Study: The Best and Worst U.S. Mobile Banking Apps

Study The Best and Worst U.S. Mobile Banking AppsXtreme Labs shared with MMW today a new report on the best and worst mobile banking apps in the U.S. as rated by customers.
Xtreme Labs analyzed customer reviews from the Apple App Store and the Google Play Store between May 18 and June 25, 2013 for the top 53 U.S. banks (as ranked by total assets).

The report includes platform coverage, highest and lowest rankings, and common customer complaints with solutions for banks to improve their mobile offering.

Here are some of the notable findings from the research:

  • The average rating on iOS is 2.8 stars for the current version of the app is 3.3 for all versions; average rating on Android is 3.8 stars for all versions
  • PNC Financial Services Group and BOK Financial Corporation roll out the most U.S. mobile offerings with seven apps each
  • Citizen’s Bank is the only bank with the highest rated apps on both Android (4.5 stars) and iOS (4.5 stars) platforms
  • When looking at the top 15 banks ranked by most assets, Android outperforms iOS apps in terms of overall ratings, whereas banks generally develop more on the iOS platform
  • The top issues found across both platforms include: bugs, no deposit function or deposit limit is too low, and poor design

“A poor mobile banking experience can be the single factor for a bank to lose a customer. It’s surprising to see that there is a significant opportunity for banks in the U.S., especially the top banks, to improve their mobile offerings when it comes to user experience and application functionality,” said Mike Stern, Director of Business Development at Xtreme Labs. “The trailblazers in the banking industry are truly differentiating themselves by delivering the mobile experience their customers are literally asking for – it’s really that simple.”

Top 3 Highest-rated iOS Apps

1.     Citizens Bank Mobile Banking, RBS Citizens Financial Group – 4.5 stars, 93% favorable

2.     Charter One Mobile Banking, RBS Citizens Financial Group – 4.0 stars, 91% favorable

3.     KeyBank for iPad, KeyCorp – 4.0 stars, 83% favorable

Top 3 Highest-rated Android Apps

1.    USAA Mobile, United Services Automobile Associations  – 4.6 stars, 95% favorable

2.    Citizens Bank Mobile Banking, RBS Citizens Financial Group  – 4.5 stars, 97% favorable

3.    Amex Mobile, American Express Company  – 4.4 stars, 91% favorable

 Bottom 3 Lowest-rated iOS Apps

1.     People’s United Bank Mobile Banking for iPad, People’s United Financial (PBCT) – 2.0 stars, 79% negative

2.     PNC Mobile Banking, PNC Financial Services Group – 2.0 stars, 79% negative

3.     SunTrust Mobile App, SunTrust Banks – 2.0 stars, 78% negative

 Lowest-rated Android Apps

1.    M&T Mobile, M&T Bank Corporation – 2.3 stars, 63% negative

Do you agree or disagree with any of the findings? If so, please weigh in with a thought or comment below.