SAN ANTONIO, Texas-One sure way to get good marks on your mobile banking application is to rate it yourself, much as Firstmark CU here has done, awarding itself five out of five "stars" for its locator iPhone application at the Apple App Store.
Five-star ratings from members are harder to come by, however, as most of the 23 credit unions offering iPhone banking applications will testify.
Users are telling CUs just what they think of their iPhone applications by rating and commenting on the apps at the App Store. Ratings for all CU apps-which the CUs offer for free-fall into an average range of 2 to 4.5 stars out of a possible 5 stars.
Firstmark Gives Itself Top Marks
Firstmark rated its locator application five stars "for doing a great job of what it's designed to do," which is identify surcharge-free ATMs along with branch locations, explained Fred Hagerman, CMO at the $700-million CU. The average user-rating on the app is 2.5 stars, with complaints that the application doesn't allow mobile banking. "What's the point?" asked one user.
Firstmark responded to those users by rating the app and including a comment, assuring them that the locator functionality is just the first step and that web-based mobile banking via an embedded link is on the way in September, Hagerman continued. More than 600 people have downloaded the Firstmark application.
"With all new media, there's the opportunity to have direct dialogue with your members," he said. "Rather than have a series of user comments pile up about how terrible the app is because it doesn't offer mobile banking, we've taken the opportunity to convey that mobile banking is on the way."
Technology CU in San Jose, Calif., may know how Firstmark feels. Users give an average 2.5 stars to Tech CU's locator app, which features a link to the CU's web-based mobile banking. But that Web link just isn't enough, apparently; users say they want full-fledged mobile banking built right into the application.
"The majority of feedback we have received revolves around improving the application's integration with mobile banking," said Gabriel Garcia, webmaster at the $1.3-billion credit union. "The initial responses relate to a high expectation delivered by Bank of America's application and are rightfully justified. We value honest reviews, and they give us the information we need to improve our application."
Bank of America's app, for example, carries a 3.5 star average user-rating, with users complaining about log-in issues. Members award a 4.5 star average rating to the pioneering app by USAA Federal Savings Bank, which includes mobile remote deposit and new PIN-based verified logon.
America First CU's iPhone offering has mobile banking and bill pay built into the application-but that's still not good enough for users, who rate it an average of 3 stars. Users like the speed of the application, but they complain that the app should work on all mobile carriers, not just AT&T, said Mike Salerno, e-services manager at the $5-billion credit union in Riverdale, Utah. More than 10,000 members are actively using the credit union's iPhone app.
The Ultimate Goal: Revenue
Ideally, the app will be a revenue source, Salerno said: "We are considering P2P payments, ads and other product links which allow the user to contact us for more information or apply for a product."
Meanwhile, users give an average 3.5 stars to the iPhone mobile banking app offered by Racine, Wis.-based Educators CU. Although the app doesn't enable bill pay, it does present expense and balance graphs based on transaction history, as well as direct messaging. About 700 members are using the app, mainly to check balances, said Michelle Gabor, VP-electronic services at the $1.1-billion CU.
