Better mobile apps are a huge reason why consumers jump to other financial institutions, but few customers are willing to pay for those apps, according to new study findings released today by research firm SNL Financial.
The firm surveyed about 5,000 U.S. adults with smartphones in February 2015, and Senior Research Analyst John Fletcher delivered the findings via webinar.
The findings reveal the huge weight members are giving mobile apps when it comes to choosing financial institutions. A whopping two-thirds of people aged 18 to 35 said they're willing to switch banks for a better mobile app – far exceeding the 19% of people aged 36 to 47 and 11% of people aged 48 to 66, according to the data. Only 4% of people 67 and older said they'd switch to another financial institution if it had a better mobile app.
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