Lloyds and Halifax apps down: 1 in 4 Brits say finance apps need improving

The ultimate wishlist: What are users looking for?

Lloyds, Halifax and Bank of Scotland are undergoing severe issues with their apps and mobile banking, leaving customers unable to access their money.

This morning's outage came just after Barclays Bank went down over the weekend.

In relation to this news, recent research by leading UK mobile specialists at Apadmi has revealed that a quarter of Brits believe finance apps are in ‘need of improvement’.

Surveying 1,000 users, the mobile specialists have compiled The Apadmi Finance App Report 2024, which uncovers how we interact with finance apps and the ways in which such platforms can be improved.

Despite finance apps being incredibly popular, almost one in four (23%) users only somewhat trust their finance apps, indicating a need for better trust-building measures.

According to the findings, nearly three in ten (28%) cite security concerns as the primary reason for not using finance apps.

With these concerns in mind, the team at Apadmi have asked users to specify their top feature or functionality they would like to see the most from finance apps. These are the results:

More security measures to tackle fraud - 30.76%Rewards for loyal customers - 21.33%Saving pots for different goals - 15.33% Faster loading times - 14.36%A better design and layout - 10.83%More educational content within the app - 6.43%

Topping the list are more security measures to tackle fraud, with one in three (30.76%) respondents emphasising the need for heightened protection. This demand reflects growing concerns about cyber threats and the crucial role of robust security in fostering trust and confidence in finance apps.

Rewards for loyal customers are also highly sought after, with over a fifth (21.33%) of users expressing a desire for programs that recognise and incentivise their continued use.

What’s more, one in six (15.33%) are increasingly interested in saving money for different goals. These features help users manage their finances more effectively by allowing them to allocate funds for specific purposes, making financial planning and goal-setting more straightforward and accessible.

Commenting on the overall findings, Marcus Hadfield, Chief Strategy Officer at Apadmi said: Our findings highlight key areas for improvement, particularly in enhancing security and building trust. Users seek more robust security measures, better design, and personalised features. Addressing these needs will significantly improve user experience and satisfaction.

The full Apadmi App Finance App Report 2024 is available to download here: https://www.apadmi.com/insights/resources/financial-services-app-survey-uncovering-mobile-user-habits/