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What Bank App Features Are Most Used?
Thursday, March 17, 2016 6:35 AM

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For the past several weeks, industry experts have offered insights about analyzing internal credit union data for the purposes of targeted marketing/messaging and asset liability management. However, credit unions can also look to global market analytics to help with making decisions involving consumer behavior and preferences for financial services. In this weeks’ article, SNL Financial shares indicators of consumer preferences based on survey analytics.

Consumers use their bank apps most often for checking balances and reviewing transactions, according to the February 2015 SNL Financial Mobile Money survey of 4,371 smartphone bank app users.

Nearly nine in 10 survey respondents said they most often used their apps for checking account balances and nearly two-thirds reviewed transactions. Respondents were given the option to select multiple answers when asked about their most-used bank app feature.

Of those surveyed, 57 percent

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use the app to transfer money between accounts. Just under half of respondents use their bank app to pay bills. Features with low percentages in the table may not be available on all bank apps.

Younger individuals are far more likely to use the app to find a nearby ATM than those 48 and older, with 27.4 percent of those surveyed between ages 26 and 35 ranking the ATM locator as a high-usage feature. Meanwhile, 9.7 percent of those 67 and older use the feature.

Younger respondents are also more likely to use click-to-call customer service compared to older survey takers. Of respondents aged 26 to 35, 12.9 percent use the feature, compared to just 3.8 percent of those 67 and older, according to the survey.

Personal finance and budgeting features also skew younger, with nearly 19 percent of those 18 to 25 using these capabilities, compared to just 5.3 percent for those 67 and older. A similar skew toward younger users is also apparent for person-to-person

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payments, according to the survey.

Lower-income respondents with personal annual salaries below $35,000 are more likely to check balance in-app than those with incomes of $150,000 or higher. Higher-income respondents were more likely to use the app for transferring money between accounts and paying bills and to access mortgage account information, compared to lower-income individuals surveyed.

Since 1987, SNL has been recognized as the gold standard for banking industry data and insight. Always the leading provider of business and peer intelligence for money centers and regional banks, SNL has become an indispensable source for community banks and credit unions. SNL data and analytical tools help financial institutions grow revenue, manage expenses, fine-tune performance, optimize branch footprints and pricing strategies, target marketing initiatives, and save time on reporting.