Mobile Measurement and Communication Lead Branch Survey Finds Majority of Senior Leaders Consider Mobile App Strategy Important
PALO ALTO, California., August 6, 2024 /PRNewswire/ — New research report Branch:, Mobile application trends in the financial and insurance industry, highlights the significant impact of mobile app investments on financial and insurance organizations. The survey shows that 99% of senior executives and C-suite executives in finance and insurance believe that mobile apps play an important role in driving customer engagement, but 61% face resource constraints that hinder apps reception through different channels.
The financial industry is experiencing a mobile revolution driven by customer demand, and app installs are on the way one billion this year. Almost all executives surveyed (98%) say their organization plans to add new app capabilities in the next 12 months to stay competitive and emphasize the impact of apps on customer retention. More than two-thirds (68%) believe their mobile app plays an important role in customer retention, with more than half (57%) citing customer retention as a key goal of their mobile app strategy. The data also shows that in-app functions significantly impact their bottom line, with eighty-five percent of respondents reporting that investing in these functions has a direct impact on their organization’s ability to reduce costs.
“Increasing consumer demand for a mobile-first experience is driving organizations to innovate for competitive advantage,” said Sophie Frostbaum, the branch’s senior head of business strategy. “Despite considering the benefits of app adoption, executives are divided on the best strategies to achieve them. Companies ready to overcome these challenges and drive their mobile growth must partner with experts who can help them understand user behavior and optimize their engagement strategies.”
The main results of the survey:
- Almost all organizations (99%) plan to increase mobile app downloads over the next 12 months. The majority (55%) have an ambitious goal of halving the number of downloads.
- Almost all executives (93%) agree that app users are more likely to engage in 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 benefits beyond revenue. $50 per user.
- As a rule, the best in-app features that help reduce costs. live chat with service representatives, automated (AI) chat features, access to paper statements and self-service tasks.
For full results: download the Financial and Insurance Industry Mobile App Trends Report. To learn more ways financial organizations can increase their mobile presence and use apps to increase acquisition, retention and conversions, download Branch Financial Services Mobile Growth Playbook.
About the branch
Branch: is the connector 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.
The methodology
The branch has cooperated Studio ID of Banking Dive conduct an online survey, by invitation only. 150 financial services and insurance leaders at director level and above were surveyed May 2024. In this survey, these decision makers worked at financial services companies (52% of respondents) and insurance companies (48% of respondents) that offer a mobile app to their customers.
SOURCE Branch measurements
