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Survey: Consumers have clear expectations of bank brands' mobile apps

June 14, 2018

A new survey from mobile app developer WillowTree has found that consumers are looking to bank brand apps for specific features and value that enhance their experience with the brand.

Even more importantly, according to WillowTree, meeting these expectations has make-or-break potential for bank brands, with a good experience increasing loyalty and purchases, and a bad experience leading to deleted apps, decreased loyalty, and fewer purchases.

The study, The Brand App Experience: Value, Purpose and Brand Loyalty, found that 54 percent of consumers use a bank brand app regularly (one or more times weekly), more than any other category of brand apps. Additional findings:

Reasons for downloading

• Promotions and exclusive deals or products — 64 percent
• Loyalty programs — 61 percent
• Making a purchase — 52 percent

Usefulness

• Respondents who said that less than half of downloaded brand apps were or are useful — 42 percent
• Respondents who have deleted up to one-quarter of apps — 50 percent

Desired benefits

• Being rewarded for using the app — 72 percent
• Exclusive access to sales, products, services, etc. — 66 percent
• Additional products and services — 51 percent

Impact on brand loyalty

• Respondents who download the apps of brands they’re loyal to — 76 percent
  • If they had a positive experience with a brand app:
    • would sign up for loyalty or rewards programs — 69 percent
    • would make purchases through the app — 68 percent
    • would use the app regularly — 54 percent
  • If they had a negative experience with a brand app:
    • would delete the app — 71 percent
    • would be less likely to recommend the brand — 30 percent

According to WillowTree:

As app stores become further saturated with options, it's been easy for some to assume that this lessens their value. But the brand app is becoming central to the relationships that bank brands foster with their consumers, and this research cements the need for them to view their app as a true product — one with enormous potential to create loyalty and turn consumers into brand advocates.

Get the free report.