Finance Apps Are in ‘Need of Improvement,’ Says a Quarter of Brits

New research undertaken by leading UK mobile specialists 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. 

Additionally, two in five (40%) of non-users still prefer visiting branches or post offices, highlighting a preference for traditional banking methods.

Aside from the drawbacks, the report also unveils that finance apps have become central to personal finance management, with over half of users (52%) having at least one finance app on their phone. 

What’s more, almost two-thirds (58%) engage with their finance apps daily, showing that finance apps have seamlessly integrated into users’ routines. 

When it comes to the easiest-to-use mobile banking apps, Barclays is crowned the winner, with respondents favouring its intuitive design and comprehensive features. 

Monzo has also been named the best mobile app for budgeting and tracking money, along with Moneybox as the most popular app for investing. 

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