Australia Banks Battle for Best App

Competition for Australia's Best Banking App

For banks, the app serves as a critical component of their loyalty strategy. Among the competitors, small bank Macquarie Group, with Au$134 billion in lending and Au$136 billion in deposits, and the market leader Commonwealth Bank (CBA), boasting Au$814 billion in lending and Au$863 billion in deposits, are striving to deliver the top banking application in Australia.

Both institutions are heavily investing in data-driven digital personalization to attract new customers. In a significant move, CBA has announced it will open up its banking app's Benefits Finder to all Australians later this year, indicating an inclusive approach towards financial solutions.

Meanwhile, Westpac's banking app has been recently lauded as Australia's best by Forrester, a recognition that CBA has traditionally held. This marks a notable shift in the competitive landscape of banking applications in the country.