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UX Stock Dropping for Banks

Posted on 7.13.2016

If there was one area financial firms should invest in when it comes to user experience (UX) it's that of mobile as not only do the majority of U.S. adults bank online, but also mobile has hit its tipping point for website traffic.

A new study from Episerver, however, has found that customers aren't happy with the mobile experience their financial institutions provide and banks really don't plan to do anything about that as mobile site design is not a priority for 60 percent of financial retailers.

Banks may need to rethink some of their priorities. Episerver found that 63 percent of U.S. consumers will abandon a mobile site if it proves to be too difficult to access, which can impact brand loyalty. Other bad news for banks is that 34 percent of consumers are frustrated by the limited functionality offered by mobile-specific applications and sites.

When it comes to improving their UX, there is a strong case to be made for banks to offer dedicated mobile apps because of the frequency with which consumers access their financial information, yet 15 percent of financial institutes don't have an app of any kind. What's more, when they do have an app, they're not always living up to consumer expectations. For instance, 39 percent of consumers think that financial mobile apps are not secure enough. Ways to improve this customer sentiment include taking advantage of the iPhone and iPad's built-in "Touch ID" to make login quicker and more secure. 

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