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How to Improve Mobile Satisfaction: A Lesson Learned from the Financial Services Industry

If we learned one thing from the 2012 ForeSee Mobile Satisfaction Index: Financial Services Edition it is that there is plenty of room for improvement. With a small range of satisfaction scores (14 of the 17 individual companies measured scored between 76 and 79) there is no clear-cut mobile leader for this industry. This means there is plenty of room for any one of those companies to improve and become the frontrunner.

So, how can financial services companies increase satisfaction with their mobile experience? The same way every company should. Regardless if the company is a leader, a laggard, or fall in the middle of the pack, there’s always room to improve. Here’s how proven and predictive customer experience analytics technology works to help you make improvements that really make a difference.

Our methodology scientifically measures several key drivers, or elements, of mobile satisfaction. The ForeSee model shows how users feel about these performance areas and also how much influence each element has on their overall satisfaction. Improving the high-impact elements in the eyes of visitors leads to quantifiable increases in satisfaction. The elements that have the most impact on overall satisfaction (and therefore on future behaviors, both online and offline) differ from company to company.

In the case of financial services, we measured three general elements of a mobile experience:

  • Functionality: The usefulness and variety of features, such as branch locator, directed search, etc.
  • Site Information: The thoroughness of information on the mobile site or app and how well it answers your questions
  • Site Performance: How quickly pages load on a mobile device and the ability to load without getting error messages.

ForeSee technology quantifies which elements have the greatest impact on overall satisfaction, which may or may not be the lower-scoring elements. Companies can improve satisfaction the most by focusing improvements on the elements that have the greatest impact on satisfaction, rather than focusing on scores alone.

For 14 of the 17 sites we measured in the financial services industry, site information was the top priority for improvement. This finding indicates that financial services institutions may not have a great read on what customers use the mobile sites and apps for. Though conventional wisdom says that people use mobile sites and apps on the go, our research indicates:

  • 65% of survey respondents accessed the financial services mobile site or app from their home;
  • 12% accessed it from work;
  • and only 18% accessed it while out and about.

This data suggest that mobile users are often more stationary than previously assumed and perhaps have more need for detailed information than previously thought.

Four companies registered site performance as a top priority, and two showed functionality as a top priority (some sites had more than one top priority).

ForeSee Mobile Index

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In short (and this goes for every company in any industry), you need to understand the expectations of YOUR customers and how those match up to the reality of the mobile experience you are providing. You can’t improve if you only benchmark or just look at aggregate industry scores. There is no one-size-fits-all solution for improving the mobile experience.

By understanding the impact of specific aspects of a mobile experience on your audience’s satisfaction, you can save on costly upgrades that won’t deliver the desired future behavior you seek from your customers. Instead you can focus your efforts on the changes that are likely to matter most.

Read the entire financial services mobile report here. To see how some of the top retailers perform in the mobile space read the full 2012 ForeSee Mobile Satisfaction Index: Retail Edition.

The ForeSee Mobile Satisfaction Index: Financial Services Edition

About the Author

Eric drives ForeSee’s marketing strategy, working closely with the company’s product, client service, and sales teams to infuse innovation and operational excellence into its offerings. Since joining ForeSee in 2004, he has contributed to the organization’s strategic growth, particularly providing leadership around mobile solutions. He is the author of several of the company’s thought leadership studies, including the 11th annual ForeSee Experience Index (FXI) and the American Employee Study. Eric is a frequent speaker on customer experience analytics, and marketing best practices. He is a board member of the Digital Analytics Association (DAA) and an adjunct professor of mobile marketing at the University of California, Irvine Extension. Previously, he worked as a web analyst, multichannel strategy consultant, usability specialist and focus group moderator. Eric is a graduate of the University of Michigan.

Read more posts by Eric Feinberg

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