Consumers are looking to get more out of their smartphones when it comes to managing their money and credit cards, according to a new international FICO study.
Enhanced functionality, including the ability to check balances, receive fraud notifications, make payments, and transfer money using smartphone apps top wish lists.
Looking to do more
Consumers want to do more with their phones whether they are home, at work or on the run, than current apps allow. Three quarters of respondents said that they want to be able to check the balances in their accounts with their phones.
More than half (59%) want their banking apps to keep them apprised of fraudulent activity. They also want to make payments (53%) and transfer money (50%), looking for banks to make these transactions available via smartphone apps.
Generation X most apt to want apps
Consumers falling in the 25- to 39-year-old age range were the most likely to want more from their smartphone banking apps like getting warnings when they are near their credit limit, and getting reminders when their bills are due.
People were less interested in receiving information about new services and products (39%), and that number went down with age. Only 6.5% of respondents over 55 wanted to receive this kind of information on their smartphone.
Gender also played a role in consumers’ interest in enhanced banking apps. Men showed slightly more interest than women, with a three to four percentage increase regardless of their age.
According to FICO, consumers’ interest in using their smartphones more effectively when it comes to doing their banking is an opportunity for banks to build and strengthen their relationships with customers by using apps, voice, GPS and text options to deliver enhanced services that connect people to their credit card and bank accounts.
The FICO study focused on consumer trends in banking via computers, mobile devices and in person and included responses from 2,239 adult smartphone users residing in the U.S., U.K., Australia, Brazil, China, France, Germany, India, Italy, Japan, Korea, Mexico, Russia, and Turkey.