Banking Apps Only Providing Three of Top 10 Features

Banks only adequately provide three of the 10 most important features in their mobile apps, according to research from MyPrivateBanking. The study compared apps from the worlds 50 top banks alongside the needs voiced by users.

Basic features, such as online banking and a branch- or ATM-finder, were included in over 80 per cent of apps. However, many othr popular features are less widely available – including a range of transaction tools (available in 40 per cent of apps), direct interaction channels with the bank and advisor (36 per cent), and security features (30 per cent).

“Users of banking apps are early adopters and, to really score with their clients, banks have to offer more than just online banking”, says Steffen Binder, MyPrivateBanking research director. “We see a big mismatch between what users expect from their apps and whats on offer. Banks need to start now with integrating not only all banking services, but also with opening up their apps to each client’s preferred medium of communication – be it e-mail, Facebook, Twitter, or any other communication channels.”

Indiscriminately filling an app with features apparently isnt the answer, however – with financial planning tools, company information or research libraries all proving less important to users.