PFM (Personal Financial Management) refers to financial technology that helps users manage their money through visual charts and graphs. While this seems
- Sep 06, 2017
Credit Union Times reported in their article, Mobile Banking Users Leave Due to Fees, Service, that 10% of mobile banking users switched banks/credit unions last year due to fees or poor service associated with the mobile banking product. This article underlines the importance of ensuring that your mobile banking app is efficient and simple to use:
A survey of almost 5,000 mobile banking users found those who moved accounts from one bank to another in the last year did so because of higher fees or poor service.
SNL Financial, the Charlottesville, Virginia, financial service data and consultancy firm surveyed the nearly 5,000 mobile banking users in February 2015 and found that 10% of them reported having moved their accounts from one financial service firm to another in the past year.
When asked why they had done so, 26% of the account-switching consumers cited a better mobile experience as the reason.
When income was included as a factor in the data, SNL found 13% of those making more than $75,000 per year switched their financial institution while only 10% of those making less than $75,000 did so. The survey also found 35% of account changers were under age 35 with 19% of them between the ages of 18 and 25.
In an open text response, one respondent wrote: “Credit union updated system and constantly has issues where I can’t access my money.”
In conclusion, ensure your user experience (UX) is competitive in your industry or with your immediate competition. Make it a priority to focus on retaining younger members. 35% of account switchers are under age 35 with 19% between ages 18 and 25. This demographic is familiar with mobile technology and are likely to place more emphasis on mobile UX.