According to a study titled ‘Can you Bank on your Banking App?’ and issued by US-based provider of customer interaction management applications Varolii Corporation, nearly two in three US consumers believe its their banks responsibility to immediately alert them when they have a low balance or insufficient funds to pay a bill. In fact, nearly 70 percent of consumers believe that a banking application could have helped them avoid a financial problem in the past such as a costly and embarrassing overdraft or bounced check.
However, 68 percent have never been notified of a low balance or reminder to pay a bill. And, the younger consumers are, the more strongly they believe in the importance of banks being proactive. 73 percent of US consumers aged between 18 and 24 believe they should receive notifications from their banks versus 56 percent of those aged over 55.
The survey has also identified other key functionalities that consumers want for a superior customer experience such as notification of irregular account activity or notice of a low balance. Not only do consumers want to be contacted but many want to be reached on a combination of digital channels. According to the study, consumers want to receive these notifications and reminders by email (47 percent), text message (22 percent) and through their smartphone application (13 percent).
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