Can You Bank On Your Mobile Banking Apps?

Consumers of all ages rely heavily on mobile devices when it comes to organizing their lives – and that includes their finances. But are they really getting what they want from their mobile banking apps?
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Consumers of all ages rely heavily on mobile devices when it comes to organizing their lives – and that includes their finances. But are they really getting what they want from their mobile banking apps?

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A new study commissioned by Varolii shows that banks still have work to do to meet customer expectations when it comes to mobile applications. Based on this survey of 627 American consumers, it is clear that customers are no longer satisfied with just checking their account balance from an app. They increasingly want—and expect—to be able to conduct more advanced functions like depositing checks and receiving real-time notifications on account activity from their mobile banking apps.

So, how do we make mobile apps more useful for the user and give them what they want? Below are a few key stats from the survey that will point banks in the right direction:

  • If a mobile app isn’t useful, consumers are likely to delete it. In fact, of those who have downloaded a banking app, 40 percent say they have thought about deleting it.
  • Nearly 2 in 3 (64 percent) believe it’s their bank’s responsibility to immediately alert them when they have a low balance, or insufficient funds to pay a bill. And, the younger consumers are, the more strongly they believe in the importance of banks being proactive – 73 percent of 18-to-24-year-olds believe they should hear from their banks versus 56 percent of those over 55 years old.
  • Sixty-eight percent of consumers also report that a banking application could have helped them avoid a financial problem such as a costly and embarrassing overdraft or bounced check. And, among those under 35 years old, a remarkable 80 percent believe it could have helped.
  • The No. 1 feature that survey respondents want from their banking app is notice of irregular account activity and yet 81 percent of those surveyed say they have never received such notices.
  • Not only do they want to be contacted but many want to be reached on digital channels. The top ways that consumers want to receive these notifications and reminders are by email (47 percent), text message (22 percent) and through their smartphone application (13 percent).

While it’s obvious that mobile banking apps are useful, there is more that banks can be doing to maximize the customer experience.

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Brian Moore

About Brian Moore

Brian Moore, senior principal, industry solutions of Nuance's Enterprise division, brings more than 25 years of experience in financial services, mortgage and collections operations and technology to the company. He is also our resident compliance expert, advising companies on how to comply with TCPA, CFPB, TSR and other customer communications compliance regulations.