- Loan application and securities trading: the least used app functions
- People making photo payments mobile generally use the app to a greater extent
Munich, 10 July 2023. Almost four out of five Germans remain loyal to their main bank. This is shown by a representative survey* for Germany by Gini. 78% of respondents consider it unlikely or less likely that they will switch their main account to another bank in the next 12 months. Direct banking clients feel less tied to their bank than branch banking clients: 19% of direct banking clients are thinking about switching; the figure is 15% among branch banking clients.
Younger people are also more likely to switch banks in the next few months than other age groups. 30% of 25-34-year-olds said this was very likely or likely; for those over 55, it was 8%.
The survey also shows that satisfaction with the banking app plays an important role: The more satisfied the customer is with mobile banking, the less likely he is to change his main bank in the next 12 months.
Banking app functions not everyone uses
The most frequently used functions of the banking app are those that keep an eye on one’s bank account and its turnover. But money transfers are also made frequently. Thus, 96 % of mobile banking users check account balances and deposits and withdrawals in the app; 95 % make transfers. The most active age groups are 25-34-year-olds and 35-44-year-olds.
However, some functions are not used as frequently or intensively. For example, only 17 % of app users apply for a loan. These are more often men between the ages of 25 and 34. On the other hand, the use of this function is somewhat more widespread among people with a monthly household net income of 4,500 to 5,000, at 28 %, than among people with less purchasing power.
Securities trading is another function that Germans use only rarely: 24 % of users do this, 5 % about once a month. High-income earners use this function more often: 37 % of respondents with between €4,500 and €5,000 a month at their disposal use it, 17 % even several times a month.
The card blocking function is used somewhat more frequently. If the card is lost or for security reasons, 29% of mobile banking users access their bank’s app and block their bank card. However, 20% of users do this less frequently than once a month.
Photo payment users increasingly use the app
Banking apps offer innovative functions that make banking easier for the customer. One is the photo payment, which significantly speeds up and simplifies the process. More and more Germans appreciate these advantages: While the number of users, according to a Gini survey** in December 2022, was still at 43 % of those familiar with photo payment, by spring 2023, it had risen by 14 percentage points to 57 %.
The bank advisor is an element of trust here and plays an important role: respondents who learn about the photo payment from the bank advisor use the function significantly more often than others.
Special is here that those who know about the photo payment and actively use it, also conduct other transactions in the banking app, such as securities trading. While only up to 20 % of the respondents who do know photo payment but not do photo payments use the securities trading function or apply for loans mobile, the figure for photo payment users is 75 %.
“This survey shows us how important banking apps have become for customers as they want to do a variety of mobile activities. If a bank offers a comprehensive and high-quality mobile banking experience that adapts to the increasingly digitalized world and the needs of customers, it will have more satisfied customers who will then also remain loyal to the bank”, said Holger Teske, Co-founder and CEO of Gini GmbH. “This allows banks to make the apps the central starting point for the banking experience and open up further revenue areas.”
The white paper is available at the following link: Whitepaper.
*The data used is based on an online survey conducted by YouGov Deutschland GmbH, in which 2091 people participated between December 02 and 05, 2022. The results were weighted and are representative of the German population aged 18 and over.