Consumers' Mobile Banking Pet Peeves


A vast majority - 72% - of U.S. adult smartphone users have encountered difficulty when trying to use a mobile banking app, research released in November found. The survey of 600 smartphone users was conducted by The Adcom Group of Companies and commissioned by Virtual Hold Technology.

Among their specific issues: 28% said the mobile app freezes or crashes, 26% have experienced a dropped internet connection while mobile banking, 25% said there were insufficient transaction details or filtering options, 21% said they could not easily speak to a customer service representative, 20% had problems opening an app, 19% have had problems logging in or setting up an app, 18% reported missing pending transactions or balance discrepancies, 17% said there were missing historic transactions, 16% have experienced delays due to payment fulfillment constraints, 15% were unable to schedule or modify payments or transfer funds, and the list goes on.

Consumers also reported problems with mobile reward programs. Close to half (40%) said they've had trouble finding a specific reward, 31% said they had difficulty understanding the process of redeeming rewards, 29% had issues with logging in and opening the app. This presents a strong case for clearer communication and cleaner mobile app design for reward programs. This may be partially out of banks' hands, but financial institutions can insist on intuitive app design from their providers.

Banks don't necessarily hear about all of these mobile banking app problems from customers directly. The study found that 31% of consumers said they had hung up before speaking to customer service to solve their financial app use problem due to long hold times. This may be a call center staffing issue, but it would also suggest that mobile app developers need to build more ways of communicating with customer service into their programs.

All of these app use problems have direct impact on bank providers themselves. The study found that 30% of customers would delete their smartphone app after experiencing a dead end, and 28% share such negative experiences on Facebook.



'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of articles.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

The FinTech 100

FIS and Tata once again top the annual FinTech 100 list of vendors, ranked by revenue; IBM and Hewlett-Packard lead the pack of tech companies serving multiple industries; and Bionym and Silver Tail are among the 10 Tech Companies to Watch.

A Newsletter featuring Bank Technology News' top stories plus special reports and data

This feature displays payments industry news and analysis from American Banker sibling brand PaymentsSource. Registration is required; for more information contact customer service.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.