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Credit Card Issuers Prioritize Data Security, User Experience In Mobile App Development

[Thursday, June 29th, 2017]

When developers are creating new mobile apps, their number one priority is how easy it will be for customers to use, followed by how secure the technology is, according to a recent study released by J.D. Power.

The J.D. Power 2017 U.S. Banking App and U.S. Credit Card App Satisfaction Studies found that user experience, or ease of use, makes the biggest difference to consumers choosing an app, while data security was the biggest concern for people who weren’t ready to use mobile banking or credit card apps.

This was the first year of the study, which looked at people’s overall satisfaction with mobile banking and credit card apps. The study asked folks about five key points: ease of navigation, appearance, how clear information was, range of services, and how available key information was on the app.

Even for the apps that were most popular and highly rated among consumers, “adoption is stubbornly low,” said Bob Neuhaus, director of financial services at J.D. Power. He said the challenge for banks and credit card issuers is to “establish accessible entry points that ease resistant customers onto the mobile channel were they will, in all likelihood, quickly find that they are very satisfied with the experience.” In other words, once they try mobile apps, they’ll like them.

Study finds customers have trust issues

Just 31% of retail bank customers and 17% of credit card customers currently use mobile apps. One reason, say the study’s authors, is that customers don’t trust that their information is going to be secure. Forty-four percent of bank customers and 46% of credit card holders said they feel that their online information is “very secure.” That means more than half of customers are worried that their information is not particularly secure.

People who do use, and like, mobile banking apps tend to enjoy the features that make the apps easy to use, including fingerprint logins, streamlined access to account balances, and account transfers.

Mobile apps are readily available for most credit card customers, whether they have poor, average, fair, or excellent credit. While some perks of credit cards, like big sign-up bonus rewards, are limited to folks with very good credit scores, a mobile app is one benefit that can be enjoyed by anyone with a credit card for those with fair credit.

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