HOW CONSUMERS RATE THEIR FINANCE APPS - Applause

ARC REPORT ? NOV. 2015

HOW CONSUMERS RATE THEIR FINANCE APPS

Measuring mobile customer experiences from nearly three million app store reviews.

By Ben Gray

64/100

The average app quality score of the nearly 6,500 finance apps in Google Play and Apple

App Store, as rated by their U.S. customers.

Digitally Disrupting The Finance Industry

People are obsessed with money. In 2015, people are also obsessed with their smartphones and tablets. It is natural that apps that help people bank, manage their money, make payments and find financial information would be popular in the apps stores. Thousands of apps help people keep track of their money. But which finance-related apps are the best?

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ARC from Applause studied the finance industry to determine which brands are on the leading edge of the digital revolution. In our inaugural report in the broader finance space, ARC analyzed how U.S. customers rate the app quality of 45 brands with the most popular apps--including banks, expenses, payments, personal finance and taxes (see Figure 1). What did we discover? Banks tend to have poor app scores, while expense managers are a cut above.

figure 1

FIGURE 1: APPLAUSE FINANCE APP QUALITY INDEX ? INDUSTRIES

AVERAGE SCORE POOR

Expense managers 79 Personal finance 73 Taxes 70 Payments 61 Banks 45

0

10

FAIR

GOOD EXCELLENT WINNING

20

30

40

50

60

70

80

90

100

SOURCE: APPLAUSE ANALYTICS, NOVEMBER 2015

AVG. SCORE

INDUSTRY MIN/MAX

10 Popular Brands Earn High Quality Marks

ARC from Applause authored this report to help finance brands

understand how U.S. customers perceive their flagship Android and

iOS app quality. ARC considered 358 of the most popular finance apps

for inclusion before narrowing our focus to 45 of the most popular

brands, based on volume of app store feedback (see Figure 2). After

crunching nearly 3 million app store ratings and reviews, our inaugural

Applause Finance App Quality Index is comprised of the apps with more

than 5,000 reviews.

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figure 2

FIGURE 2: APPLAUSE FINANCE APP QUALITY INDEX

AVG. +/- POOR

FAIR

GOOD EXCELLENT

ANDROID

IOS

WINNING REVIEWS REVIEWS

Spending Tracker 86.5 -0.5 Credit Karma 84 -4

Goodbudget Budget Planner 83 -1 Redfin 80 -2

Capital One Wallet 80 6 MyTaxRefund BY TURBOTAX 79.5 -2

TaxCaster BY TURBOTAX 78.5 -2 MileIQ 77 1

Mint Bills & Money 77 -1 BillGuard 76.5 2

Zillow Real Estate 74 1 Square Cash 73.5 2 Concur 73 0

Trulia Real Estate 72 -3.5 Mint 71 -1

Citizens Bank Mobile Banking 66.5 -5 Venmo 65.5 -3.5

Trulia Rentals 65 -6 Zillow Rentals 63.5 2.5 Chase Mobile 62.5 4 Discover Mobile 62.5 -3 Navy Federal Credit Union 62 -1.5 Barclays Mobile Banking 60 11 Western Union Money Transfer 59.5 5.5

PayPal 59.5 2.5 Barclaycard 58.5 0.5

Acorns 57.5 2 Amex Mobile 55 0.5

IRS2Go 52.5 1.5 Capital One Mobile 52 -3.5 SunTrust Mobile App 51.5 23

CommBank 47 2 U.S. Bank 45.5 -3

Android Pay 44 -4 Fidelity Investments 43.5 4.5

Bank of America 38.5 0.5 TD Bank (US) 38.5 -4

Wells Fargo Mobile 37 -3 Virtual Wallet BY PNC BANK 36 0.5

Regions Mobile 33.5 -1 Ally Mobile Banking 32.5 -2.5 HSBC Mobile Banking 29 -4

Citi Mobile 28.5 0 PNC Mobile Banking 27 0 Money Network Mobile App 25 -5

0

3,001 91,961 5,872

7,517 5,379 20,669 2,904 2,347 22,617 5,865 49,740 1,632 12,946 27,855 23,435 5,284 5,646 13,380 3,710 28,406 5,226 9,207 23,240 8,724 43,288 8,213 4,543 3,967 5,008 16,749 8,349 9,316 15,414 26,304 4,587 28,831 3,842 22,015 4,316 3,596 3,538 5,297 6,813 9,380

6,115

2,711 54,074

1,587 8,399 3,297 17,492 2,516

3,118 40,965

4,973 53,381 5,706 18,458 22,837 71,507

5,451 4,335 3,339 2,871 51,281 9,954 3,015

N/A 2,118 26,131 662 2,308 2,538 647 24,392 4,365

26 5,248

N/A 1,579 13,205 1,322 8,798 1,376 2,119 1,571

582 4,637 2,220

479

10

20

30

40

50

60

70

80

90

100

SOURCE: APPLAUSE ANALYTICS, NOVEMBER 2015

AVG. SCORE

ANDROID

IOS

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Just ten apps earned above average app quality scores of 66 or greater based on more than 10,000 reviews:

Credit Karma (84) [Android | iOS] Redfin (80) [Android | iOS] MyTaxRefund by TurboTax (79.5) [Android | iOS] Mint Bills & Money (77) [Android | iOS] BillGuard (76.5) [Android | iOS] Zillow Real Estate (74) [Android | iOS] Concur (73) [Android | iOS] Trulia (72) [Android | iOS] Mint (71) [Android | iOS] Citizens Bank Mobile Banking (66.5) [Android | iOS].

What is the greatest commonality? The top ten apps do not share much in terms of category, coming from banks, personal finance and taxes. What the apps do share are passionate customers who sing the praises of their experiences because they make it easier to check account balances, manage expenses, do your taxes and more.

Apps That Have Room To Improve

Reviews of finance apps span the entire customer journey, from researching financial needs to discovering brands, getting quotes and applying for loans and mortgages, finding branch locations and receiving alerts. When customers feel well served or underserved, they have a channel in app stores through which to share experiences-- good and bad (see Figure 3).

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figure 3

FIGURE 3: APPLAUSE FINANCE APP QUALITY INDEX ? BANKS

Citizens Bank Mobile Banking 66.5 5 Chase Mobile 62.5 4

Discover Mobile 62.5 3 Navy Federal Credit Union 62 1.5

Barclays Mobile Banking 60 11 Barclaycard 58.5 0.5

Amex Mobile 55 0.5 Capital One Mobile 52 3.5 SunTrust Mobile App 51.5 23

CommBank 47 2 U.S. Bank 45.5 3

Fidelity Investments 43.5 4.5 Bank of America 38.5 0.5 TD Bank (US) 38.5 4

Wells Fargo Mobile 37 3 Regions Mobile 33.5 1

Ally Mobile Banking 32.5 2.5 HSBC Mobile Banking 29 4

Citi Mobile 28.5 0 PNC Mobile Banking 27 0 Money Network Mobile App 25 5

SOURCE: APPLAUSE ANALYTICS, NOVEMBER 2015

FIGURE 3: APPLAUSE FINANCE APP QUALITY INDEX ? EXPENSE MANAGERS

Spending Tracker 86.5 0.5 Mint Bills & Money 77 1

Concur 73 0

SOURCE: APPLAUSE ANALYTICS, NOVEMBER 2015

FIGURE 3: APPLAUSE FINANCE APP QUALITY INDEX - PAYMENTS

Capital One Wallet 80 6 Square Cash 73.5 2 Venmo 65.5 3.5

Western Union Money Transfer 59.5 5.5 PayPal 59.5 2.5

Android Pay 44 4 Virtual Wallet by PNC Bank 36 0.5

SOURCE: APPLAUSE ANALYTICS, NOVEMBER 2015

5,284 28,406

5,226 9,207 23,240 8,213 3,967 16,749 8,349 9,316 15,414 4,587 28,831 3,842 22,015 3,596 3,538 5,297 6,813 9,380 6,115

5,451 51,281 9,954 3,015

N/A 662 2,538 24,392 4,365

26 5,248 1,579 13,205 1,322 8,798 2,119

1,571 582 4,637 2,220 479

3,001 22,617 12,946

2,711 40,965 18,458

5,379 1,632 5,646 8,724 43,288 26,304 4,316

3,297 5,706 4,335 2,118 26,131

N/A 1,376

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