RIP, PFM.įor a copy of the full analysis listing all features by bank/fintech, click here.How banks grab consumers with remote deposit capture (function(w,d,s,l,i))(window,document,'script','dataLayer','GTM-P7RK2W') With the exception of basic transaction functionality-checking balance, transferring funds-it’s all PFM. In today’s mobile banking apps, it’s impossible to distinguish a PFM feature from a non-PFM feature. From about 2000 to 2012, banks were obsessed with adding PFM (personal financial management) modules into their online and mobile banking apps, and the vendors that provided these tools were obsessed with proving the ROI on that PFM investment. Banks and fintechs that brag about their app store rating are wasting their breath. App store ratings aren’t representative of the apps’ user base, however. The parity of scores across the providers is alarming. Minna’s analysis reported the Apple and Google Play app store ratings of the 24 banks and fintechs (where available). App store ratings are unreliable measures.A bank could have all 30 features in its mobile banking app, but if the app isn’t well designed, is it really the best app? Not necessarily. The other problem with just counting up features is that it misses an intangible factor: Design. Design is the unquantifiable differentiator.The “best” app is really the one that suits a particular customer’s needs-not necessarily the one with the most features. After positioning this as “the bank with the most mobile banking app features is the winner,” the reality is that different consumers have different needs and preferences-which means someone (or some segment) might only want five features in a mobile banking app. Banks need to know who they’re building the app for. According to a Cornerstone Advisors survey, 56% of Americans between the ages of 21 and 55 want subscription management services from their bank. Granted, Minna’s inclusion of subscription management-related features in the analysis was a bit self-serving, but subscription management is a set of features missing in mobile banking apps, and one that many consumers want. The five features listed above give banks a chance to offer something not every other bank has.
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