Checking on account balances and viewing transaction histories are the most common tasks customers perform in financial mobile apps, according to a study from Akron, Ohio-based Virtual Hold Technology
The study, conducted for Virtual Hold Technology by The Adcom Group, surveyed 600 U.S. smartphone users between May and June on their mobile financial habits. More than 94 percent of those who have downloaded financial smartphone apps said they use them to check account balances, while 90 percent use them to view transaction history. Sixty-five percent of users transfer funds while 60 percent schedule or modify payments or online bill-pay. Only less than 1 percent indicated they use mobile apps to deposit checks, locate ATMs, cash in reward points or send money to others.
However, the study also found that consumers run into frequent problems when accessing mobile financial apps. Twenty-eight percent reported having an app crash or freeze, and 25 percent said insufficient transaction details and filtering options prevented them from competed the desired task.
According to Virtual Hold Technology, running into these problems on a regular basis causes consumers to have increased negative brand perception of the financial institution and decreases app usage. Embedding a click-to-callback solution that enables the consumer to contact customer service from within the app on any device will ensure a better customer experience and facilitate app adoption, said the firm.
“Customers today who try to use self-service within mobile apps become extremely frustrated when these options fail and they have to start over again to resolve a problem or complete a task by calling customer service and waiting on hold,” said the company's CEO, Wes Hayden, in a statement.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio