Nearly 3 in 4 rank their bank’s app “excellent” or “very good”
WASHINGTON — A majority of Americans (58 percent) use a mobile device to manage their bank account at least once per month and more than a third are using it more than three times per month, according to a new survey by the American Bankers Association. The survey also found that 72 percent of mobile banking users rated their bank’s app as “excellent” or “very good.”
“Consumers are increasingly turning to their smartphones and tablets to manage their everyday finances, and banks have responded by expanding their mobile capabilities,” said Nessa Feddis, ABA’s senior vice president and deputy chief counsel for consumer protection and payments. “Bank innovation has made it more convenient and safer than ever to do things like check your balance, deposit a check or make payments.”
When asked “In the past month, how often have you used a mobile device to access and manage your bank accounts?” consumers provided the following responses:
- More than 3 times – 37%
- 1-3 times – 21%
- Never (own a mobile device but never use it for this purpose) – 30%
- Don’t own a mobile device – 10%
- Unsure – 2%
When asked, “On a scale of 1-5, where “5” is excellent and “1” is poor, how would you rate your primary bank’s mobile app experience?” those who have used a mobile device to manage their account provided the following responses:
- Excellent – 33%
- Very good – 39%
- Good – 22%
- Fair – 5%
- Poor – 1%
Feddis predicted that banks will continue to place a high priority on the quality of their mobile banking apps as they look to exceed expectations of today’s tech-savvy consumers.
“The quality of a bank’s mobile app is a key differentiator when it comes to attracting and retaining customers,” said Feddis. “A large majority of bank apps are grading well, but there’s always room for growth and we expect to see even more improvements in design and functionality as banks increase investment in this space.”
The annual survey of 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, August 8-10, 2016.
About the Survey
These are some of the findings of an Ipsos poll conducted August 8-10, 2016. For the survey, a national sample of 1,000 adults aged 18 and older were interviewed online. Weighting was employed to balance demographics and ensure that the sample’s composition reflects that of the universe. A survey with an unweighted probability sample of this size and a 100% response rate would have an estimated margin of error of +/- 3.1 percentage points 19 times out of 20 of what the results would have been if the entire population of adults aged 18 and older in the United States had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.