Just one-third of the desired criteria is acknowledged.
MyPrivateBanking Research says just three of the ten most important features that users expect of mobile banking apps are up to scratch.
Features such as online banking and a branch/cashpoint-finder are considered obligatory, while others in high regard are transaction tools for brokerage, direct interaction channels with the bank and advisor and appropriate security features.
Meanwhile, financial planning tools, company information and research libraries are considered the least important.
Analysis of world's top 50 banking mobile apps show that they are severely lacking in user needs, with 80 per cent offering the obligatory functions, and just 40 per cent providing the desired functions.
Additionally, security is the feature that banks show little care for with just one-third offering sufficient safety measures.
Steffen Binder, research director of MyPrivateBanking, says: "Users of banking-apps are early adopters and to really score with their clients, banks have to offer more than online banking. Interaction and social media features are must-haves to keep and win the new generation of clients.
"We see a big mismatch between what users expect from their banking apps and what banks offer. Banks need to start now with integrating not only all banking services, but also with opening up their apps to each client's preferred medium of communication, be it e-mail, Facebook, Twitter, or any other communication channels."