” are synonymous with “Jobs to be Done”.

For those unfamiliar with Jobs to be Done, we have also categorised all features within their “key service areas”, for a more generic comparison. 

Our "Importance score" scoring system and criteria

Our in-house team of experts scores the features, each score reflects the feature's impact and importance.

For a brand to count as having a feature, users must be able to complete the action without logging in to online banking or visiting a branch. If started within the app, completing the action on a website is acceptable.  If features cannot be found after 3 thorough checks, we will assume they’re missing. Features are counted across free and premium versions of the app. 

Importance Score Importance Label Criteria
1 Nice-to-Haves Offer small improvements to existing services or products that may be appreciated by a specific segment of customers. These enhancements can potentially address niche needs or preferences.
2 Convenience Features & Desirable Extras Significantly improve the ease of use or convenience for a broader customer base by reducing steps for simplifying processes. These features offer tangible improvements that make the banking experience smoother for many users.
3 Differentiators & Essential Extras Features that set the bank apart from competitors with innovative technology or unique services not widely available, and highly valued features that significantly contribute to customer loyalty and satisfaction.
4 Core Functionality Enhancements Improvements that directly impact and enhance the core services or products of the bank, especially in terms of reliability, security, or efficiency of primary banking operations.
5 Indispensable Banking Features Core features without which the banking service cannot function or remain competitive. This category encompasses the most critical aspects of digital banking, including features that are vital for the bank to operate effectively and meet the essential needs of its customers
Bonus
3 Hero Feature

A hero feature stands as a transformative innovation that significantly distinguishes the banking app from competitors, offering a unique value proposition that redefines user expectations and experiences.

It introduces novel capability or service that addresses unmet needs or creates entirely new possibilities for user interaction, convenience, and financial management. 

While bonus points can be gained, brands will not be punished excluding these features as they’re not included in the original benchmark.

Categorisation

We categorise features by specific Jobs To Be Done (JTBD) to reflect diverse financial goals customers want to achieve in their banking interactions, alongside key service areas for a focused evaluation:

  • Keep on Top of My Day-to-Day Finances

    Provides a clear, real-time overview of daily financial status, including expenses and available balances. Maintaining awareness of daily finances helps users avoid overspending and manage their budget effectively, reducing financial stress and improving financial decision-making.

  • Simplify Daily Financial Tasks

    Simplifies routine financial activities like transferring money, paying bills, and managing accounts. By making everyday financial tasks quick and easy, users can save time and reduce the hassle, allowing them to focus on more important aspects of their lives.

  • Understand and Track My Spending and Finances

    Offers insights into spending patterns and overall financial health through detailed reports and analytics. Understanding spending habits is crucial for effective financial planning. Comprehensive tracking and analysis tools enable users to make informed financial decisions and identify areas for improvement.

  • Manage Recurring Bills and Living Costs

    Organises and tracks regular expenses such as rent, utilities, and subscriptions. Managing recurring bills can be challenging, often leading to missed payments or financial surprises. Tools that automate and streamline this process provide clarity and peace of mind.

  • Keep My Finances Safe

    Protects user accounts and personal financial information from fraud and theft. Security is a top priority when dealing with finances. Robust security measures and tools reassure users that their money and data are protected.

  • Save for a Specific Goal

    Helps users set aside money for defined objectives such as a vacation, a new car, or holiday shopping. Saving for specific goals requires discipline and planning. Tools that assist in organising and tracking these savings make achieving financial objectives more attainable and less stressful.

  • Ensure Future Financial Stability

    Assists in planning and securing long-term financial health, including investments and savings. Long-term financial stability is a common goal. Tools that support investment and savings strategies help users prepare for future financial needs and uncertainties.

  • Borrow Money to Afford Things

    Facilitates access to loans or credit facilities for purchasing items or services that cannot be afforded upfront. Borrowing is an essential aspect of financial management. Providing transparent and fair borrowing options helps users afford larger expenses responsibly.

  • Get the Best Value from Spending

    Helps users maximise value from their expenditures through discounts, cashback offers, and referral bonuses. Users want to get the most out of their money. Tools that identify the best deals and manage spending efficiently help users achieve better financial outcomes.

  • Get Support and Advice

    Provides access to financial advice, customer support, and educational resources. Financial guidance and support are essential for navigating complex financial situations. Access to expert advice and support helps users make better financial decisions and increases their confidence.

Key Service Areas:

  • Account Management
  • Card Management
  • Investments
  • Login
  • Payments & Transfers
  • Product Discovery
  • Referrals & Rewards
  • Savings Goals & Pots
  • Transactions Overview.

Evaluation process

Our scores and methodology arrived at through consultation with 11:FS insiders, ensuring our tool is grounded in expert knowledge and reflective of the industry's state. 

The list of features as well as our scoring is refreshed every 3 months, keeping it up-to-date with market trends.

Scoring Adjustments and Normalisation

Critical features receive score multipliers to emphasise their importance:

  • Indispensable Banking Features (Category 5) are multiplied by 2.
  • Core Functionality Enhancements (Category 4) are multiplied by 1.5.
  • Categories 1-3 aren’t multiplied

Scores are then normalised to a 100-point scale to make the Pulse Feature Score – for comparability across categories and brands, enabling a fair ranking within respective industries.

Interpreting the Scores

The scores offer insights into each feature's relevance and impact, with higher scores denoting essential or impactful aspects of digital banking. 

Our Commitment

We aim to provide an objective, insightful, and up-to-date tool that helps industry professionals to benchmark product offerings. Through our rigorous scoring system and criteria, aligned with real-world customer goals, we highlight the features and apps that truly make a difference in the digital banking ecosystem.

Full feature list

Feature JTBD Pulse Parent Journey Category Importance Score Notes
Aggregated view of subscriptions Manage recurring bills and living costs Account Management 3  
Carbon tracking Understand and track my spending and finances Account Management 1  
Chatbots and AI assistance Get support and advice Account Management 3  
Community forums or feedback channels Get support and advice Account Management 1  
Create a joint account Keep on top of my day-to-day finances Account Management 3  
Create a virtual card Keep my finances safe Account Management 3  
Create sub-accounts/pots Keep on top of my day-to-day finances Account Management 3  
Customisable dashboard Keep on top of my day-to-day finances Account Management 2  
FAQs and help centre Get support and advice Account Management 4  
Helpline Get support and advice Account Management 5  
Livechat Get support and advice Account Management 4  
Manage notifications Keep on top of my day-to-day finances Account Management 2  
Note or photo receipts to transactions Keep on top of my day-to-day finances Account Management 2  
Report lost or stolen card Keep my finances safe Account Management 5  
Salary splitter Manage recurring bills and living costs Account Management 3 Hero feature
Share bank account details Simplify daily financial tasks Account Management 2  
Adjustable spending limits Keep on top of my day-to-day finances Account Management 3  
Temporary card freeze/lock Keep my finances safe Account Management 4  
View statements and documents Keep on top of my day-to-day finances Account Management 4  
Add card to Google/Apple wallet Simplify daily financial tasks Card Management 4  
Order new card Keep my finances safe Card Management 4  
Buy and sell crypto Ensure future financial stability Investments 3 Hero feature
Make an investment Ensure future financial stability Investments 3  
Biometric login Keep my finances safe Login 4  
Security settings and controls Keep my finances safe Login 4  
Add payees by username/phone number Simplify daily financial tasks Payments & Transfers 3  
Bank transfers to existing and new payees Manage recurring bills and living costs Payments & Transfers 5  
Deposit cash and cheques Simplify daily financial tasks Payments & Transfers 3  
International transfers Simplify daily financial tasks Payments & Transfers 4  
Manage direct debits Manage recurring bills and living costs Payments & Transfers 4  
Payment requests Simplify daily financial tasks Payments & Transfers 3  
Recent payees list Keep on top of my day-to-day finances Payments & Transfers 2  
Recurring payments setup Manage recurring bills and living costs Payments & Transfers 4  
Gambling block Keep on top of my day-to-day finances Payments & Transfers 1  
Split payments with friends Simplify daily financial tasks Payments & Transfers 2  
Apply for a loan Borrow money to afford things Product Discovery 3  
Apply for an overdraft Borrow money to afford things Product Discovery 4  
ATM/branch geolocation Simplify daily financial tasks Product Discovery 2  
Buy now pay later Borrow money to afford things Product Discovery 3 Hero feature
Credit score checking Understand and track my spending and finances Product Discovery 3  
Goal tracking Understand and track my spending and finances Product Discovery 3  
Insurance offers Ensure future financial stability Product Discovery 2  
Multi-currency account Simplify daily financial tasks Product Discovery 3  
Pension offering Ensure future financial stability Product Discovery 3  
Personalised spending insights Understand and track my spending and finances Product Discovery 3  
Spending projection vis-a-vis budget Understand and track my spending and finances Product Discovery 3 Hero feature
Card cashback Get the best value from spending Referrals & Rewards 3  
Refer a friend incentive Get the best value from spending Referrals & Rewards 2  
Rewards and offers Get the best value from spending Referrals & Rewards 3  
Add to a savings account Save for a specific goal Savings Goals & Pots 4  
Budget setting and tracking Understand and track my spending and finances Savings Goals & Pots 4  
Competitive savings rate Save for a specific goal Savings Goals & Pots 4  
Round ups Save for a specific goal Savings Goals & Pots 3  
Savings goals or ‘pots’ Save for a specific goal Savings Goals & Pots 3  
Create a spending category Understand and track my spending and finances Transactions Overview 1  
Query a transaction Keep on top of my day-to-day finances Transactions Overview 4  
Spending summary and category breakdown Understand and track my spending and finances Transactions Overview 4  
Transaction categorisation, filtering and search Understand and track my spending and finances Transactions Overview 4  
View account information Simplify daily financial tasks Transactions Overview 3  

UX Score

In addition to our Pulse Feature Score, we also offer a UX Score to evaluate the overall usability of the apps. This score integrates our Usability Scores, which contribute 66.67%, and our Visual Design Scores, which contribute 33.33%, from mobile journeys published in the last six months for the benchmarked brands. While we don’t have these scores/videos for all the features and journeys, it should provide some context on how user friendly the app is. 

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