Disadvantage of Mobile Banking

Not all mobile banking apps work well. You could become frustrated with a digital banking experience. Even the best ones will encounter outages every now and then.

As banks layer in ever-more features, navigating the apps can feel daunting, too. In fact, multiple J.D. Power studies have shown a decline in mobile banking satisfaction in the U.S. “As banks are adding more features, some consumers are being stumped,” McAdam says. “They maybe don’t know how to use it or can’t figure it out.”

If you’re among them, check with your bank to see if it does in-person demos. Some banks appoint specialists in their branches to help customers learn how to use digital banking features.

Another downside with mobile banking apps is they lack support for taller orders, like getting a mortgage. “A big disadvantage of mobile is you are not getting that kind of detail that you would get from an in-person interaction,” Greer says. “And people want that assuredness when they are doing things like shopping for a home loan or auto loan or something that’s more intense than making payments or checking transactions.”

24 Comments

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