SINGAPORE (July 7): DBS Bank has held off fellow local retail banks OCBC Bank and United Overseas Bank (UOB) to retain its top spot in Forrester’s 2016 Singapore Mobile Banking Functionality Benchmark.

The Singaporean banks research firm Forrester reviewed achieved an average overall score of 51 out of 100 across seven categories: range of touchpoints, enrollment and login, account information, transactional functionality, service features, cross-channel guidance, and marketing and sales.

DBS retains its lead with an overall score of 58. It scored highest in the “enrollment and login” and “marketing and sales” categories, with 93 and 73 points respectively.

OCBC did best in the “range of touchpoints”, “account and money management” and “transactional features” categories, scoring 84, 65 and 74 respectively.

While none of the banks did very well in terms of “service features” and “cross channel”, DBS and UOB rated the highest in the respective categories.

Forrester said the three Singapore banks “need to do better” in areas such as providing advanced transactional features, helping customers to improve their financial wellbeing by providing more digital money management tools, and providing real-time tailored marketing and product offers.

“While banks in Singapore have updated their apps to roll out new mobile banking features to their customers over the past year, they still have some way to go to meet customers’ differentiated needs and provide them with the relevant, real-time help that they need,” Forrester said in a statement.

“With the entry of Alipay, Apple Pay, Samsung Pay and Android Pay, the country’s financial institutions must step up their efforts to ensure that they’re not just meeting customer expectations but exceeding them,” it adds.