Mobile banking apps are failing to meet many customer needs in the U.K. Most users are willing to switch banks for better service and customer care.
Futurice UK published a report on its mobile banking user experience research. The short conclusion is that users are generally dissatisfied with the current quality of applications and service.
The study surveyed a total of 518 U.K. adults who shared their experiences of using mobile banking apps for account management, money transfers, cryptocurrency trading, etc.
Key findings in numbers:
- mobile banking apps cause user dissatisfaction due to slow loading speeds (45%), poor interface (44%), and limited functionality (37%);
- 68% of respondents rate current security features as unsatisfactory;
- more than a third (34%) of respondents use five or more banking applications simultaneously but have no particular loyalty — 70% are willing to switch banking providers;
- 71% of respondents cited customer service as the top reason for switching providers, 67% — availability of 24/7 support, 66% — more innovative features, 50% — ability to receive personalized financial advice, and 48% — ethical banking practices.
The authors of the study highlighted personalization, seamless interaction, 24/7 support, and increased security as key factors in building long-term loyalty.
Max Krupyshev, CEO of CryptoProcessing.com, told the Purpose Driven FinTech podcast that the modern demand of B2C FinTech users is the ability to do everything online. In his opinion, super apps that bring together wallet, favorite restaurants, taxi services, shopping, and more in one place help meet this demand.
Besides, users want a single way to pay anywhere in the world that isn’t dependent on local companies. And cryptocurrency fulfills this request, so for the foreseeable future, the trend of cryptocurrency payments in the B2C sphere will only gain relevance as an alternative to traditional financial instruments.
Current trends are already being pursued by TradFi companies. DBS Bank, a leading financial group in Asia, announced a series of blockchain-based banking services in October 2024.
