A new survey confirms that mobile banking has been growing explosively and suggests what mobile app users are demanding about the quality of their customer experience.
More than one-third of 235 consumers polled in 18 countries say that they do most of their banking and payments through their bank’s mobile app, according to the online 2015 Banking Survey conducted by Crittercism, a provider of mobile application intelligence.
Mobile banking is so important to lifestyle that 8.9 percent of respondents say they would switch banks if they found one with a better mobile app. Another 38.7 percent say that they “might” switch banks under such circumstances.
The survey cites a 2015 report from Dimensional Research that 48 percent of consumers would uninstall or stop using an app if it regularly runs slowly.
Survey respondents ranged in age that 18 to 75. Crittercism says that findings are intended to help decision-makers in the financial services industry, app developers and IT department to create more engaging apps for better customer experience.
The company notes that Forrester predicts that by 2017, 108 million customers in the United States alone will be using mobile banking. “As flexible banking creates a myriad of opportunities, the way consumers use, manage and spend money is ripe for mobile domination,” says Dave Robbins, CEO of Crittercism, which has its headquarters in San Francisco.
Key findings include:
- More than 36 percent do banking through their bank’s mobile app; by comparison, just 8.9 percent relied on the bank’s brick-and-mortar location or the telephone or mail.
- Millennial mobile banking adoption rate is 46.6 percent.
- If their bank has a mobile app, 85.1 percent of respondents report that they have tried it; 66.5 percent say they use the mobile app often. Among millennials, these figures are higher: 92.4 percent have tried mobile apps, and 75.8 percent use the mobile banking app regularly.
- Of banks surveyed with a mobile app, 50 percent of customers use the app at least weekly; 27 percent use the app daily.
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