NEW YORK–Credit unions were given a number of props in a review of iOS and Android apps by MagnifyMoney.
In a piece by Nick Clements that was also distributed by Forbes.com, the author noted, “As transactions move from branches to cell phones, the quality of mobile banking apps will become increasingly important and a point of differentiation for banks as they battle to retain existing and lure new customers.”
MagnifyMoney compiled user ratings of iOS and Android apps from the 100 largest banks and credit unions in the country. A weighted average of the ratings from iTunes and Google Play were used to identify the best and worst apps in the country.
In the company’s ratings, eight of the best 10 apps overall came from credit unions. Five credit unions tied for first place, with a score of 4.7: Eastman Credit Union, ESL, SEFCU, Redstone Credit Union, and VyStar Credit Union.
“Most of the winning credit unions outsource their app development to…Digital Insight, in contrast to the in-house teams employed by most large banks,” said the MagnifyMoney review. “The Digital Insight app has been applauded for the simplicity of its design and its reliability.”
Winner of the “Best App For A Large Credit Union” was Virginia-based PenFed. “The app achieved a 4.4 rating, compared to a 3.8 rating for all credit unions reviewed,” said MagnifyMoney.
Winner of the “Best App For a Large Bank” was Chase, which had the best mobile app of large banks in the country, with a rating of 4.2. The average rating for large banks was 3.7. “The app is full of features, allowing users to send money to friends, send wire transfers (including internationally), see statements and more. The app also has small, fun design features. If you use the app in New York, you will see images of New York City. If you use the app in Southern California, expect to see pictures of the beach,” noted MagnifyMoney.
The full report can be found here.