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To keep clients banks need mobile apps

Staff writer |
Banking convenience dominates all options amongst reasons to stay with banks, according to a new study by Harris Interactive.

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The study was conducted online by Harris Interactive on behalf of Yodlee Interactive. The study found that 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. Interestingly enough, 33% of those who use mobile banking see their mobile banking experience as a reason why they stay with their banks.

Seventy-one percent of mobile bankers are either satisfied or very satisfied with their bank's mobile and web offerings. This has led the report's sponsor, Yodlee Interactive, to conclude that mobile banking may, in fact, keep loyalty high among bank customers as physical branches decline.

"Customer loyalty is a primary concern for banks. 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," says Yodlee Interactive general manager, Joseph Polverari.

Overall, 31 percent of U.S. adults who have a bank account indicate that they use mobile banking. Close to 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.

Most smartphone owners who have a bank account use their bank's mobile app to access their banking information on their smartphone, while most tablet owners access their banking information on their tablet's mobile web browser.

Another interesting finding is that smartphone owners who use mobile banking indicate they deposit checks on their smartphone device more than tablet owners indicate they deposit checks on their tablet device (33 percent versus 22 percent).

Within this group of smartphone owners, those with a household income of $75k+ are twice as likely to deposit checks to their bank account (44 percent) as those who make less than $35k (21 percent) and nearly twice as likely to do so as those with $50-$74.9k (27 percent).


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