BFC Bulletins Monthly News Digest
Markswebb recently released its Mobile Banking Rankings: Kazakhstan 2022, finding the following key insights regarding the development of mobile bank in Kazakhstan:
- There is no unified vision of user experience standards in the Kazakhstan market, meaning that the implementation quality of similar tasks across different applications differs significantly.
- The best digital customer experiences in mobile banking in Kazakhstan are offered by Bank CenterCredit, Jusan Bank and Halyk Bank; however, even these user experiences lag far behind what is offered in other, similar markets.
- There is no clear market leader where all best practices are concentrated. For example, Kaspi has an effective pre-login zone; Forte Bank offers transfer by phone number; Home Credit Bank offers a chat system; and Freedom Finance Bank works with linked cards.
- The growth of transactional activity is constrained by insufficient functionality. For example, most applications allow users to save or link a card from another bank, but these cards cannot be easily viewed or managed.
- Most applications have poorly-optimized regular operations.
- In-app chats are implemented in less than half of bank applications. Even where implemented, there is an average wait of 15+ minutes for a response.
- Financial institutions in Kazakhstan do not leverage all opportunities for online sales.
- The market is characterized by the weak penetration of digital solutions that improve user experiences.
