Mobile banking boosts customer loyalty even as tablet apps lag
If your bank is dragging its feet when developing new apps for tablets, you're not just forcing a cruder, less satisfying mobile experience on your customers. You might be unwittingly nudging them to a more tech-savvy bank.
In a recent study, Yodlee Interactive found that mobile banking may keep loyalty high while physical branches continue their decline.
"One in three of those who use mobile banking now view their mobile banking experience as a reason why they stay with their bank," according to one media report.
Let's look at some of Yodlee's numbers:
- 31 percent of U.S. adults who have a bank account indicate that they use mobile banking (use a smartphone, tablet device, or some other mobile device to access their banking information).
- Nearly half (49 percent) of smartphone owners who have a bank account access their banking information on their smartphones, compared to 36 percent of tablet owners who have a bank account.
- 63 percent of U.S. adults who have a bank account indicate they stay with their current bank because of convenience. Customer service (48 percent) and the lack of/low account and ATM fees (42 percent) follow convenience as the other primary reasons.
"Customer loyalty is a primary concern for banks," says Joseph Polverari, general manager for Yodlee.
"These findings suggest a corollary between one of banks' biggest priorities — customer loyalty — and consumers' usage patterns for mobile banking. With the anticipated growth of mobile banking in the next four years, banks that want to boost customer loyalty should strongly consider developing apps that increase the convenience of consumer banking."
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