A recent survey conducted by Branch, a leading mobile measurement and linking company, reveals the growing importance of mobile app strategies in the finance and insurance industries. According to the survey, 99% of senior executives and C-suite leaders in these sectors believe that mobile apps are essential for customer engagement. However, the study also shows that 61% of organizations face resource constraints that prevent them from fully adopting mobile apps across all channels.
With app installs approaching one billion this year, the finance industry is undergoing a mobile revolution driven by customer demand. In response, nearly all executives (98%) plan to introduce new in-app features in the next 12 months to remain competitive and enhance customer retention. In fact, 68% of respondents strongly believe that their mobile apps play a crucial role in retaining customers, with 57% citing customer retention as the primary goal of their mobile app strategies. Additionally, 85% of participants stated that investments in in-app features directly impact cost reduction for their organizations.
The survey also highlights key findings such as 99% of organizations planning to increase the number of mobile app downloads in the next year, with a majority aiming for a significant increase. Furthermore, 93% of executives agree that app users are more likely to engage with cross-selling efforts, resulting in higher lifetime value and revenue benefits. The top in-app features identified to help reduce costs include live chat with service representatives, AI chat features, access to paperless statements, and self-service tasks.
To access the full survey results and learn more about how finance organizations can leverage mobile apps for acquisition, retention, and increased conversions, readers can download the Finance and Insurance Industry Mobile App Trends report and the Branch Financial Services Mobile Growth Playbook.
Sophie Frostbaum, senior business strategy leader at Branch, emphasized the importance of organizations partnering with experts to understand user behavior and optimize engagement strategies in order to achieve mobile growth. As consumers increasingly demand mobile-first experiences, companies that are prepared to tackle challenges and enhance their mobile presence will gain a competitive edge in the industry.
Branch is a trusted linking and measurement partner for growth-focused teams, working with world-class brands like Instacart, Western Union, NBCUniversal, Zocdoc, and Sephora to acquire users, retain customers, and drive conversions. The survey was conducted in collaboration with Banking Dive’s studio ID, involving 150 financial services and insurance leaders at the director level and above in May 2024.
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