SAN JOSE, Calif. (8/8/14)--Offer mobile banking services, receive a higher satisfaction rating from members and consumers. That was one of the key findings of a recent customer survey by FICO, which looked at how consumers interact with their financial institutions.
More than 80% of consumers who have access to mobile banking services at their financial institution said they were satisfied with their bank, while 71% of those who don't have access said they were satisfied.
Further, 76% of mobile app users would likely recommend their financial institution to others, while only 67% of those who don't use mobile banking would do so.
"Mobile apps present a tremendous opportunity for banks to grow customer loyalty and add value," said David Vonk, head of FICO's North American banking practice. "Banks that have made the mobile investment need to encourage their customers to actually use their mobile app, especially as busy consumers, especially millennials, use smartphones and tablets to manage all aspects of their lives."
Credit unions appear to be adapting to the evolution in how their members prefer to manage their finances. The Credit Union National Association found in a recent Technology Spending Survey that nearly 50% of credit unions beefed up their technology budgets this year compared with 2013 (News Now May 28).
On average, technology comprises 6.7% of noninterest expenses at a credit union, according to the survey. And just about all credit unions who responded to the survey offer mobile banking, at 97% (CU Magazine June).
The FICO survey, which polled 991 consumers in early March, also revealed the rate at which different demographics use mobile banking.
Of those polled, 70% of millennials said they use mobile banking apps, compared with 54% of consumers age 35 to 49 and 36% of consumers age 50 and older.