The Key Performance Indicator in Banking Operations


The use of banking and other financial apps on the rise. So, Credit One Bank conducted a survey this past July to learn more about the usage of its mobile app and discover the top key performance indicator in banking operations. Over 1,400 card members responded to a variety of app-​related questions, including what they like most about the bank's app. The convenience it provides was the top response (selected by 57% of respondents) outranking the fact that it's a free download, which came in a distant second, by a factor of over 3.5.

According to AudienceSCAN, 44% of U.S. adults primarily use Android mobile phones as compared to the 39.8% of adults who primarily use iPhones. Likewise, 24.3% use Android tablets and 31.4% use iPads in their personal time. Within the last 30 days, 65.2% of iOS App Users and 61.6% of Android App Users have done banking online.

Balance-​Checking is a Big Key Performance Indicator in Banking Operations

Credit One Bank's survey also revealed that the top activity for which its mobile app is used is checking one's account balance, which over 40% of app users say they do at least once a week. Making a payment via the app came in a close second.

When it comes to where users access the app, the data indicates that the "mobile" aspect may be secondary to the app's functionality in terms of key performance indicators in banking operations. Nearly 60% of respondents say they primarily access it from home, with using it while running errands or while at work coming in second and third respectively, both right around 14%. Just under half of all respondents (48%) estimate that using the app saves them up to 15 minutes per week.

Emotional Key Performance Indicator in Banking Operations

Security is also a key performance indicator in banking operations. When asked to choose from a list of emotions and feelings that they associate with the bank's mobile app, "satisfaction" and "in control" were the two most popular selections, coming in at 49% and 43% respectively.

Negative emotions and feelings, such as "anxiety" or "fear," ranked low, with less than 1% choosing the latter. In fact, when asked to complete the statement "The Credit One Bank Mobile App…," 54% of respondents selected the answer: "…provides me with peace of mind, knowing I have instant access to my account."

Most Are Comfortable with Security Levels

When asked to rank, on a scale of 1 to 5, how secure they feel their personal information is when using the Credit One Bank mobile app, the top response, at over 43%, was a 5. Fewer than 6% of respondents selected a security level below a 3, suggesting that consumer concerns with the general security of banking and financial apps may be waning. This high confidence in the app's security appears to at least partially explain the low levels of fear Credit One Bank mobile app users express about using it.

This year, the most popular goal among Android App Users is to buy things that help them feel comfortable (49.8%), according to AudienceSCAN. About 22% would also like to buy things that help them feel safe/​secure. When it comes to iOS App Users, 48.6% would like to make purchases that help them feel comfortable and 19.9% want to buy things that help them feel safe/​secure. These are also key performance indicators in banking operations.

Only Social Media & Other Financial Apps Outrank It

Respondents ranked the Credit One Bank mobile app as their third most frequently used app, ahead of weather, ride-​sharing, and other apps, but behind other financial apps and social media apps, such as Twitter. Just over 30% of respondents say they use the app several times a month, with 27% claiming to use it every few days.

Overall satisfaction (again rated on a scale of 1 to 5) is high, with over half of respondents giving the app a 5, and 48% expressing that they'd be very likely to recommend Credit One Bank's mobile app to another card member. Supporting this level of satisfaction is the fact that users rate the app 4.6 out of 5 stars on Google Play and 4.7 out of 5 on Apple's App Store. The app can be downloaded for free at both of these sites.

Banks can effectively showcase their mobile apps to potential users through TV commercials. Last year, according to AudienceSCAN, 60.7% of Android App Users and 63.5% of iOS App Users took action after seeing TV commercials. Android App Users are also 10% more likely than other adults to take action after seeing mobile or text ads and pre-​roll video ads. iOS App Users are 18% more likely than other adults to take action after seeing ads in a newspaper and movie theaters.

AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. Media companies and agencies can access AudienceSCAN data through the AudienceSCAN Reports in AdMall.

Rachel Cagle

Rachel Cagle

Rachel is a Research Analyst, specializing in audience intelligence, at SalesFuel. She also helps to maintain the major accounts and co-​op intelligence databases. As the holder of a Bachelors degree in English from The Ohio State University, Rachel helps the rest of the SalesFuel team with their writing needs.