Mobile Banking Survey Report, January 2013 / P3IF THEY DON’T USE IT, THEY’LL LOSE IT(AND YOU MAY LOSE THEM)Mobile banking apps are expected to improve the relationship between customers and their bank byproviding an easier, faster and safer way to manage their finances. Yet, if the app isn’t useful,consumers are likely to delete it.Varolii’s research shows that, of those who have downloaded a banking app, roughly 40 percent saythey have thought about deleting it. Patience is even thinner among the newest banking customers—46 percent of 18 to 34 years old have considered dumping their bank’s app. This raises the questionof where current mobile banking apps are falling short of meeting the “easier, faster, safer” desires oftheir users.Don’t risk losing momentum toward widespread adoption of mobile banking by ignoring customerfeedback. Data collected from surveys like this one and user ratings in the mobile app stores canprovide key insights on how your applications could be improved.No longer are banking customers satisfied with just checking their account balance. They increasinglywant—and expect—to be able to conduct more advanced functions like depositing checks andreceiving real-time notifications on account activity from their mobile banking apps.HOW STRONGLY DO YOU AGREE OR DISAGREE WITH THEFOLLOWING STATEMENT - I HAVE CONSIDERED DELETING MY BANK’S APP?(AMONG THOSE AGES 18 - 34)
Mobile Banking Survey Report, January 2013 / P5WHAT WE HAVE HERE IS A FAILURE TO COMMUNICATEMobile device users feel that a bank’s responsibility extends beyond simply providing access toaccount management features. Nearly 2 in 3 (64 percent) believe it’s their bank’s responsibility toimmediately alert them when they have a low balance or insufficient funds to pay a bill.And, the younger the customer, the more strongly he or she believes in the importance of banksbeing proactive; nearly 3 in 4 18-to-24-year-olds (73 percent) believe they should hear from theirbanks versus just over half (56 percent) of those 55 years or older.More than half (54 percent) also want to be notified if there is unusual activity on their account or ifsomeone makes a change to their account information.IT IS MY BANK’S RESPONSIBILITY TOIMMEDIATELY ALERT ME WHEN I HAVEA LOW BALANCE OR INSUFFICIENTFUNDS TO PAY A BILL.
Mobile Banking Survey Report, January 2013 / P7Nobody likes to be surprised when it comes to money, especially if a bad situation could have beenavoided with forewarning. Mobile banking users think such warnings should be delivered through theirapplications. Pushing notifications of low balances, unusual activity or loan payment due dates to themobile application gives customers the opportunity to take immediate action to avoid costly andembarrassing situations. And since the mobile application itself provides the means to fix most ofthese problems, its value is reinforced with every actionable notification. Other top functions that consumers want in their banking application: • Ability to make payment on loan or bill (51%) • Notice of low balance (46%) • Transferring money to accounts outside of my bank (44%) • Depositing a check from a mobile phone (43%)This research shows that most banks are not meeting this need. Seventy-six percent of consumershave never received a notice of changes to account information while more than 68 percent havenever been notified of a low balance or reminder to pay a bill.Not only do they want to be contacted but many want to be reached on digital channels. The topways that consumers want to receive these notifications and reminders are by email (47 percent), textmessage (22 percent) and through their smartphone application (13 percent).WHICH OF THE FOLLOWINGMESSAGES, IF ANY, HAVE YOU EVERRECEIVED FROM YOUR BANKINGAPP?
Mobile Banking Survey Report, January 2013 / P9To drive greater adoption, banking institutions must take a more active role in helping customersmanage their finances and offer ways to proactively reach them through their applications withreal-time notifications of events that impact their accounts. By “interaction-enabling” a mobile bankingapp, banks can ultimately improve financial health and create a better customer experience.Beyond a mobile app, financial services companies also need a coordinated approach to reach mobilecustomers across voice, email, text and mobile apps with the right information at the right time.The rapid and broad adoption of mobile banking applications provides an almost unprecedentedopportunity for financial institutions to lower their cost of service while at the same time improvingcustomer satisfaction and brand loyalty. To fully realize these benefits, banks must meet customerdemands for functionality—in particular, proactive alerts. The more you use this ubiquitous channel tointeract with your customers and the more value-add services you enable through your mobilebanking app, the more likely customers will be to stay engaged with it—and with you.DO YOU USE YOUR BANKING APPMORE OR LESS OFTEN NOWCOMPARED TO WHEN YOU FIRSTDOWNLOADED IT?