May 01, 2013

Customers want convenience more than any other attribute from their banking experience, according to a new online survey by Harris Interactive for Yodlee Interactive, an online banking solutions provider. The survey of 2,219 banking customers found that 63% of those surveyed said they stay with their current because of convenience.

Customer service and low fees ranked next behind convenience, with 48% and 42% of the vote, respectively. And 33% of the respondents who use mobile banking said that their mobile banking experience is one of the reasons they stay with their banks.

[See Related: Mobile Banking Trends To Watch Out For In 2013]

Mobile banking users tended to be very satisfied with their bank’s digital channel offerings. According to the survey, 71% of mobile bankers ranked themselves as either satisfied or very satisfied with their bank’s mobile and online products and services.

This indicates a corollary between mobile banking usage and customer loyalty, Joseph Polverari, Yodlee’s chief strategy and development officer, said in a statement announcing the survey’s findings yesterday. “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,” Polverari suggested.

Overall 31% of those surveyed said they use mobile banking, with 49% smartphone owners using their smartphones for mobile banking, compared to 36% of tablet owners. Most of the smartphone owners use their bank’s app to access mobile banking, while most tablet owners still use the browser, the survey found. And smartphone owners deposit checks with their smartphones more often than tablet owners do so with their tablets (33% vs. 22%).

The survey also found a connection between mobile check deposit usage and household income. Among smartphone owners, those with a household income above $75,000 were more than twice as likely to use mobile check deposit as those with less than $35,000 (44% vs. 21%).

ABOUT THE AUTHOR
Jonathan Camhi is a graduate of the City University of New York's Graduate School of Journalism, where he focused on international reporting and interned at the Hindustan Times in Delhi, ...