CashNews.co
New research by mobile app specialist Apadmi has revealed that nearly a quarter of Brits believe finance apps are in dire need of improvement. Despite their widespread use, 23% of users say they only “somewhat trust” the finance apps on their phones, highlighting concerns over security and usability.
According to Apadmi’s Finance App Report 2024which surveyed 1,000 users, security remains a significant issue, with 28% of respondents avoiding finance apps due to fears over data protection. Meanwhile, 40% of non-users still prefer traditional banking methods, such as visiting branches or post offices, showing that digital alternatives have yet to fully win over the public.
| Preference | % of Respondents |
| More security measures to tackle fraud | 30.76% |
| Rewards for loyal customers | 21.33% |
| Saving pots for different goals | 15.33% |
| Faster loading times | 14.36% |
| A better design and layout | 10.83% |
| More educational content within the app | 6.43% |
However, the report also highlights the growing role of finance apps in daily life, with 52% of respondents having at least one finance app installed and 58% using them daily for managing their personal finances. Among the most user-friendly apps, Barclays took the top spot for ease of use, while Monzo was praised for its budgeting tools, and Moneybox was named the most popular app for investing.
Marcus Hadfield, Chief Strategy Officer at Apadminoted that improving security and personalisation will be key to boosting trust and user satisfaction. “Our research shows users are looking for stronger security features and a more tailored experience. Addressing these areas will be essential for enhancing the overall performance of finance apps,” he said.
The full report is available on Apadmi’s website, offering insights into the evolving relationship between consumers and digital finance platforms.