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Study: mobile banking apps key to bank loyalty

Published

May 8, 2013

Add mobile banking to ATMs as a major channel for cultivating bank customer loyalty. According to a study from Yodlee Interactive, a developer of financial mobile apps, one-third of those who use mobile banking name it as a reason why they stay with their bank.

In fact, satisfaction with their bank's mobile banking service edged out every other banking channel in the study: 33 percent said they were most influenced by mobile; 32 percent said online banking and branch availability mattered most; 30 percent cited number and location of ATMs pulled. 

All of the previous ranked underneath the No. 2 consideration, customer service, at 42 percent, and the No. 1 factor, convenience, at 63 percent. 

Overall, 31 percent of U.S. adults who have a bank account say they use mobile banking on a smartphone, tablet or other mobile device. More smartphone owners (49 percent) than tablet owners (36 percent) use their device to access banking information. Yodlee found that 71 percent of mobile banking users are either satisfied or very satisfied with their bank's mobile and web offerings.

Yodlee found that tablet banking has not struck fire with bank customers in the way that smartphone banking has. Most smartphone owners use their bank's mobile app to view  banking information on their smartphone, while most tablet owners use their tablet's mobile web browser.

"Banks have focused on smartphone apps, but stretching the same app to work on a tablet seems to have backfired as consumers are opting for mobile web experiences on tablets," said Yodlee interactive general manager, Joseph Polverari. "We believe that tablet optimized banking apps represent a major opportunity to reach customers with a better and richer experience."

Overall, though, the message was clear for banks with banks concerned customer loyalty (which is to say all banks). "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."

The survey, conducted by Harris Interactive, included 2,219 Americans ages 18 and older who use bank accounts. It was fielded between Feb. 28 and March 4, 2013.

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