June 12, 2018

How can the user experience for banking applications be improved?

At Ferpection, we conducted a study on websites and mobile applications in the banking sector. In this article, we will share with you what we've learned.


How was the study conducted?

We questioned 1,200 users, who described their mobile experiences (on both websites and applications) with their banks. These users are clients of major French banks.

Our sample was comprised of 44% men and 56% women of various ages: 22% ages 16-25, 30% ages 26-35 (the largest segment), 24% ages 35-45, and 24% ages 46+.

We received more than 10,000 pieces of feedback, which is more than eight per user!


What did we learn?

We asked about three categories that are central to the user experience of an application or website.

As with Maslow's pyramid, the three categories are in the following order:

  • Functionality: security, bugs, display
  • Usage: ease of use and ergonomics
  • Perception: the emotional aspect


We noticed that mobile users had a lot to say on the subject of usage, which represented 58% of feedback. For comparison, when we analyze feedback across sectors, usage represents 52% of feedback.

Following that is perception (with 21%), and function comes in last (with 20%), which is a rather good sign: applications and websites work without any major problems.

Let's take a look at the three most reported problems for each category:


Usage

  1. Clarity: 28%
  2. Fluidity: 22%
  3. Information: 19%

Users complained about a lack of clarity around the information provided. This feedback is quite similar to what is seen in the insurance sector.

Perception

  1. Need for new features: 39%
  2. Offerings: 22%
  3. Appearance: 21%

Appearance came in last, so evidently people are generally pleased with the design. It's more in the area of content that banks need to improve their mobile experience.

Functionality

  1. Bugs: 30%
  2. Performance: 29%
  3. Display: 22%

It's important to note that security, with only 4%, doesn't seem to be an issue.


Overall learning from the study

Overall, users are satisfied with the mobile experience provided by their banks. In fact, they give them a score of 3.8 out of 5, while the median of all sectors combined is slightly less, at 3.7 out of 5.

However, room for improvement remains high, and banks should concentrate on a few key points in order to raise their scores even higher.

  • Clarity is at the heart of the feedback: the mechanisms put in place must be crystal clear for the user.

  • Users should be consulted in order to understand what additional features they would like.

  • On the serious subject of money, it's important to ensure the user's trust in offering him or her applications and websites that are bug-free.

You liked this article?
You can find and download the complete study by clicking here.

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Author
Gregoire Devoucoux du Buysson

Gregoire Devoucoux du Buysson

Gregoire est Chief Operating Officer de Ferpection. Passionné par le pouvoir de l'expérience utilisateur et l'innovation des organisations. Il écrit notamment sur les nouvelles formes études utilisateurs, l'évolution du product management et l'importance de la culture dans une start-up.

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