The survey, which asked 2,239 adults of all ages across fourteen different countries about what smartphone banking features are most important to them, found that getting information about possible fraudulent charges was one of the most-wanted smartphone app features.
The number one thing people want to do on their phones is check their balances, whether that means bank balance, credit card balance, or payment due balance. This functionality is included with most banking apps, but some of the other requested features weren’t always so easily had.
Other top important features were being notified of potential fraudulent activity, making payments and transferring money. The breakdown of requested features was as follows:
- Checking balances – 75%
- Notifications of possible fraud – 59%
- Making payments from their accounts – 53%
- Transferring money – 50%
Younger people were the most interested in smartphone banking, with folks in the 25 – 39 age bracket saying they are most likely to want to use their phones instead of going to a bank. Specifically, people of that age said they’d like to get bill payment reminders from credit card companies and warnings when they are about to hit their credit limits.
Older folks—those ages 55 and up—were less enthusiastic about using their phones to do their banking. They were especially disinterested in receiving notifications about new products and services, with only 6% of them saying they’d like to get those. Then again, that was the least popular service across all age groups. Only 39% of all respondents wanted to get new product and service alerts via smartphone.
Men were slightly more likely to express interest in smartphone banking, with their votes of interest coming in at 3-4 percentage points higher across all survey questions.
FICO’s vice president of product and technology, Stuart Wells, said that banks have “an unprecedented opportunity to differentiate themselves and strengthen their relationships with their customers” by offering more apps and increased functionality to smartphone users.
Survey respondents were from the United Kingdom, Australia, Brazil, China, France, Germany, India, Italy, Japan, Korea, Mexico, Russia, Turkey and the United States.
Read Also Related News
The way you pay for a purchase with your credit card may be very different in five years than it is now. That's because biometric cards - credit cards that scan your fingerprint to prevent fraud or theft - are forecast to flood the market...
Although more people are using mobile wallets and moving away from using cash or credit cards as their go-to payment method, consumers have still shied away from using virtual credit cards for the majority of their purchases. But companies...
If you’d like to donate more money to good causes, but you never seem to get around to setting up the donations, a new app will make it easier to be generous. The app, called Movements, lets users donate small amounts that come from...
You can pay your Macy’s card online using Macy’s online pay service. Just visit their official website and follow the prompt to create your online profile and add your Macy’s card to that profile. Also, consider CheckFree, a partnering payment service. You can also pay your Macy’s American Express...
At my local bank there was an advertisement that if one enrolls in Alaska airline credit card and spends $1000 in the first 3 months then a travel companion could fly free. Is this still in effect? Does it apply to international trips and 1st class? Does the flight need to be Alaska airlines/ Virgin airlines?
Currently, the Alaska Airlines credit card has the following offer: “Annual companion fare from $121 ($99, plus taxes and fees from $22) after you make $1,000 or more in purchases within the first 90 days of your account opening”. This benefit will qualify for a round-trip coach Companion Fare on Alaska...
I once had the US Airways credit card, then the airlines merged with American Airlines and my card transitioned into the AAdvantage MasterCard with a higher annual fee and without companion pass. I use the card one year and then closed it because I don’t fly with American Airline often. Now I am looking for a credit card without an annual fee. What are my options?
You may like one of the regular travel rewards credit cards offered by major banks. Travel rewards credit cards allow earning miles on all purchases. The cards also have one-time sign up bonuses which may be enough for a domestic flight. There are credit offers without annual fees, the other offers come with rather low...
I had the US Airways MasterCard back in 2013 but had to close it because I got divorced and had some troubles with keeping up with my credit cards fees. I’m back on track now and would like to apply for this card again but can’t seem to find it anywhere. Can you help?
The US Airways Premier World MasterCard is no longer offered. US Airways removed their credit card after merging with American Airlines. Today you can apply for one of the AAdvantage credit cards offered by Citi or for a regular travel rewards credit card. Both types of credit cards will allow you to earn miles and redeem...