More than three quarters of America's top 100 banks now offer mobile services but, although increasingly ubiquitous, finance-related apps often leave users frustrated.
25%: App freeze or crash; 17%: Unable to open apps. These problems are often linked to drop in Internet connection (a separate 25%), pushing up the incidence of this root cause to 67%. In other words, two-thirds of problems are beyond the control of the
bank that provides the mobile app. It is customary for mobile apps (e.g. Facebook, Twitter) and even some desktop apps (e.g. Google AdWords, Skype) to be built with additional resilience so that they are able to stay connected or reestablish connectivity on
the face of fading or broken Internet connections. However, security forces banking apps to do exactly the opposite: Deactivate the app after a minute or two of inactivity, even if the Internet connection is fine. Therefore, mobile banking apps are stuck between
a rock and a hard place: Break the session and frustrate users, persist the session and compromise security. The only way out I see is for them to build similar resilience but focus on non walled-garden functionality that don't have to be deactivated at all.
There was a blog post on Finextra a few months ago - can't locate it now - that provided a list of useful features for mobile banking that did not require customers to log on.
Competitive (base, bonus, benefits)Boston, MA (USA)
© Finextra Research 2014