Survey from Branch, leader in mobile measurement and linking, shows majority of senior leaders consider a mobile app strategy essential
PALO ALTO, Calif., Aug. 6, 2024 /PRNewswire/ — A new research report from Branch, Finance and Insurance Industry Mobile App Trends, highlights the significant impact that mobile app investments have on finance and insurance organizations. The survey shows that 99% of senior executives and C-suite leaders in finance and insurance believe mobile apps play a crucial role in fostering customer engagement, yet 61% face resource constraints that hinder app adoption across channels.
The finance industry is experiencing a mobile revolution driven by customer demand, with app installs approaching one billion this year. Nearly all executives surveyed (98%) say their organization plans to add new in-app features within the next 12 months to stay competitive and emphasizes the impact apps have on customer retention. More than two-thirds (68%) strongly believe their mobile app plays a critical role in retaining customers, with over half (57%) citing customer retention as the primary goal for their mobile app strategy. Data also shows that in-app features significantly affect their bottom line, with eighty-five percent of participants stating investments in these features have a direct impact on their organization’s ability to reduce costs.
“Consumers’ increasing demand for mobile-first experiences is pushing organizations to innovate for a competitive edge,” said Sophie Frostbaum, senior business strategy leader at Branch. “Despite recognizing the benefits of app adoption, executives are divided on the best strategies to achieve them. Companies ready to tackle these challenges and advance their mobile growth should partner with experts who can help them understand user behavior and optimize their engagement strategies.”
Key survey findings:
- Nearly all organizations (99%) plan to increase the number of mobile app downloads in the next 12 months. A majority (55%) ambitiously aim to increase the number of downloads by over half.
- Almost all executives (93%) agree that app users are more likely to engage with cross-selling efforts, such as promotions or adding new services.
- Ninety percent of executives saw higher lifetime value for app users, with nearly half (49%) reporting a revenue benefit of more than $50 per user.
- In order, the top in-app features that help reduce costs: live chat with service representatives, automated (AI) chat features, access to paperless statements, and self-service tasks.
For access to the full results, download the Finance and Insurance Industry Mobile App Trends report. To learn more ways that finance organizations can grow their mobile presence and tap into apps for acquisition, retention and increased conversions, download the Branch Financial Services Mobile Growth Playbook.
About Branch
Branch is the linking and measurement partner for growth-focused teams, trusted to maximize the value of their evolving digital strategies. World-class brands like Instacart, Western Union, NBCUniversal, Zocdoc and Sephora rely on Branch to acquire users, retain customers and drive more conversions.
Methodology
Branch collaborated with Banking Dive’s studio ID to conduct an online, invitation-only survey. 150 financial services and insurance leaders, director level and above, were surveyed in May 2024. At the time of this survey, these decision-makers were employed at financial services companies (52% of respondents) and insurance companies (48% of respondents) that offer a mobile app to their customers.
SOURCE Branch Metrics
