A new survey on customers’ opinions on mobile banking apps reveals that digital-only bank Monzo is leading the way, while high street banks are falling short.

The survey of over 500 UK adults, conducted by digital and AI consultancy Futurice UK, found that over a third (34%) have five or more banking apps on their phones to handle everything from savings and mortgage accounts, to crypto and foreign exchange, making apps a vital touchstone between banks and their customers. 

While 30% were most satisfied with the Monzo app, followed by NatWest (15%) and Chase (14%), when asked which app causes them the most frustration, Barclays came out worst with 7%, followed by Nationwide (6%), and HSBC (5%).

Inadequate customer support topped consumers’ list of frustrations, being cited by 47% of respondents, followed by slow loading times (45%), poor user interface (44%), and limited app features (37%).

Making it clear that a hassle-free digital experience is extremely important, 70% said they were ‘likely’ or ‘very likely’ to switch providers for a more reliable mobile app.

Participants repeatedly mentioned apps crashing, having complicated layouts, taking a long time to load and being regularly unavailable (due to maintenance or updates) as key frustrations.

As an example, some described their interaction with the Barclays app as “slow” and “not user friendly,” citing login issues and error messages, while others criticised HSBC’s app for requiring continuous approvals for transactions which “take too long.”

Monzo, which came out top in terms of overall satisfaction, was praised by users for the ease of directing money into different pots, agreeing that it helped them feel more in control of their finances, and offering more than simple banking features.

Money pots, tailored advice, and budgeting tools are among the most popular features of banking apps, with 66% of respondents saying they would consider switching to a provider with more innovative features, while half would change banks for personalised financial advice. 

While higher interest rates and lower fees will always be a draw, this latest research is evidence that user expectation in digital banking is evolving, and financial institutions must adapt quickly to stay competitive.

“Financial institutions need to stay ahead of the curve and respond to what their digital-first customers value,” said Matthew Edwards, managing director of Futurice UK.

“From easy in-app navigation to 24/7 customer service, these findings suggest that by failing to deliver consistently effortless digital experiences, banks are not meeting their customers’ expectations.”

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The findings back up research from the UK’s Competition and Markets Authority earlier this year which found that challenger banks like Monzo and Starling continue to dominate in customer satisfaction.

The CMA found that digital first banks are ranked first for both personal and business accounts across the UK, with more established high street names like the Royal Bank of Scotland struggling to compete.