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BizReport : Mobile Marketing : February 06, 2013


Consumers want more from mobile banking apps

A national survey in the U.S. by customer interaction management firm Varolii Corporation reveals that consumer mobile banking expectations aren't being met by institutions using second generation applications.

by Helen Leggatt

varolii_logo_150w.jpgToday, there's a mobile app for just about every activity, and banks have long been a provider of this technology for their increasingly on-the-go customers. However, when the Varolii Corporation surveyed 627 U.S. consumers they found that current banking app functionality is way behind what consumers today expect, particularly younger mobile users.

Most consumers surveyed believe banks need to be more proactive by providing personalized, real-time notifications of events that are about to impact their accounts, such as irregular account activity or bounced checks.

For example, Varolii's "Can you Bank on your Banking App?" study found that almost half (46%) of respondents want to be notified of a low account balance to avoid going overdrawn or embarrassing payment situations, or to be reminded about a bill that's due for payment (51%).

The younger a bank customer, the more likely they are to expect this kind of proactive service - 73% of 18-24 year olds versus 56% of those age 55 and over.

"We believe that most institutions are operating on second generation applications. Today, institutions need to upgrade to the next level by embedding more proactive, rules-based outreach into their application code," said David McCann, CEO at Varolii.

"It is also important to realize that smartphone apps are just one more channel that has to be orchestrated into a holistic customer experience across voice, text, email and mobile devices."

Tags: banking trends, consumer survey, customer experience, mobile, mobile apps, text alerts, U.S.










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  • Believe me, the banking industry is so behind the curve on technology. The archaic software I have to manage is built on 1960s and 1970s operating technology, and hasn't changed much since then. They put pretty new faces on old, old architecture, and expect the industry to accept it.

    The problem is, unless you're a larger bank/credit union, you probably don't have the IT staff to recognize the shortcomings, and the Fiserv's and Jack Henry's walk away with the cash we've given them.

  • David Johnson-Igra

    I'm curious though, what type of alternative apps would they want?

  • apptous

    Very interesting article. I understand the pain points with this issue. Banks are such huge corporations, such lumbering giants that progress can only be made once security issues have been entirely solved. Even adding extra functionality to online banking (via a browser) can be a massive uphill struggle, so with the boundaries in mobile being moves so often, this is a constant battle for the banks.

    That being said, to keep up with the times, the *first* bank to do this successfully will place themselves miles ahead of the rest.


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