We hear so much about apps in the loyalty marketing industry. Ostensibly, there is an app for nearly everything.
As mobile customer engagement races to greater heights, it appears that financial institutions are lagging behind in this department.
According to a new report from Episerver, 15% of financial institutions do not have a mobile application of any kind. In the Future of Finance: The Mobile Money Report, Episerver analyzed the mobile capabilities of 20 U.S. financial services companies, the company’s single largest industry segment—from mobile applications to mobile sites—on both Apple™ and Android™-powered devices.
Despite today’s highly mobile consumer, the report shows that only 68% of financial providers benchmarked provided Android tablet apps, and just 62% provided iPad apps. What’s more, the report notes that several of these were simply stretched versions of the smartphone apps, making it difficult for users to navigate the site.
Financial services companies are also placing responsive design on the back burner−only two in five financial services providers have implemented responsive design, let alone adaptive, indicating that mobile site design is not a priority for 60% of financial retailers.
“In today’s digital world, retail banks and insurers simply can’t afford to skip out on mobile,” said James Norwood, EVP strategy and CMO at Episerver. “From shopping to booking restaurant reservations, consumers now expect everything to be available to them in real-time and on the go, and the same expectation applies to managing finances. Financial services providers would be smart to implement responsive design on their mobile sites and provide applications for all devices to guarantee the highest levels of customer engagement with resulting satisfaction and loyalty.”
According to the report, American Express has the best mobile experience with its seamless design and usability across all channels, regions, and mobile devices. Though available on all platforms, AMEX scored particularly high on both Android mobiles and tablets for its use of location services and the latest “Touch ID” security features.
Episerver found that 63% of consumers will abandon a mobile site for a competitor if it proves difficult to access, confirming that usability is a necessary component to a quality mobile experience across industries.
“Given the complex nature of making purchase decisions related to personal finances, the move to mobile has been challenging for the financial services sector,” said Norwood. “By collaborating with application developers and designers right from the outset, digital marketers and commerce professionals can ensure that their mobile user experiences are fully optimized for all devices. Overall, the brands that prioritize an intuitive and user-friendly mobile experience will come out on top.”