Banking has always looked for ways to get their services closer to the customer. In the 1950s they invented the neighborhood branch. In the 1960s they introduced the drive-through window. In the 1970s they came up with the ubiquitous ATM machine. And today, they have managed to put the entire bank in our pockets.
Mobile banking is a growing phenomenon. However, mobile banking apps could use some improvement. According to a survey conducted by MagnifyMoney, consumer satisfaction sits around 3.8 on a five-point scale. The survey included feedback on apps from online banks, traditional banks and credit unions.From an operating system standpoint, Google Android users are more satisfied than Apple iOS users. iOS users’ complaints mostly had to do with apps not leveraging the latest Apple hardware capabilities.
A major insight from the study had to do with the source of app development. “Banks often have a debate,“ explained Nick Clements, co-founder of MagnifyMoney. “Should they build their technology in house or outsource?”
According to the survey, nine of the top 10 rated apps had been developed by an outsourced developer, Digital Insight. Here’s some of our observations for bank marketing:
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