Tuesday, April 19, 2016

Mobile Apps for Banks - They Need Improvements

A new study of YouGow brought this fact into light that UK's retail banking consumers aren't happy with banking apps they are using. These apps aren't as good as online banking through browser, according to the study. Half of the consumers have yet to use a mobile app for their financial matters.

The findings of the study also suggest that current apps aren't rich in functionality and because these apps do not have desired features, remaining consumers aren't convinced to their value.

Commissioned by First Data - a global payment technology solution company and based on the responses of more than 2000 UK's bank consumers, the study revealed that there are still a lot of things need to be implemented when it comes to developing apps for banks.

It's important to pay attention on delivery of good mobile-banking experience particularly when 58% of UK's bank consumers have never used a mobile banking software, as the study says. when 58% of UK's bank consumers have never used a mobile banking app, as the study says. Mobile app developers need to know that most of the consumers having banking apps use them to

• check account balance (89%)

• view history of transactions (75%)

• transfer money between accounts (61%)

• pay someone they know (55%)

The study further detailed out that consumers want more functions / features in these apps they are using currently. 62% of respondents in the study said that they want an ability to see direct debits. 60% of respondents said that they want to set up new payments. 57% of them said that they want the ability to see full transaction history.

Despite the lack of all these above mentioned functions, the number of users is increasing. According to a study of the Center For Economics and Business Research on behalf of Fiserv, more than 34% of UK's adults are using mobile banking software. The study has predicted that the figure would reach 60% by 2020.

Apart from these studies, figures compiled by British Bankers' Association point out that for UK's banking consumers, apps have become primary way to mange finance. It has been estimated that by the end of this year, more than 895 million bank consumers would use mobile banking.

The study conducted by First Data also revealed several other features that consumers want in bank apps. 28% of respondents in the study want a feature of providing further information on the transaction. 25% of respondents want an instant messenger chatting with the bank. But in the same study, 51% of consumers also revealed that in the need of communicating with bank, they would like to make a call instead of investigating online.
Source: Articlebase

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