Viewing recent transactions is one of the most prominent features of the online banking experience. Studies have shown that mobile banking apps are the fifth most frequently used smartphone apps on a weekly basis—behind only social networking, music, gaming and news apps. To keep pace with growing mobile preferences and expectations, banks must offer mobile transaction history in a user-friendly and digestible manner. Through transaction history listings, account holders can view recent activity that they would otherwise find only via the desktop site and account statements. This month’s Bank Monitor Report examines the iPhone mobile app transaction history functionality of the 19 firms in the coverage set.
The average archive length for firms in this report is around 16 months, an ideal amount available from a mobile app. Aside from the running balance, we recommend that firms show only the three most important transaction details in the primary listing: date, amount and description. Most firms include extraneous information that can clutter the small screen size and should instead house this information in expanded transaction views. Only six firms use expanded transaction views to incorporate added capabilities or unique details, including customization and transaction sharing.
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