For almost any app in the modern digital age, app store reviews are key to success. They serve as a public measure of your app’s quality and can significantly impact user acquisition and retention. Digital banking is no different. According to a survey by Alchemer, 77% of consumers read at least one review before downloading a free app, and 80% of users will not download an app if they see negative reviews about its performance. Furthermore, research indicates that users are more likely to write a review after a negative experience than a positive one. This imbalance means banks must be proactive in ensuring their app meets user expectations and addressing any issues firsthand.
In a 2023 study, Zendesk found that good reviews are rarely in the spotlight while bad reviews are everywhere you look. Bad reviews are very vocal and usually stem from frustration. Common reasons include app crashes, slow performance, poor customer support, or unclear transaction details. For example, a user might leave a bad review if their transaction history is confusing, leading them to believe they've been overcharged. A big pain point is often customer support, with banks starting to use chatbot AI tools more effectively to help users solve simple problems and mitigate potential negative experiences. In any case, focusing on accurate and clear transaction data should be a top priority while handling negative feedback.
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Understanding and practically implementing user feedback is the first step in improving an overall app quality, and its reviews. This feedback provides valuable insights into what users like and dislike about your app since it comes directly from the source. According to SurveySparrow, common complaints often revolve around usability and user experience, bugs, and customer service. By identifying these patterns, you can prioritize updates and improvements. Here are some tips for analyzing feedback properly:
Grouping feedback into specific categories helps in identifying trends and recurring issues. This systematic approach enables you to pinpoint the areas that require the most attention. Here's how to categorise reviews effectively:
1. Performance: Includes issues related to app speed, crashes, bugs, and overall reliability. Users often mention slow load times, unexpected shutdowns, or errors in this category.
2. Design: Includes the app's user interface (UI) and user experience (UX). Reviews in this category highlight problems with navigation, layout, visual appeal, or ease of use.
3. Functionality: Focuses on the core features and their effectiveness. Users discuss difficulties with specific functionalities like mobile deposits, fund transfers, or bill payments.
4. Customer Service: Captures feedback related to customer support interactions. Users’ express frustration over slow response times, unhelpful representatives, or unresolved issues.
Bonus tip! Use natural language processing (NLP) tools to automatically categorise reviews. Address the most common and critical issues first. This can quickly improve user satisfaction.
Once feedback is categorised, prioritize the issues based on their frequency and impact on user experience. Addressing the most common and critical issues first can lead to quick improvements in user satisfaction. Here are a few steps to prioritize:
1. Frequency Analysis: Identify how often each issue is mentioned. More frequent issues should generally take precedence.
2. Impact Assessment: Evaluate the severity of each issue. Critical bugs that affect core functionality or cause the app to crash should be top priorities.
3. Quick Wins: Identify and resolve "quick wins" – issues that are relatively easy to fix but significantly improve user experience.
Bonus tip! Develop a clear action plan with timelines and responsibilities for addressing high-priority issues. Implement tools like Qualtrics or Medallia to manage and prioritize user feedback systematically.
Beyond analysing and engaging with feedback, it’s crucial to implement this feedback into your app's development cycle. This ensures that user insights directly influence product improvements and innovations. Treat feedback analysis as an ongoing process. Regularly update your app based on user input and keep focusing on better user experience consistently.
Net Promoter Score (NPS) is an important metric that provides insight into user satisfaction and loyalty. By asking users how likely they are to recommend your app to others on a scale of 0-10, you can classify respondents into three categories: promoters, passives, and detractors. What does it mean?
As names suggest, promoters are likely to recommend your app to others and are generally very satisfied with their experience. Passives are users that are satisfied but not enthusiastic. They might switch to a competitor if given a better option. Finaly detractors are users that are unhappy with their experience. They are unlikely to recommend your app and may even discourage others from using it. So how can you sway a non-believer into your fan base? Proper communication and feedback.
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Conducting regular in-app surveys is one of the most efficient ways to collect NPS data according to Survicate. These surveys should be short and easy to complete to encourage user participation. Here are some tips for a great survey:
• Timing: Choose the right moments to prompt users for feedback. Post-transaction, after using a new feature, or following a customer service interaction can be good times to request feedback.
• Frequency: Regularly schedule surveys to gather continuous feedback. Quarterly surveys can provide a steady stream of data without overwhelming users.
• Simplicity: Keep the survey short and focused. A single NPS question followed by an optional open-ended question for additional comments can be effective.
• User Segmentation: Segment users based on their activity, demographics, or transaction history to gain insights from different user groups. Enriched transaction data from providers like Tapix can help with that.
Collecting NPS data is just the first step. To truly leverage this metric, it's essential to follow up with respondents, especially detractors. Here are some important steps to seal the deal:
• Immediate Acknowledgment: Thank users for their feedback promptly. This can be done through an automated email or in-app message.
• Personalized Responses: For detractors, send personalized follow-up messages. Acknowledge their specific concerns and explain how you plan to address them.
• Direct Communication Channels: Offer detractors a direct line to customer support. Provide a dedicated email address or phone number that helps resolve their issues more effectively.
• Incentives: Occasionally offer incentives, like discounts or premium features, to detractors as a goodwill gesture while you work on resolving their issues. This keeps users in a positive loop.
Different banks have varying levels of success with their app reviews. For instance, digital banks like Revolut and Chime often receive higher ratings due to their user-friendly interfaces and transparent communication, which is highly regarded by more digitally oriented Gen Z or Millennials. In other words, you need to know your targeted audience which in turn creates organic sign-ups. According to a Revolut 2023 Annual Report, over 70% of new customers join organically or through referrals. To become #1 finance app, the bank must create an environment users want to join.
1. User Incentives: Offer small incentives like cashback or discounts for users who leave reviews.
2. Regular Updates: Release regular updates that address user feedback and improve app functionality.
3. Clear Communication: Be transparent about new features and bug fixes. This builds trust and shows users that their feedback is valued.
Transparency can significantly improve user trust and satisfaction. For example, Wise share its product roadmap with customers, detailing upcoming features and improvements. This openness helps manage user expectations and fosters a sense of community and involvement. Monzo regularly publishes detailed blog posts and updates about its financial health, upcoming features, and the reasoning behind certain business decisions. It also has an active community forum where users can discuss product updates, share feedback, and engage directly with the development team.
This transparency can also translate to banking apps themselves, with features like ATM Nearby to help users understand withdrawal fees better, or EcoTrack to learn more about how users' spending affects the environment to promote a healthier financial life. To make features feel personal, banks need clear and accurate transaction data as a backbone.
Having an easy-to-use interface full of useful information about the user's financial life is a cornerstone of any successful banking app. With many users interacting with their bank purely through mobile platforms, a clear transaction history helps users understand their spending, reducing confusion and disputes. Many negative reviews stem from users not understanding their charges and receiving inadequate support from customer service. Having clean and accurate data solves most of those issues, fostering a much better relationship between the bank and its client. Enriched transaction data also means:
• Enhanced Data Clarity: Tapix converts complex transaction data into easy-to-read, categorised information. Instead of cryptic transaction descriptions, users see clear, understandable entries, such as “Starbucks Coffee” instead of “SBX COFFE 1234.”
• Real-Time Updates: Transaction histories are updated in real-time. This immediacy helps users stay on top of their finances and reduces the anxiety of waiting for transactions to process.
• Categorisation and Tagging: By automatically categorising expenses (e.g., groceries, dining, entertainment), users gain insights into their spending habits. This categorisation aids in budgeting and financial planning, enhancing user satisfaction.
• Detailed Merchant Information: Additional details help users quickly identify transactions and resolve any disputes directly with merchants if needed.
• Error Reduction: By minimizing ambiguous or incorrect transaction entries, enriched data reduces the likelihood of user confusion and subsequent negative reviews. Clear transaction data leads to fewer support requests and higher user trust.
Creating unique, hyper-personalised features and services can significantly enhance user satisfaction. When users feel that their needs are being met on an individual level, they are less likely to leave bad reviews and more inclined to resolve issues personally. With personalised data, users also get:
• Customized Financial Insights: Enriched data can be used to offer personalized financial insights. For example, the app can analyze spending patterns and provide tailored budgeting advice or savings tips based on individual user behavior.
• Targeted Offers and Rewards: By using detailed transaction data banks can create personalised offers and rewards programs. For instance, if a user frequently shops at a particular grocery store, the app can offer exclusive discounts or cashback deals for that store.
• Proactive Notifications: Banking app can send proactive notifications based on user activity. If a user’s spending in a particular category is higher than usual, the app can alert them and offer suggestions to manage their budget better.
• Enhanced Security and Fraud Detection: Detailed transaction categorisation helps in identifying unusual patterns that could indicate fraud. Personalised alerts can notify users of suspicious activity, enhancing their sense of security and trust in the app.
What do users expect from mobile banking? Learn more in our article!
About author
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Michal Maliarov
Senior insider
