Magazine article American Banker

Consumers Share Their Mobile Banking Pet Peeves

Magazine article American Banker

Consumers Share Their Mobile Banking Pet Peeves

Article excerpt

Byline: Penny Crosman

A vast majority a 72% a of U.S. adult smartphone users have encountered difficulty when trying to use a mobile banking app, research released this week has found. The survey of 600 smartphone users was conducted by The Adcom Group of Companies and commissioned by Virtual Hold Technology.

Consumers shared their specific issues with mobile banking apps: 28% said the mobile app freezes or crashes, 26% have experienced a dropped internet connection while mobile banking, 25% said there were insufficient transaction details or filtering options, 21% said they could not easily speak to a customer service representative, 20% had problems opening an app, 19% have had problems logging in or setting up an app, 18% reported missing pending transactions or balance discrepancies, 17% said there were missing historic transactions, 16% have experienced delays due to payment fulfillment constraints, 15% were unable to schedule or modify payments or transfer funds, and the list goes on.

The first two issues cited by consumers belong to the telecom service providers who provide smartphone users with connectivity. But the remaining problems can and should be taken seriously by mobile app development teams. The transaction data problems, such as lack of transaction details and missing historic transactions, suggest disconnects between mobile banking and core banking systems. Account set-up problems could likely be fixed by streamlining the account opening process, as BBVA and some others have done. …

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