Customers will switch for a better bank app
The quality of a banking app can have the power to make consumers switch banks, according to ANZ Bank's Group General Manager for Innovation Peter Dalton.
On the surface, banking apps from all the major players seem to perform similar functions but there are differences. It can be the little things, including the ability to add new billers and payees directly through a smartphone.
“We know in Australia is that most customers have more than one banking relationship. So on your phone; you are just as likely to have an app from 2-3 banks.”
“People will put up with something that is okay for a period of time, but when something significantly better comes out at a particular point in time, they will make a decision to move,” Dalton said.