BAKU, Azerbaijan, July 5. The personalization of banking services is attracting more and more interest among customers of Azerbaijani banks, Markswebb research team leader Yevgeniy Labinsky said during the presentation of the results of the study "Mobile Banking Rank Azerbaijan 2024," Trend reports.
According to him, Azerbaijan's banking market has undergone significant changes over the past two years.
"According to the data for 2022-2024, there has been steady growth in several key areas. First of all, the number of customers checking the status of products has increased: while in 2022 this figure was 65.2 percent, in 2024 it has risen to 71.7 percent. Monitoring terms of service have also become more in demand (from 4 percent in 2022 to 8.4 percent in 2024). There is a significant focus on transfers and payments. Thus, the share of customers making transfers increased from 30.1 percent to 40.6 percent, and those making payments increased from 41.6 percent to 61.9 percent," he emphasized.
He also noted that interest in transaction history and analytics increased from 31.4 percent to 41.3 percent, indicating an increase in the level of financial literacy and awareness of customers.
"Personalization of banking services is gaining momentum: the ability to customize their products has become important to 53.5 percent of customers, up from 34 percent in 2022. Managing their funds is also showing growth, from 54.5 percent to 68.3 percent. Requesting documents from the bank and task support also showed growth, reaching 34 percent and 30 percent, respectively, in 2024. Interest in updating customer data has increased from 10 percent to 30 percent, while customer ordering of new products has increased from 19 percent to 47.7 percent," he added.
To note, "Mobile Banking Rank Azerbaijan 2024" is a study of user experience, which is made up of the completeness and convenience of tasks solved in mobile banking for individuals. Debit card management is the focus of the researchers. The results will allow to evaluate the vector of development, key features, and trends of mobile banking in Azerbaijan, and see practices and solutions for qualitative improvement of the customer experience and the creation of a competitive advantage.
Markswebb is a Russian consulting agency whose key expertise is user and customer experience (UX/CX). The agency's analysts research markets, find best practices, conduct UX audits, create CJM, advise product teams, and design interfaces. The company explores digital services for managing corporate and personal finances in Russia and CIS countries.
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