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Customer Review Analytics Of Banking Apps 2017

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Check out the blog: https://medium.com/turingiq/customer-reviews-analysis-of-banking-apps-ca5ed3a619a7#.ej404ot03

We analysed a total of 6700 reviews collected from Google Play store during Nov and Dec 2016 to figure out what users feel about mobile banking and UPI apps. And more importantly, what banks need to do to compete against the onslaught of mobile wallets.

This is a summary of the full report, where we analyse customer reviews received by top 20 mobile banking and UPI. We identified top factors that that contribute to customer satisfaction, how much each of them matters and where each app stands.

For full report contact us at: mail(at)turingiq.com

Published in: Business
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Customer Review Analytics Of Banking Apps 2017

  1. 1. Customer Review Analytics of Banking Apps - 2017 Turing Analytics
  2. 2. Highlights of Analysis 6700 Customer reviews analysed from Google Play Store 20 top Indian Banking and UPI apps sampled during November-December 2016
  3. 3. Overall Ease of Login Usefulness Fund Transfers User-friendliness Stability Slow Network issue Feature requests Other issues 0 25 50 75 100 46 46 46 47 38 52 45 56 38 47 Key Findings Average scores# of Banking apps on critical components metrics # - Refer Appendix for explanations of scoring used Overall Score below 50 Shows Negative Sentiments
  4. 4. Critical Issues 60% of customer satisfaction can be attributed to “User-friendliness, Usefulness and Stability” of the app 22% users have faced some bugs or errors in banking apps 6 out of 10 UPI apps have negative Net Promoter Score 22% users faced issues while logging in UPI apps
  5. 5. Mobile Banking Apps These top scoring apps consistently score high on each of 8 component matrices iMobile Overall Score - 79 Contribution to overall customer satisfaction 3%6% 6% 11% 16% 19% 19% 20% Usefulness Stability User-friendliness Ease of Login Fund Transfers Slow Network/Platform issue Other issues Kotak Bank Overall Score - 72
  6. 6. UPI Apps PAYZAPP Overall Score - 70 Overall Score - 69 • There are no clear winners among UPI apps. • Even top rated apps have of login issues and technical errors Contribution to overall customer satisfaction 2%3%4% 9% 10% 15% 23% 33% Ease of Login Stability Usefulness User-friendliness UPI/Additional features Network/Platform issue Slow Fund Transfers
  7. 7. What users are saying • First time registration, onboarding, login, OTP and network issues are among the most common problems • A Good number of customers have enquired about VPA, UPI integration with banking app • More people want integration with bill payment and recharge options inside the same application • ICICI is the most preferred app amongst all and used as an example by customers in reviews • Customers want their Credit/Debit cards linked with their payment options • More security features like Fingerprint/Biometrics scanning have been requested by customers
  8. 8. In association with Analysis & Report by Turing Analytics Derive business intelligence using machine learning mail@turingiq.com www.turingiq.com River MobileApps Infosystems Pvt Ltd customerrelations@riverma.com www.RiverMA.com
  9. 9. Appendix I - Score Calculation Method Net Promoter Score is a widely accepted indicator of customer experience management NPS = %Promoters(5 stars) - %Detractors(3-2-1 stars) For the scope of the report, NPS is normalised to 0-100 and used as overall score We complement NPS with our proprietary metrics and insights from customer reviews, to provide a comprehensive, actionable view of your customer experience performance.
  10. 10. Appendix II - List of Apps Analysed Banking Apps • Axis Mobile • HDFC Bank Mobile Banking • iMobile by ICICI • Kotak Bank • State Bank Anywhere • BoI Mobile Banking • Federal Bank - FedMobile • IDBI Bank Go Mobile • PNB mBanking • Yes Bank UPI Apps • AxisPay • PayZapp by HDFC • EazyPay by ICICI • Canara Bank UPI- eMpower • SBI Pay • Union Bank UPI App • Lotza-Upi, Federal Bank • United UPI • PNB UPI • Yes Pay Wallet

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