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Survey: Mobile Customers More Likely to Recommend Their Banks

A new survey by FICO finds that mobile banking users skew heavily toward younger customers but are also more satisfied with their banks.

Mobile banking customers are more satisfied with their banks, and more likely to recommend them to others, according to a new survey of 991 US banking customers released by FICO, a provider of predictive analytics software.

The survey found that 82% of mobile banking app users reported they were satisfied with their banks; that number dropped to 71% among customers that don’t use mobile banking. And while 76% of mobile banking users said they would likely recommend their banks, only 67% of non-mobile customers said they would do so.

[For More of Our Mobile Banking Coverage, Check Out: 5 Keys to Success for a Mobile-First Strategy]

Younger customers were also found to engage more with their banks through their mobile devices: 70% of respondents between ages 25 and 34 said they use a mobile banking app. Among customers between ages 35 and 49, that number dropped to 54%. And only 36% of the respondents over the age of 50 said they use mobile banking apps.

Millennial customers are also more likely to interact with their banks via text message, as 16% said they would prefer text messages instead of other forms of communication like emails or phone calls. Only 9% of the respondents between ages 35 and 49 and only 5% of those over the age of 50 expressed the same preference.

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Byurcan
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Byurcan,
User Rank: Author
8/1/2014 | 9:33:52 AM
Re: The investment in mobile is worth it!
I don't use mobile banking, but would recommend my bank to others because they have long branch hours. I defy modern trends.
Kelly22
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Kelly22,
User Rank: Author
7/31/2014 | 5:17:12 PM
Re: The investment in mobile is worth it!
Definitely. No doubt many of the young customers who use mobile banking apps have also interacted with/follow their banks on social media. 
Becca L
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Becca L,
User Rank: Author
7/31/2014 | 5:06:01 PM
Re: The investment in mobile is worth it!
Agreed, and this is a perfect example of an ominchannel strategy. The bank should be able to reflect a customer complaints or raves about their service on social media with the customer's account. 
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/31/2014 | 5:02:00 PM
Re: The investment in mobile is worth it!
In general banks should be finding ways to integrate their social media and mobile channels. So much traffic to social media sites is coming from mobile devices now. It's almost like the two channels are becoming one.
Becca L
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Becca L,
User Rank: Author
7/31/2014 | 4:56:01 PM
The investment in mobile is worth it!
This is an important finding, and gives some confidence to the time and investment poured into mobile strategy.

For those that aren't already, firms should put "would you recommend us" banners in the mobile apps, with links to their social media site.
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