Mobile payments apps are not all created equal

mobile payments banking check deposit

Xtreme Labs has conducted a study that reported on the winners and losers in these applications.

The results of a study that was performed by Xtreme Labs have just been released, revealing the ratings that American consumers have applied to various mobile payments and banking apps in the United States.

The report clearly showed that there were a number of well liked applications as well as those that were entirely disliked.

The analysis was performed using customer reviews that were officially submitted to the Apple App Store and to the Google Play Store by customers, between May 18 and June 25, this year. The data was used to investigate the customer satisfaction expressed for the top 53 mobile payments and banking apps (as ranked by total assets). The report considered several different factors, including the highest and the lowest ratings, platform coverage, and common complaints voiced by customers for the banks to make improvements to the applications.

mobile payments banking check depositThere were several insightful findings presented among the results for these mobile payments reviews.

For example, over the Apple iOS platform, the average rating for the current version of the mobile payments apps was 2.8, and was 3.3 out of 5 for all versions. On the other hand, Android users ranked an average of 3.8 for all versions of their apps.

It also found that the only bank that had the highest rated mobile payments and banking apps on both iOS (at 4.5 stars) and Android (also at 4.5 stars) was Citizen’s Bank. The largest number of offerings – at seven apps each – was recorded by BOK Financial Corporation and PNC Financial Services Group.

Among both platforms and all of the mobile payments and banking applications that were considered in this research, the primary issues that were reported by customers included: no function that allows for making deposits, the limit for deposits is too low, bugs, and poor overall design. It also determined that when looking at the leading 15 apps (ranked by number of assets), in terms of overall ratings, Android apps did better than iOS apps. However, banks had a greater likelihood to develop applications for the Apple platform than the Google platform.

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