Apps are really important for some businesses and a waste of space for others. Figuring out whether or not your company should put the time and money into developing an app is really important. Even the purpose of a business’ app will vary from company to company. All banks should have apps to allow customer portal access, especially given how many customers are using them now. But are bank applications really up to speed for what customers expect?

Increase in customers using bank apps

Even though there have been some concerns about security and safety with mobile banking (probably one of the main reasons there aren’t more people using it), there have still been increasing numbers of people using bank apps, according to the Wall Street Journal. In fact, 43% of adults with phones and bank accounts are using mobile banking. A large part of this is that banks apps are becoming more sophisticated and are starting to finally provide more services and ways to manage money through mobile. Especially in a society where customers are starting to prefer working with computers over working with people, this kind of app is essential.

Mobile banking more common than speaking with a teller

When it comes to bank communication with customers, mobile banking is now a more important way to interact than branch tellers. ATMs and online banking are both still very important to the average customer, but it seems people are beginning to prefer communicating through their smartphones over physical people. It was noted that a good portion of the people who are using mobile banking on a regular basis are mostly young people, Hispanics, or African Americans. Though considered a smaller portion of the population right now, it is important to remember that these demographics are growing. Banks need to make sure to communicate with their customers in a way they feel comfortable, whether that be through text, mobile banking, or personal communication.

Far behind other payment services

Companies like PayPal have developed apps that are extremely user-friendly and have a lot of functionality when used through mobile. They are perfect for the everyday customer as well as business owners looking for an easy way to manage their business expenses. Unfortunately, many bank apps aren’t quite up to speed and don’t provide as much functionality as users would expect in this day and age. Bank apps should include the ability to check balances, transfer funds, update account information, deposit checks with a picture, report card theft or fraudulent transactions, and so much more. Right now, some of them only allow for checking balances or only have a few of those options. Though we are seeing app improvements in the banking industry, they are still struggling to compete with some of the other payment service companies. Banks need to stay in the game by getting on board with new technology and providing their customers with what they expect and what they need.

Source: Wall Street Journal