New research reveals how mobile investments are transforming customer engagement for finance and insurance organizations.

Date – 07-Aug-2024

A survey from Branch, a leader in mobile measurement and linking, reveals that most senior leaders view a mobile app strategy as essential.

Branch Report Reveals Mobile App Investments Transform Customer Engagement in Finance and Insurance

A new report from Branch, titled Finance and Insurance Industry Mobile App Trends, underscores the profound impact of mobile app investments on finance and insurance organizations. The survey finds that 99% of senior executives and C-suite leaders in these sectors regard mobile apps as crucial for enhancing customer engagement. However, 61% of them report facing resource constraints that limit their ability to fully implement app adoption across channels.

The finance sector is witnessing a mobile transformation driven by growing customer demand, with app installs approaching one billion this year. Almost all executives surveyed (98%) plan to introduce new in-app features in the next 12 months to remain competitive, highlighting the role of apps in customer retention. Over two-thirds (68%) believe their mobile app is vital for retaining customers, and more than half (57%) see customer retention as the primary objective of their mobile app strategy. The report also shows that investments in in-app features have a tangible impact on financial outcomes, with 85% of respondents noting these investments directly help in reducing organizational costs.

“Consumer demand for mobile-first experiences is driving organizations to innovate and gain a competitive edge,” said Sophie Frostbaum, Senior Business Strategy Leader at Branch. “While executives recognize the benefits of app adoption, they are often unsure about the best strategies to achieve their goals. Companies that address these challenges and focus on mobile growth should collaborate with experts to better understand user behavior and enhance their engagement strategies.”

Key Findings:

• Nearly all organizations (99%) plan to increase mobile app downloads over the next year, with 55% aiming to boost downloads by more than 50%.
• A majority of executives (93%) agree that app users are more likely to engage with cross-selling efforts, such as promotions or new services.
• 90% of executives observed higher lifetime value for app users, with nearly half (49%) reporting a revenue benefit exceeding $50 per user.
• The top in-app features identified for cost reduction include live chat with service representatives, automated (AI) chat features, access to paperless statements, and self-service tasks.

For a detailed look at the survey results, download the Finance and Insurance Industry Mobile App Trends report. To explore strategies for growing mobile presence and leveraging apps for acquisition, retention, and increased conversions, download the Branch Financial Services Mobile Growth Playbook.