Best Practices

Quality Matters: How to Attract the Two-Thirds of Adults Who Use Finance Apps

Learn how to achieve product quality benefits in the competitive world of financial services. Understand why product quality matters with unitQ Score.

We introduced our proprietary unitQ Score and unitQ scorecards to help product and quality teams understand and act upon app product quality. They’re updated monthly to show the highest quality apps in several categories so companies from finance to dating can see how their product quality compares with the best in the business.

We believe finance is one of the most important and engaging of our tracked product categories, especially in our socially-distanced reality. Nearly two-thirds of adults now use mobile apps to manage their money, with half saying they currently use three or more financial services apps. That’s because money is likely one of the most important considerations in your life. These financial services apps cover everything from credit tracking to financial budgeting, banking to stock trading, and mobile payments to credit card account monitoring, and more.

But, just as you wouldn’t trust your hard-earned cash to a bricks-and-mortar bank with cracked windows and a broken vault door, you won’t trust your money if a financial services app comes with a low-quality experience.

Benchmarking Financial Services App Quality

The unitQ Score helps companies build better, higher quality products. It’s the world’s first product quality metric based on real-time user feedback gathered from the most popular user channels and across more than 100 languages. You can read this blog post to learn more about the unitQ Score and how it enhances your quality efforts.

For financial services app users, poor product quality is apparent from the moment they install your banking, investing, budgeting, or credit scoring app. Issues during login, cumbersome financial account access, app crashes, confusing presentation of financial information, trouble with deposits or transfers, and difficulty generating financial statements are just a few of the quality issues that can turn users away.

Now more than ever, users are relying on financial services mobile apps to do their banking, investing, paying, and transferring of finances. The first month of the pandemic saw a 200% increase in new mobile banking users. That trend continued throughout the year with users now 9-times more likely to use mobile banking options than the previous year. Again, financial app product quality is likely to determine the winners and losers in this race for financial services users.

What Finance Users Care About in App Quality

Today’s financial services industry goes far beyond just banking. But in addition to the fundamentals of security, safety, and privacy, today’s financial services users also demand:

  • Instant access to their financial data,
  • Easy payments to and from friends, and to and from retailers,
  • Clear and intuitive presentation of financial information,
  • Helpful financial guidance and budgeting advice,
  • Seamless mobile payments at every store, and,
  • Fast stock trades and investment advice.

The modern necessities for the financial services user experience—instant, easy, seamless—all revolve around product quality as much as the fundamentals of finance, such as security, privacy, and access. Get it right and you’ll grow. Get it wrong and users will lose trust in your brand.

Product Quality is Invaluable for Financial Services

The user experience is incredibly important for financial services apps, especially as pandemic restrictions have forced more people to replace in-person interactions with app-based financial transactions. That’s also forced reluctant and inexperienced users onto your financial services app platforms, pushing developers to reprioritize features and capabilities, according to The Financial Brand. Surveys also show that users list financial information access, app responsiveness, and login issues as their top three financial services app quality concerns.

Building and maintaining high-quality products is difficult, especially as users demand financial services tailored to their market, region, device, operating system, language, and more. And, the data that provides user feedback sentiment and quality details is spread across app store reviews, social media posts, support tickets, and issue tracking tools. It forces your internal quality, support, product, product ops, and engineering teams to manually scrape together what little they can and guess which quality issues are most important, how they’re impacting users, and what development teams can do to mitigate them.

The unitQ scorecard for finance is now here to help! It provides a monthly look at the industry’s top 15 apps as measured on product quality using the unitQ Score. If you’re a unitQ customer, you can instantly compare your unitQ Score against these competitors to better gauge how well your product quality efforts are paying off. And, since the scorecards are updated monthly, you can see which brands continue to invest in product quality.

See Your unitQ Score

If you’re not yet a unitQ customer, it’s easy to check your unitQ Score. We’ll track your App Store and Google Play Store feedback and reviews, and send you a weekly assessment of your product quality. You can compare that to the monthly scorecards to see how you stack up against the competition.

You can also unlock the full power of unitQ to get product quality insights from the App Store, Google Play Store, Zendesk, Salesforce Service Cloud, Twitter, Reddit, and other feedback channels and translated from more than 100 languages. It’s also easy to integrate that data with Slack, PagerDuty, Jira, and other internal tools already used by your product, quality, support, and engineering teams.

Product quality is both critical and complex, especially for the hyper-competitive and fast-changing world of financial services apps. We can help you easily bring comprehensive user feedback into your product quality efforts so you can keep users happy while growing your own bank account.