With more than half of Americans using mobile apps to manage their bank accounts, it is important that those apps be up to the task. A survey recently conducted by the Morning Consult on behalf of the American Bankers Association (ABA) indicates that most Americans believe that they are.
The findings show that 87 percent of mobile banking users throughout the country gave their bank’s app a positive rating, with 35 percent rating their bank’s app as “excellent,” 31 percent giving a “very good” rating and 21 percent indicating the banking app they use is “good.”
The survey also found that 71 percent use a mobile device to manage their bank account at least once per month, and 50 percent do so more than three times per month.
About 45 percent of respondents indicated that they have used a mobile device to deposit a check within the past year. Among the respondents who perform mobile deposits, about 62 percent said they do so at least once per month and about 20 percent reported that they make three or more mobile deposits per month.
“Convenience has always been the main draw of mobile banking, but recent events have highlighted its importance and reliability when physically-based systems become unavailable,” ABA Senior Vice President and Deputy Chief Counsel for Consumer Protection and Payments Nessa Feddis said in a press release. “When branches and ATMs were closed or damaged by Hurricanes Harvey and Irma, mobile technology helped with the early stages of recovery by enabling businesses to meet payrolls and consumers to pay their bills. Mobile banking has become an essential component of the banking mix, and it’s something we expect to continue growing and evolving in the years ahead.”
The findings include breakdowns of how consumers responded to various questions regarding their opinions about their mobile banking apps and the frequency with which they use them.
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?” The respondents who indicated they have used a mobile device to manage their bank account responded as follows:
- Excellent (35 percent)
- Very good (31 percent)
- Good (21 percent)
- Fair (8 percent)
- Poor (1 percent)
- Don’t know/No opinion (4 percent)
When asked, “In the past month, how often have you used a mobile device such as a smartphone or iPad, to access and manage your bank accounts, such as check balances, deposits or bill payments?” The respondents indicated the following:
- More than three times (50 percent)
- One-three times (21 percent)
- Never (21 percent)
- I don’t own a mobile device (4 percent)
- Don’t know/No opinion (4 percent)
The 45 percent of mobile banking users who replied “yes” when asked if they ever made mobile deposits were also asked how often they did so. They provided the following responses:
- Three or more times per month (20 percent)
- Twice per month (22 percent)
- Once per month (20 percent)
- Less than once per month (35 percent)
- Don’t Know/No opinion (3 percent)