June 07, 2010

Nearly half of all smart phone users are unsatisfied with their bank's mobile application, according to a survey released today by software and services provider WorkLight.

A total of 48 percent of respondents in a survey of 300 smart phone users indicated they were unhappy with the user experience and features provided by their banking institution's apps. Only 26 percent indicated complete satisfaction.

“This is an indication of the high standards that exist in the fragmented smartphone application market, creating a real challenge for banks and mobile application developers,” commented Kurt Daniel, COO at WorkLight. “Facing growing market demand for this class of applications, companies often compromise on quality and depth for a quick go-to-market. Unfortunately, this approach creates the risk of offering mobile applications that do not meet expectations and reflect negatively on banks’ brands.”

Security and privacy were concerns accounted for 59 percent of users surveyed as the main reason they are not using their bank's smart phone application, with 23 percent indicating a poor user experience and 17 percent saying the apps were missing features they need.

Of the 300 smart phone users surveyed, 54 percent used Apple iPhone apps, with 29 percent using RIM Blackberry and 15 percent on Google's Android OS.

Full survey results are available for download through WorkLight's website.