Mobile banking "App-athy"


That iPhone or Android app your IT team spent weeks working on? Well, you might want to sit down when you see the results of this survey of mobile app users.

In a survey of 600 US adults, there's a lot of disappointment with with mobile apps created by banks and credit unions. In fact, nearly half of respondents have come very close to deleting the app entirely.

Some more bad news in the data:

"Nearly two in three consumers believe it's their bank's responsibility to immediately alert them when they have a low balance or insufficient funds to pay a bill. 70% of consumers believe that in instances such as these, a banking app could have helped them avoid a financial problem like a costly overdraft or embarrassing bounced check. Nevertheless, some 68% say they have never been notified of a low balance or reminder to pay a bill.

And the younger consumers are, the more strongly they believe banks should be proactive with communications — 73% of those ages 18 to 24 think their financial institution should alert them immediately when they have a low balance or risk insufficient funds to pay a bill."

Needless to say, this is a very important market to keep happy. According to Juniper Research, there are 590 million worldwide banking clients and by 2017 there will be One billion mobile phone users who will have used their mobile device for banking purposes.

While the majority of smartphone and tablet users (52 percent) say they have downloaded their bank's mobile application, some 8 percent no longer use it. Brian Moore, financial services market manager for Varolii Corporation, the firm that commissioned the study, calls this -- wait for it -- consumer "app-athy."

For more:
-see the full results

Related articles:
Barclays bets on iPad as sales tool
Will banks embrace Surface apps?