Let me start by asking you a quick question: when was the last time you physically went to your bank? I assume most people would answer “it’s been a while”, “I don’t remember” or anything in between. Why? Because payment apps and mobile banking apps are now (2018) so widespread and so well-accepted by users, that walking to your local bank feels archaic.
According to the Mobile Ecosystem Forum’s recent Mobile Money Report, mobile banking and mobile payments have gone mainstream. The report said that 61% of people use their mobile phone to carry out banking activity, with 48% using a dedicated banking app. More than 44% of the report respondents say they now use a dedicated banking app to check their balance (28% in 2014). Add the fact that banks are now closing down branches at such a crazy pace, and you’ll understand how big of a revolution this is.
That’s without even mentioning mobile payment apps and services like Apple Pay, Google Pay, Samsung Pay, PayPal, Venmo and many more, that are truly changing the game in terms of how we use our mobile phones to pay for basically anything.
As more and more people adopt mobile banking and payment apps, app owners and app professionals have to make sure their apps stand out. But how? Finance apps in particular have to provide their users with top-notch UX, brick-solid performance & reliability, and put user-privacy first.
We’ve put together a list of top KPIs finance app professionals should pay attention to. By monitoring these KPIs on a regular-basis, app owners can make sure their onboarding (which is crucial for banking and payment apps) is flawless, their performance is smooth and reliable and their users’ privacy and security is top priority.