With the use of banking and other financial apps on the rise, Credit One Bank conducted a survey this past July to learn more about the usage of its mobile app. 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.
Banks’ huge investments in innovation may not yet be on the mark in creating experiences their customers want, according to new research from Genpact. The survey shows that customers want both the convenience of new technology and the personal service they’re used to with traditional channels, underscoring challenges that financial institutions face in achieving return on investment from digital transformation initiatives.
The most recent Insight Summary Report from Mercator Advisory Group’s CustomerMonitor Survey Series reveals that mobile banking is growing rapidly in the United States. According to the report, titled Digital Banking: Improvements Needed to Compete with Fintech, 64% of U.S. consumers with at least one account at a bank, credit union, or other financial institution perform mobile banking activities, but they are more likely to banking via their mobile device using the financial institution’s website than a mobile banking app.