Research from the Ministry, which is leading the way in mobile and connectivity testing, shows the majority of senior leaders consider a mobile device strategy to be important
PALO ALTO, Calif., Aug 6 2024 /PRNewswire/ — A new research report from the Branch, Finance and Insurance Mobile App Trends, highlights the huge impact that mobile app investing is having on finance and insurance companies. The survey shows that 99% of senior executives and C-suite leaders in finance and insurance believe that mobile devices play an important role in driving customer engagement, yet 61% face hardware problems that hinder the adoption of applications across channels.
The financial industry is undergoing a rapid mobile revolution driven by consumer demand, and app adoption is imminent. billion this year. Almost all executives surveyed (98%) say their organization plans to add new features to the app within the next 12 months to stay competitive and highlights the impact apps have it in terms of customer retention. More than two-thirds (68%) strongly believe that their mobile device plays an important role in customer retention, and more than half (57%) cite customer retention as a goal of the core of their mobile device strategy. The data also shows that in-app features have a significant impact on their scores, with eighty-five percent of participants saying that investing in these features has a direct impact on their performance. their organization to cut costs.
“Increasing customer demand for mobile-first experiences is driving organizations to innovate for competition,” said Sophie Frostbaum, senior business strategy leader at the agency. “Despite realizing the benefits of app adoption, managers are divided on the best ways to achieve it. Companies that are ready to address these challenges and continue their mobile growth should collaborate with experts who can who help understand user behavior and improve their engagement patterns.”
Key research findings:
- Almost all organizations (99%) plan to increase the number of mobile app downloads in the next 12 months. The majority (55%) intend to increase the number of links by more than half.
- Almost all executives (93%) believe that app users have the opportunity to interact with different marketing methods, such as advertisements or installing new services.
- Ninety percent of executives have seen higher lifetime value of app users, with nearly half (49%) reporting greater revenue gains. $50 by user.
- So, the features in the app help to reduce costs: chat with service agents, chat features (AI), access to paperless announcements, and self-service activities.
To get complete results, download the Finance and Insurance Mobile App Trends report. To learn more ways financial institutions can grow their mobile presence and use processes to acquire, retain and increase conversions, download Financial Services Sector Mobile Growth Playbook.
About the Department
Branch is the coordinating and measurement partner for growth-oriented teams, trusted to maximize the value of their digital development strategies. World-class brands such as Instacart, Western Union, NBCUniversal, Zocdoc and Sephora rely on Sector to acquire users, retain customers and drive more conversions.
Method
The department cooperates with Banking Dive studio ID to conduct an online, invitation-only survey. 150 financial services and insurance leaders, director level and above, were surveyed to May 2024. At the time of this research, these decision makers were employed in financial services companies (52% of respondents) and insurance companies (48% of respondents) that offer a mobile app to their customers.
SOURCE Sector Metrics
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