Mobile banking apps failing in key areas of CX

Even as some financial institutions begin issuing continuous improvements to their apps, others are falling short on square-one basics like simple screen readability. While banks and credit unions must keep all generations happy, close attention to the needs of Gen Z and Millennials represents a definite investment in the future — and the present.

When “one-click” ordering can buy you almost anything that Amazon sells, having to click incessantly to conduct a transaction in a banking app can quickly become a boring and painful experience.

Research by PYMNTS.com and Entersekt found that while mobile banking app usage has rocketed by 200% since the beginning of the coronavirus pandemic and about half of the country uses these apps now, more than a third of consumers surveyed are not happy with their experiences with banking apps.

The research report states that “consumers, especially those from younger generations, want to use digital tools like mobile banking apps but often get frustrated when completing transactions because they must perform too many steps.”

The study points out that this isn’t just a matter of impatience. When transacting something on a banking app begins to seem interminable, consumers will often abandon the transaction and pull out their laptops or go to their desktops to accomplish it.

 

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