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FICO Survey: Mobile Banking Drives Customer Loyalty and Satisfaction
Tuesday, August 5, 2014 6:35 AM

According to a new FICO survey, 82 percent of mobile banking app users are satisfied with their financial institution, compared with only 71 percent among those who do not use a mobile banking app, and 76 percent of the mobile app users are likely to recommend their financial institution, compared with only 67 percent of the non-users.

The survey also found large generational differences in the way consumers interact with their financial institution that could have business implications. Specifically, 70 percent of Millennials, aged 25-34, said they use mobile bank apps. The percentage fell to 54 percent for customers aged 35-49. Among customers aged 50 or older, just 36 percent said they used their financial institution’s mobile apps.

In addition, Millennials were more likely than older consumers to interact with their financial institution via text messaging. While 16 percent of Millennials expressed a preference for texting over other means of communication, 9 percent of customers ages 35-49 and 5 percent of customers 50 or older expressed that preference.

Regarding the actual usage of mobile banking apps, 63 percent of Millennials surveyed used their financial institution’s mobile apps. The percentage dropped to 54 for people aged 35-49, and to 36 percent for people aged 50 or older.

The survey of 991 U.S. banking customers was conducted online between March 5 and March 15, 2014.