Branch has officially published results from its Finance and Insurance Industry Mobile App Trends report, which highlights the significant impact that mobile app investments have on finance and insurance organizations. More on the same would reveal how literally 99% of senior executives and C-suite leaders across finance and insurance companies see mobile apps playing a crucial role when it comes to fostering customer engagement, yet a staggering 61% still face various resource constraints that hinder app adoption across channels. Now, before we get any further into the results, we must acknowledge the fact that finance industry, as it is, is actually going through a comprehensive mobile revolution, a revolution which is driven by customer demand. You see, app installs from across the board are on the cusp of hitting one billion this year, and even with that, nearly all surveyed executives(98%) reveal that their organization plans on introducing new in-app features within the next 12 months to stay competitive, while simultaneously emphasizing upon the impact such platforms have on customer retention. The same is made evident by two-thirds of respondents (68%), who strongly believe that their mobile app plays an indispensable role in retaining customers. Markedly enough, more than 57% customers have also cited customer retention as the primary goal for their mobile app strategy. Complimenting the same is a piece of data which says that in-app features significantly affect the 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.
We did refer to how nearly all of the surveyed organizations plan to increase their number of mobile app downloads in the next 12 months, but what we didn’t touch upon was a group of 55% who are aiming to increase the number of downloads by over half of what it happens to be right now. Another group we didn’t quite expand was the one where an estimated 93% respondents agreed that app users are more likely to engage with cross-selling efforts, such as promotions or adding new services. Hold on, we still have a couple of bits left to unpack, considering how Branch’s survey also shed some light upon those ninety-percent of executives who have already witnessed higher lifetime value for app users. In fact, nearly half (49%) would go on to report a revenue benefit of more than $50 per user. Rounding up highlights is a consensus’ idea on top in-app features that help reduce an organization’s costs. For instance, these features included chat with service representatives, automated (AI) chat features, access to paperless statements, and self-service tasks.
Having referred to the results, we must turn our attention towards the methodology through which Branch reached upon them. In essence, the company collaborated with Banking Dive’s studio ID to conduct an online, invitation-only survey. Here, a total of 150 financial services and insurance leaders, director level and above, were recruited for the exercise. Enhancing the stated exercise’s credibility even further would be how, at the time of Branch’s survey, these decision-makers were employed at financial services companies (52% of respondents) and insurance companies (48% of respondents) that do offer a mobile app to their customers under some capacity or the other.
“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.”
Founded in 2014, Branch’s rise up the ranks stems from linking and measurement partner for growth-focused teams, as well as maximizing the value of their evolving digital strategies. The company’s excellence in what it does can also be understood once you consider it is currently trusted by various leading brands like Instacart, Western Union, NBCUniversal, Zocdoc, Sephora, and more.
