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Consumers open to consolidated banking apps, indicates survey

Manesh Tailor, director, financial services solutions for New Relic

A quarter of banking customers would be likely to use a consolidated banking app, but only if its performance was consistent, a survey has revealed.
A study of 2,000 UK adults, commissioned by software-based analytics specialist New Relic from market researcher YouGov, indicated that not only would a growing number of consumers be open to managing multiple financial accounts in one app, but that they would be happiest for such an app to be offered by traditional banks.
Some 69% of respondents said they would more willing to use this kind of app when offered by a high street bank than a challenger digital bank like Starling or Monzo. Challenger banks only enjoyed the support of 19% of consumers for consolidated banking.
But consumers said they would stop using any new banking apps if the app is frequently down for repair, the reaction of 70% of them, of it payments fail when using the app, 69% of them. Frequent error messages would put off 66%.
“Consolidated banking apps are attractive because they offer new business opportunities, especially with younger consumers,” said Manesh Tailor, director, financial services solutions for New Relic. “But any investment in new digital services can be wasted if the customer experience isn’t monitored continuously and used to inform the performance quality of the app. As the survey suggests, poorly performing apps can mean losing a customer permanently. While it may be surprising that traditional banks are still the preferred choice of customers for the mobile banking era, it shows the High Street giants they have a great opportunity and shouldn’t rest on their laurels. One in three consumers are still open to considering consolidated banking apps from market disruptors like Amazon or Google.”

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