Google recently teamed up with Ipsos to conduct a study on how people use their phones for finance activities. The survey responses overwhelmingly support other data we’ve been seeing lately: mobile devices and banking apps are increasingly being used – and users expect unique features and smart design. Here are the top takeaways from the study on how people use banking and finance apps in 2017.
Source: Download the report here.
Smartphones help users and financial institutions
According to the Google study, 4 in 10 smartphone owners are using their devices for finance activities. Of those users, a staggering 63% are using finance features at least weekly. This amount of traffic to finance and banking apps translate into a greater ROI, increased revenue, and improved customer engagement. Our banking and finance clients have invested heavily into developing mobile apps for their customers.
Top Finance Activities People Perform on Their Smartphones
82% Checked account status/purchase history
55% Made a payment to a business
35% Transferred money to an individual
Apps are convenient and promote brand loyalty
On average, users have more than one finance app installed on their smartphone – and they’re using finance apps more frequently than other applications on their mobile device. Such constant engagement both encourages brand loyalty and demonstrates the convenience that apps can offer to customers. In fact, customers are using finance apps overwhelmingly to make a specific task more convenient.
As for using an app over a mobile site, respondents say it depends on the task they’re performing. In general, apps are used for managing finances, while the web is used to access products or services. Our clients have demonstrated the validity of this trend, reporting high usage of their app for managing finances and making transactions.
Top Finance Activities That Users Prefer to use Mobile App For
69% Transfer money to an individual
67% Check my account status/purchase history
60% Check investments
Simplicity is the key to success
When asked what they found most valuable in their favorite finance apps, 64% of users reported ease of use and navigation. Users appreciate mobile apps because they’re generally a simplified version of the website. In fact, 19% of users abandoned their app because they found a similar app that was easier to use. Product designers have become increasingly focused on User Experience and User Interface Design. Both ensure that a customer can easily use and navigate a product. Our User Experience team routinely surveys prospective users to ensure our apps are easy to use.
Top Reasons Why Users Abandon a Finance App
33% I no longer had need for that particular app
27% It wasn’t as useful as I thought
20% I needed to free up memory
Security is a top concern for users
Banking and finance apps can contain sensitive data, so it’s no surprise that users overwhelmingly desire strong security features. 79% of those surveyed said that they prefer an app to require sign in for secure access. That’s the top preference of all features – coming before offering a wide range of services and storing preferences for future use.
When it comes to notifications from finance applications, 92% of respondents thought they were useful. The most useful notifications involved those regarding privacy and security, with transaction or balance updates coming in second.
Top Preferred Features in a Finance App
79% Requires sign in for secure access
67% Stores my preferences to make future activities easier
65% Has a wide range of features