Little Difference Between Mobile Experiences of Financial Services Companies
Today we released the ForeSee Mobile Satisfaction Index: Financial Services Edition, available for download on our website.
This study is an important resource as we begin to see the mobile experience playing a critical role in today’s financial services world, which is inherently multi-channel and multi-device, and usage trends suggest that mobile is the future. According to Nielson, two thirds of new mobile buyers are buying smartphones, and they already constitute more than half of all cell phones in use today. These powerful devices will further drive the adoption of mobile financial services. Forrester predicts that the number of US mobile banking users will double in the next five years and reach 108 million by 2017, or 46% of bank account holders in the United States.
For these reasons, along with our own clients showing an increased interest in understanding the role that mobile plays in overall business strategy, we turned our attention to the financial services industry for our second Mobile Satisfaction Index. The report shares customer satisfaction scores for the mobile experience provided by top financial institutions in three categories: Banks and Credit Unions, Credit Card Companies, and Brokerage.
Download the full report for free here for in-depth analysis of and key insights into the findings.
Below are some critical findings that emerged from this research:
- There is little to no differentiation between the mobile experiences of financial services companies. Download the full report for a complete list of scores for each of the 17 individual financial services companies.
- Mobile banking still under-performs online banking. Customers still prefer traditional online banking to mobile banking, but the experience needs to be consistent across channels.
- Mobile apps rule: Customer satisfaction is significantly higher with apps than with m.sites, highlighting the important role that apps can play in a successful mobile strategy for a financial services company. It falls to financial services companies to not only create an app, but to also encourage customers to download and use it because our research suggests that apps provide a more satisfying experience than m.sites.
- Satisfaction with mobile banking predicts future success; app store ratings and downloads do not. A highly-satisfied visitor to a financial services mobile site or app reports being 76% more likely to recommend the mobile site or app, 66% more likely to use it again, and 72% more likely to prefer the brand overall based on the experience they had in the mobile channel. Executives that measure success of mobile apps by tracking downloads or star-ratings in app stores are not getting actionable information.
- Mobile banking can get better: For many companies, improving the kind of information a mobile site or app provides should be a top priority for improvement (over and above even functionality and performance of the mobile site or app). But there is no one-size-fits-all approach.
- Mobile financial services under-performs m-retail. In a similar study conducted in September, ForeSee found that average satisfaction with the biggest retail m.sites and apps was 79, while average satisfaction for financial services m.sites and apps is 77.
ForeSee’s scientific technology reveals that to increase customers’ loyalty and brand preference, financial services companies need to increase overall satisfaction. In order to do this, companies need to be aware of how changing specific elements of their mobile sites will impact their customers’ experiences – either positively or negatively. Only with the most precise measurement can they begin to prioritize enhancements to key touch point experiences such as mobile and make business decisions that can generate the greatest return on their investment. This is an invaluable insight in this new technological era.
There’s no question that mobile is moving at lightning speed right now. Companies shouldn’t stand idle and watch the opportunity go by. If they measure mobile (and measure it the right way), and also identify the purpose of the visit, the customer’s likely next step, the location and device, and develop a strategy for improvement based on this information, it is possible to keep pace with this growing and changing technology that is impacting the customer experience in ways they may never have anticipated.
You can also download the ForeSee Mobile Satisfaction Index: Retail Edition.