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Mobile banking apps ‘not meeting customer needs’

Of the 10 most important features user expect of their banking mobile apps, for only three is provision by the banks adequate, according to the results of a new survey.

The study, from MyPrivateBanking Research, compared the features integrated into the mobile apps from world’s 50 top banks with the needs voiced by the users of banking apps.
Besides obligatory basic features such as online banking and a Branch/ATM-finder, the most important features for users include a range of transaction tools for brokerage, state-of-the-art direct interaction channels with the bank and advisor and, of course, appropriate security features.
Of less importance to the users are the availability of financial planning tools, company information or research libraries.
“Users of banking-apps are early-adopters and to really score with their clients, banks have to offer more than online banking”, explains Steffen Binder, Research Director of MyPrivateBanking. “Interaction and social media features are must-haves to keep and win the new generation of clients”. 

Percentage of Banks Offering Most Popular Banking-App Functions:
Banking Apps Survey Table
However, the MyPrivateBanking analysis of the mobile apps offered by the world’s 50 top banks shows significant short-comings when compared to the list of the features desired by users.
Only the most basic functions such as an account overview and Branch-/ATM-finder are offered by more then 80% of the banks.
Other core banking services such as brokerage are offered by only 40% of the banks and even fewer banks incorporate online communication channels and social media features into their apps.
“We see a big mismatch between what users expect from their banking apps and what banks offer”, is how Steffen Binder summarizes the benchmarking results. “Banks need to start now with integrating not only all banking services, but also with opening up their apps to each client’s preferred medium of communication, be it e-mail, Facebook, Twitter, or any other communication channels.”
Security falls short
The single most disappointing finding of the survey is the shortcomings in the security features of mobile apps.
Despite the high sensitivity of the data, only 30% of the banks offer appropriate safety measures. MyPrivateBanking Research warns banks with sub-standard security features that they run the risk of loosing out in terms of users’ regard, no matter how good their apps’ other features are.
Methodology:
MyPrivateBanking identified the 10 most highly prized banking-app features through interviews with users of banking apps and analyzed the apps offered by the world’s top 50 banks to determine how many
Source: www.myprivatebanking.com

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