A recent PYMNTS and Entersekt collaboration explores how financial institutions can improve their mobile banking apps’ user experience (UX) to encourage customers to use their apps for everyday transactional banking.
New research in collaboration with PYMNTS.com uncovers current mobile banking app usage trends and user experience preferences to understand the levers that are most likely to boost broader adoption.
Consumers want more control over how they authenticate transactions
The pandemic has radically changed how consumers bank, with a shift from brick-and-mortar branches and ATMs in favor of banking on their mobile devices.
The study, based on a census-balanced survey of 2,581 US adult respondents, shows that 51% of consumers who now use mobile banking apps use them more often than they did before the onset of the COVID-19 pandemic. Many of these app users however have made this digital shift out of necessity, and not all of them are satisfied with their mobile banking experiences.
FIs need to identify and address these concerns if they hope to convince more consumers to use their mobile offerings.
Inside the study:
- 68.2% of banking app users want transaction-specific authentication because of its added security
- 37.6% of consumers depositing checks are more likely to do so via app than before the pandemic
- 42.4% of non-banking app users cite dissatisfaction with their apps’ UX as a reason for this
Download the report to uncover more valuable insights!