Exploring customer attitude towards neo-banking apps: a thematic analysis using Google Play and Apple App Store reviews

Abstract

Purpose – Financial services have radically transformed in this digital age, and digital technologies are increasingly embraced. This pioneering study, the first of its kind, seeks to conduct a comprehensive review and analysis of the key factors that influence customer attitudes towards neo-banking applications. Furthermore, it aims to compare the user experience of Android and iOS neo-banking users by leveraging customer reviews from the Google Play Store and Apple App Store. Design/methodology/approach – The authors meticulously analysed user reviews from six popular banking apps to achieve the research objective. The authors used text mining and thematic analysis to extract and categorise the user feedback. The qualitative data was processed using the NVIVO survey tool, a reliable and widely used method, ensuring a rigorous and systematic analysis of unstructured qualitative data. Findings – The study revealed that web features, customer support systems, privacy and security concerns, ease of use and overall app usefulness significantly influence customer attitudes towards neobanks. Notably, security and customer support systems emerged as paramount consumer concerns in the neo-banking landscape. The findings indicate a substantial disparity in the user experience between Android and iOS users. Customer reviews from Android users are predominantly favourable towards neobanks, whereas iOS users express considerable dissatisfaction with the services most neobanks provide. Research limitations/implications – This study significantly contributes to the neo-banking literature, a sector that remains underexplored despite the increasing adoption rate. While previous studies focused on mobile banking adoption using quantitative survey methods, the study used a qualitative text-mining approach and thematic analysis, allowing for a detailed understanding of customer attitudes. Although text mining has been applied in other domains, its use in neo-banking services is still limited. This study demonstrates how text mining and thematic analysis can be leveraged to extract meaningful concepts from unstructured consumer reviews. Previous banking studies rely on models such as technology acceptance models and unified theory of acceptance and use of technology, which can explain the adoption behaviour but may not fully capture attitudinal factors. This research extends the scope of neo-banking literature by incorporating consumer-generated insights through text mining. It enhances the existing knowledge of neobanking by highlighting the distinct experiences of Android and iOS users. This study addresses a gap in previous research by covering reviews from the Apple App Store. It includes reviews in Hindi to understand better the customer base that prefers expressing their emotions in Hindi. By doing so, this is revealed to be the first study of its kind, uncovering differences in user experience and satisfaction levels between Android and iOS users for the same applications. It demonstrates the necessity for further research into platformspecific user experiences, particularly in the context of emerging technologies in digital banking. Identifying critical success factors and inhibitors influencing attitudes towards neo-banking applications lays a foundation for future research. It encourages scholars to explore disparities in user behaviour and preferences in digital banking as this field evolves. Practical implications – These insights include strengths and areas for enhancement, particularly in user experience, customer support and feature optimisation. The reviews indicate a strong need for a user-friendly interface. Android Users express satisfaction with the app design, while iOS users report issues with the user interface, including glitches, bugs and compatibility problems. This indicates addressing specific complaints aboutmisalignment of UI with iPhone margins and ensuring the navigation elements are easily accessible. The customer support system turns out to be a crucial area for improvement. As neobanks are entirely online, the need for strong customer support becomes essential. Many iOS users report frustration with the app’s support system, mentioning issues such as unresponsive chat support, lack of human assistance and unresolved queries. Managers should prioritise enhancing customer support infrastructure by providing more accessible live chat with human representatives, clear communication channels and quick response time. Managers should prioritise providing users with accessible options to ask queries beyond the fixed questions in chatbots. While chatbots can handle common queries, many users need personalised assistance. Implementing a multitiered support system with email support and dedicated helplines can significantly improve user satisfaction and trust levels in biobanking services. The review highlights the persistent problem with the Video Know Your Customer (KYC) verification process, particularly for iOS users. These delays and complications in verification can block potential customers and lead to dissatisfaction among existing ones. Managers should streamline the KYC process by leveraging advanced technologies to automate and expedite verification steps. Facilitating clear communication with customers regarding the process and potential issues can help minimise user frustration and improve satisfaction. Managers should consider developing educational content and gamified features that cater to younger users’ needs, which eventually enhance the financial literacy of this engaging demography. Users express a strong desire for security measures in the applications. In contrast, many users feel confident in the app’s security, and various feedback shows concerns about freezing and blocking their accounts, mainly iOS users’ accounts. Implementing biometric authentication and app closure features while entering any unsecured network can enhance user trust and security. Some users also reported limitations regarding location access, which affects the ability of the app features. Managers should observe the geographical availability of services and expand them in underserved areas. This can be done by partnering with regional traditional banks to serve a broader customer base. Finally, during the review analysis, it was observed that very few neobanks bother replying to app store customer feedback. Establishing a continuous feedback loop with customers can provide valuable insight for continuous improvements. Implementing a robust tracking of customer issues on all platforms can enhance user satisfaction. Social implications – The rise of neobanks has broader implications for financial inclusion, financial literacy, consumer empowerment and digital literacy. By removing physical barriers, neobanks can bring unbanked and underbanked populations into the financial ecosystem. The positive feedback from users, especially younger ones, indicates that neobanks can be crucial in introducing financial services to demographics often ignored by traditional banks. Neo-banking can bridge the financial gaps between urban and rural populations, provided that challenges such as internet connectivity and smartphone accessibility are addressed. The advancement of neobanks signifies a shift in the banking landscape, challenging traditional banking models. Young individuals gravitate towards digital-only banking, which can increase competition, driving innovation and service improvement across the banking industry. The focus on financial literacy in user reviews suggests a growing societal requirement for educational resources on their platforms; neobanks can help users develop essential financial skills such as budgeting, saving, making mindful investments and responsible spending. This will contribute towards a financially literate society and improve overall financial well-being. Finally, the ability of neobanks to provide convenient banking solutions can help address broader societal challenges, such as the need for a fast and reliable payment system in a cashless economy; by facilitating financial management, neobanks can contribute to the modernisation of the fintech ecosystem and promote economic growth and stability. Originality/value – This study is a pioneering effort, delving into India’s app-based reviews of neo-banking services. It offers a unique perspective on the user experience of Android and iOS users. The findings, which hold significant implications for the banking and technology industry, provide a deeper understanding of customer attitudes, thereby shaping the future of digital banking. © 2025 Emerald Publishing Limited