Mobile Banking Apps Lack What Customers Actually Want

NEW YORK (MainStreet) — There may be several reasons why you haven’t gotten in the habit of doing your banking over a mobile phone, and new research sheds light on many common concerns customers have about mobile banking.

An analysis from MyPrivateBanking Research found that the majority of mobile banking apps from 50 of the world’s largest banks lack the services customers actually find worthwhile. 

MyPrivateBanking Research determined which features were considered valuable by conducting 20 qualitative, in-depth interviews with banking clients and app users. You can find a full list of the banks it analyzed on its website.

According to the research, while most of these apps have the obligatory basic features such as online banking and a Branch/ATM-finder, few offer direct interaction with the bank or a financial adviser (36%) or feature securities brokerage transaction tools (40%). Additionally, only 18% of apps link with a bank’s social media presence. 

“Users of banking apps are early adopters and to really score with their clients, banks have to offer more than online banking,” said Steffen Binder, research director for MyPrivateBanking, in a press release. “Interaction and social media features are must-haves to keep and win the new generation of clients.” 

       

The survey supports assertions made by industry experts that a move to mobile banking is being delayed because consumers themselves don’t yet see the value in making the switch.

It also, unfortunately, supports another consumer fear – that these digital payment platforms are not sufficiently protected against fraud. Only 30% of the 50 apps analyzed had what MyPrivateBanking Research considered full security, which includes encryption, password and username safety measures.

Do you use your bank’s mobile app to do your banking? If not, what types of features would they need to incorporate to get you to do so? Sound off in the comments below!

—Jeanine Skowronski is staff reporter for MainStreet. You can reach her by email at Skowronski.jeanine@thestreet.com, or follow her on Twitter at @JeanineSko.