While financial apps have become central to personal finance management in the UK, almost one in four Brits believe that these apps are ‘in need of improvement’ in some way, mobile app service provider Apadmi has revealed.
After Lloyds Bank, Halifax, TSB, and Bank of Scotland customers encountered issues accessing their banking apps on 28 February, Apadmi revealed new research that explores how people interact with finance apps and how these platforms can be improved.
“To mitigate the risk of future outages, developers and financial organisations must implement more robust testing protocols, invest in updating and maintaining IT systems, plan for greater scalability, and deploy advanced monitoring tools to address potential issues before they escalate,” explained Vino Nandagopalan, financial services growth director at Apadmi.
Surveying 1,000 users, the mobile service provider also compiled ‘The Apadmi Finance App Report‘, which found that 23 per cent of finance app users only somewhat trust their finance apps, indicating a need for better trust-building measures.
According to the findings, nearly three in ten (28 per cent) cite security concerns as the primary reason for not using finance apps. Meanwhile, 40 per cent of non-users still prefer visiting branches or post offices, highlighting a preference for traditional banking methods.
Popularity growth
Aside from these drawbacks and challenges, over half of users (52 per cent) have at least one finance app on their phone – highlighting the growing popularity of financial apps. Moreover, 58 per cent of respondents said they engage with their finance apps daily, showing that finance apps have seamlessly integrated into users’ routines.
Apadmi also determined the easiest-to-use mobile banking apps, according to its respondents. Barclays emerged as the winner, with respondents favouring its intuitive design and comprehensive features – despite experiencing its own significant IT outage at the end of January.
The app development company also named Monzo as the best mobile app for budgeting and tracking money, along with Moneybox as the most popular app for investing.
Commenting on the findings, Marcus Hadfield, chief strategy officer at Apadmi, added: “Our findings highlight key areas for improvement, particularly in enhancing security and building trust. Users seek more robust security measures, better design, and personalised features. Addressing these needs will
significantly improve user experience and satisfaction.”
