Banks should launch their own app stores – Gartner

Analyst house Gartner is expecting to see 25% of the top 50 largest banks launching their own banking app store to improve application discovery and user experience.

Analyst house Gartner is expecting to see 25% of the top 50 largest banks launching their own banking app store to improve application discovery and user experience.

According to Gartner, the rising number of apps is causing significant challenges for the banking industry, as more third party apps appear on the market, blurring the visibility for the customer.

The company also believe that a bank offering too many apps is taking the risk that its customers will not find the right one for them. Applications, often listed by line of business, are not always easy to find or to understand.

Kristen Moyer, research vice president at Gartner, explained: "Left unaddressed, these two challenges and others could really have a negative impact on banking revenues and customer experience.

"Banks can use banking app stores to improve app discovery but only if the added cost and complexity are warranted."

In its latest report, Gartner gave advice for banks going towards an onsite app store: "For each app, provide complete descriptions and screen shots, and allow social commentary. Each app could then be linked to the associated public app store."

In Gartner’s ‘Top 10 Strategic Technology Trends for 2014’, the company listed mobile apps in second position behind the mobile device diversity.

In early 2013, French bank Crédit Agricole launched its CA Store, a catalogue of – to date – 42 applications, and where customers can submit their own ideas for future apps.

At first, the customer using one to ten apps in the month had to pay €0.79 ($1.07), and €1.99 if they used more than ten apps.

Since October 2013, all apps featuring on the CA Store have become free, a decision aiming to rally more customers – who were around 15,000 in January 2014.

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