Mobile Banking Apps In The USA: Researched Insights Into Customer Experience Drivers

Seizing the opportunities presented by technological advances, banks are going digital, becoming better, stronger, and more trusted by their customers. Yet, profound industry challenges remain, driven largely by quickly evolving customer expectations. 

In this report, the author offers highlights on the best practices for consideration that will drive customer adoption and engagement in mobile banking apps in the USA. 

Drawn from the analysis of thousands of customer conversations, this report provides banks with real “food for thought” when evolving their mobile banking app offering. 

The insights from this report can be applied to strengthen resilience and accelerate transformation in the mobile banking customer experience. 

Due to the COVID-19, the US mobile banking penetration is rising. To satisfy the needs of this growing user base, banks need to deploy the mobile banking features that consumers value most. 

This insights report on Mobile Banking Apps in the USA utilizes online customer conversations to identify the drivers that delight the customers and keep them engaged with the banking apps. 

What Is Covered In The Report?

1. Introduction and a brief overview of the Mobile Banking Apps in the USA 
2. Analysis of the competitive landscape and profiles of major players operating in the market
3. Customer Conversations - Analysis of about 10K Customer Conversations that will enable banks to deliver intelligent and seamless customer experiences. 
4. Top 5 Delight Drivers - What delights a bank customer while using the mobile banking apps in the USA? 
5. Analysis of each of the delight drivers 
6. Drill down into each of the delight drivers along with the key themes of discussions
7. Customer Verbatim - Hear Banking App Users like and dislike about the apps 
8. Brand Equity - Detailed Insights into Ranking of brands based on each of the delight drivers. 

Why Buy This Report?

This report serves as a primer for anyone wanting to gain insights into the delight drivers that lead to greater customer experience for the banking app users in the USA. 

With critical mass in mobile, banks are now looking at how they might evolve their apps for a greater customer experience. 

Large banks, mid-size banks, financial institutions, the retail banking industry, and other stakeholders should read this report to learn about how customer experience can be enhanced by understanding their delight drivers. 

1. Gain a better understanding of the drivers that delight a mobile banking app user in the USA 
2. Strategize marketing activities, entry into new markets, market expansion, and other business plans by understanding the factors driving growth in the market
3. Understand major competitors’ strengths and weaknesses and respond accordingly to benefit from the market

Overview of Mobile Banking Apps in the USA

• The advent of smartphones has totally changed the way banking is done. 
• With an increasing number of smartphone users, mobile banking is expected to grow, where banks need to shift their focus to mobile apps. 
• Mobile banking apps allow users to utilize various banking and financial services. Mobile banking apps offer services such as real-time account information, recharging, shopping, online payments, bill payments, check deposits and many more. 
• Customers prefer to conduct banking transactions using their smartphones, thereby giving banks an opportunity to gain a competitive advantage over others and quickly position themselves better in the market. 
• For a bank, developing a mobile banking app that delights customers and provides a real competitive advantage involves a sustained investment. But when customer demand and expectations for a quality mobile banking service is continually increasing, delivering what the customer requires is going to become the key determinant of future bank performance. 
• Reason for the Growth of Banking Apps in the USA 
• The increase in demand for self-service and personalization of banking products and services has fueled the growth of the mobile banking app market in the USA. 
• Furthermore, the increase in the usage of mobile devices allowing users to get instant customer assistance is becoming a drive towards market growth. It’s even become very evident that mobile banking apps have become important in a year of a worldwide pandemic.
• The prime reason behind why customers like a mobile banking app is the strong need of customers to view their account balance, 24/7 access, online bill payments, check deposit, and other tasks that can be done sitting at home. This has pushed the growth of banking apps in the USA.
• According to research, 90% of banking app users want to view their account balance, 79% want to view recent transactions while 59% of users say they use mobile banking apps for making a bill payment. 

Banking Apps - Market Size

• The Covid-19 pandemic has pushed the demand for contactless payment, which has favored market growth. The number of mobile banking users in the USA reached 57 million in 2020. 
• In April 2020, over 70% of customers from the four largest U.S. banks used mobile banking apps, which was a 63% increase from April 2019. 
• Mobile banking will be a $1.82 billion market by 2025 with a growth rate of 12.2% a year. 

Researched Insights Into Key Drivers of Customer Experience 

As banking customers are turning towards an easy and convenient platform for all their banking needs, it has become all the more important for banks to understand the drivers of a great customer experience. 

From this report, banks can assess what their customers are expecting from their banking apps. With the help of this report, banks can understand the needs and demands of their customers and fine-tune their app offerings to deliver a great customer experience. 

This report also helps banks to learn what their competitors are strong at so that they can match up and surpass their competitors. Banks can exactly pinpoint the areas where they are great and areas where their competition is doing better.

Conclusion

Mobile banking apps are treading to become the most important channel for bank customers to access banking services. In order to deliver personalized customer experiences, banks must look beyond generic feedback. With the help of this detailed research report, banks can look at a holistic picture to arrive at a list of top delight drivers that customers are looking for in a banking app. 

If you are a Bank or a Consultant or an Investor, you can make use of this report to make strategic decisions to increase understanding about how to improve customer value and to make mobile banking services a profitable business by exploring the experiences of users and the related value of new mobile banking service.