Popularity of mobile banking apps

Reported by: |Updated: February 13, 2019

Banking Frontiers carried out a survey to measure popularity of apps of NBFCs and mutual fund companies. The survey was based on the statistics available on Google Playstore.

Highlights of the Mutual Fund app survey:

  • The survey was based on 20 mutual fund companies in India
  • LIC Mutual Fund’s app ‘LICMF Partner’ has the highest rating of 4.6
  • SBI Mutual Fund’s ‘InvesTap’ has been reviewed by 12,418 customers
  • 3.5 is the average rating for the mutual funds’ apps
  • Around 50% of the mutual fund companies in India don’t have mobile apps
  • Lack of marketing and promotion of the mutual fund apps observed in the survey

Common Positive Comments:

  • User friendly
  • Easy, helpful and instant
  • Helps in managing portfolio

Common Negative Comments:

  • Poor customer care service.
  • Most customer not able to see their portfolio and investment.
  • Customers face problems in login, registering, email verification, generating OTP, PAN Card updating, opening via finger-print, input date of birth during KYC and resetting of password
  • Problems in design of the app
  • Need to add wallet payment option like Airtel Money or Paytm
  • Sensex value is not being updated regularly

 

Highlights of the NBFC mobile app survey:

  • The survey was based on 25 NBFCs in India.
  • Bajaj Finance’s ‘Bajaj Finserv’ app has been reviewed by max- imum number of customers – 74,030
  • LIC Home Loans’ Kissandhan Agri Financial Services has the highest rating 4.7
  • 3.8 is the average rating for the NBFC apps in the study
  • Only 40% of the leading NBFC companies in India have mobile app services for their customers

Common Positive Comments:

  • Easy, useful & comfortable
  • Good support from the company
  • Faster loan process

Common Negative Comments:

  • Bad customer service, there are no live chats for faster communication
  • Login and sign-up problems
  • Facing problems in updating the app
  • It takes time to respond to loan applications
  • No feedback about existing customer loans