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How Do Banking Apps Measure Up?

April 18 – In its latest “Monkey Memo,” The Design X-Factor, Malauzai Software provides an in-depth analysis of mobile banking apps customer ratings, comments and feedback as published in Google Play and Apple’s App Store. Malauzai’s research found that 70 percent of the negative feedback was related to customers’ frustrations with a particular policy or procedure enacted by the financial institution and poor and/or lack of communication.

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Highlights from Malauzai’s primary research of Google Play and App Store ratings include:

  • Sixty percent of negative comments are about something that was done on purpose by the bank. The bank is enforcing a policy or a procedure that the customer does not like.
  • Thirty percent of negative comments are about legitimate bugs in the system.
  • Fifteen percent of the overall comments are positive. Negative comments far outweigh positive comments in the App Store by 500 percent.
  • Ten percent of negative comments are about poor communications. The banks are not telling their customers about changes until after they happen.
  • Eighty-five percent of comments can be traced to a recent update in the past 15-20 days. Updates cause comments to dramatically spike. The rate of comments increases by 350 percent when an update or major app change occurs.

The complete report is available at www.malauzai.com.

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