Now that most banks have caught on to mobile banking, tech-savvy consumers should be happy to bank virtually anywhere, right? Wrong, says a new report that analyzes how customers feel about their bank's mobile applications.
Xtreme Labs, a mobile strategy and product development company, ranked apps from 53 banks by reviewing user feedback left in the Apple App Store and Google Play Store. The report also examined which platform provides the most accommodating mobile environment for banking apps: Apple's iOS or Google's Android.
Banks with the best mobile apps
The best apps had at least three stars, a more than a 60 percent favorable rating and at least 25 user reviews in either the Apple or Google stores. According to the report, the following are the top three banking apps for Apple devices:
- Citizens Bank Mobile Banking: 4.5 stars and a 93 percent favorable rating
- Charter One Mobile Banking: 4 stars and a 91 percent favorable rating
- KeyBank for iPad: 4 stars and an 83 percent favorable rating
Meanwhile, the following banking apps were the top rated for Android devices:
- USAA Mobile: 4.6 stars and 95 percent favorable rating
- Citizens Bank Mobile Banking: 4.5 stars and a 97 percent favorable rating
- AmEx Mobile: 4.4 stars and a 91 percent favorable rating
At the bottom of the rankings, People's United Bank Mobile Banking for iPad and PNC Mobile Banking tied as the lowest-rated iOS app. Both earned only 2 stars and had a 79 percent negative rating. For Android devices, M&T Mobile ranked lowest with 2.3 stars and a 63 percent negative rating.
Apple vs. Android
Techies have long debated whether the Apple or Android mobile app platform is superior when it comes to functionality and user experience. But as far as mobile banking goes, the Xtreme Labs report indicates that Android is the winner.