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2011 Mobile Finance Survey Summary

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Key findings from Corporate Insight's 2011 Mobile Finance Survey which polled executives from across the financial services industry. Survey topics touched on usability, customer experience, user …

Key findings from Corporate Insight's 2011 Mobile Finance Survey which polled executives from across the financial services industry. Survey topics touched on usability, customer experience, user satisfaction, development challenges and the impact of mobile technology on the industry.


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  • 1. A new look at market intelligence 2011 Mobile Finance Survey Summary Findings Presentation By: Dan Wiegand June 2011 1
  • 2. About Corporate InsightNo one understands the intersection of technology and financial services like Corporate Insight. For two decades, we havetracked new developments in the financial services industry through our syndicated Monitor research and consulting services.We pride ourselves on identifying best practices in online banking and investing, online insurance, mobile finance, activetrading platforms, social media and other emerging areas. In the process, we have helped our clients – which include 70% ofthe financial services firms on the Fortune 500 – to stay on top of industry trends and improve their competitive position.We are known for our detailed, objective research, unmatched expertise, and emphasis on the actual user experience. Thereare no assumptions in Corporate Insight’s work – we use live accounts at the firms we track to benchmark their effectivenessacross all major channels and give our clients unparalleled competitive intelligence.Corporate Insight’s research and analysts are frequently cited in financial media outlets such as Barron’s, Bloomberg, CNBC,Forbes, SmartMoney and The Wall Street Journal as well as news publications like the Associated Press, New York Times,Newsweek, TIME and USA Today.We offer a number of exciting social media and mobile finance reports and services including:  Mobile Monitor  Mobile Leaders Report  Social Media Leaders Report  Social Media & Mobile Finance eBookFor more information on Corporate Insight, visit us at www.corporateinsight.com. 2
  • 3. Executive SummaryFirms across the financial services industry are hard at work developing new mobile platforms and capabilities for theirclients. Our study, Money on the Move: Mobile Finance Review 2011, revealed an impressive number of developments inthe weeks leading up to its June 2011 release. Firms are rolling out apps for new devices like the iPhone, Android and iPad,and new features for existing platforms, including remote check deposit and P2P payments.To inform our initial research into mobile financial services, we conducted a survey, soliciting responses from our clientcontact database of executives across the industry. Our purpose was to understand how firms view the opportunitiespresented by the growth of mobile technology and to gauge future mobile trends within the financial services. We received131 responses representing 47 different firms.As expected, our findings showed that mobile development is likely to continue strongly into the foreseeable future. Fully100% of respondents expect their firms’ mobile offering to improve in the next 12 months. They also identified which devicesin particular are targets for development, in particular the Android smartphone and tablets such as the iPad.Respondents also shared their thoughts on their firms’ goals, challenges and measurements of success. Customersatisfaction and retention are high on the list of objectives, as is branding and keeping up with the competition. On the otherhand, the number of devices to support is a significant challenge, especially when dealing with limited budgets and othercompeting priorities. However, while ROI turns out to be difficult to quantify, the majority of respondents do feel the impacthas been positive.The bottom line is that, while firms face significant challenges in developing their mobile services, their decision-makers seethe demand from their clients and competitors, and are making plans to continue to drive the industry forward in the mobilespace. 3
  • 4. Methodology We conducted a survey of financial services executives as part of the research for our mobile study – Money on the Move: Mobile Finance Review 2011 We posed 16 questions focusing on firms’ mobile efforts including:  Does your firm offer a mobile formatted website or app to clients?  What do you think are the primary objectives for your firms mobile offering?  How would you describe the impact your mobile efforts have had on your companys business? Survey was conducted in April 2011 131 responses from 47 firms 4
  • 5. Respondents are from a mix of retail financial firms What industry do you work in? Annuity/Insurance (Life) 11% Mutual Fund/Asset Management 21% Annuity/Insurance (Life) Banking Credit Card 5% Banking Brokerage 30% Credit Card Mutual Fund/Asset Management Brokerage 33% 5
  • 6. Respondents are familiar with, and involved in, theirfirms’ mobile efforts 74% of respondents know of their firms’ mobile initiatives 71% are directly involved in their company’s mobile efforts 33% lead all or a portion of their company’s mobile efforts Are you familiar with your firms current or future Which of the following best describes your involvement mobile offering for customers? with your companys mobile efforts? I am unaware of anything or am I lead my not the right companys overall I work for a vendor that person mobile efforts develops mobile 19% 8% I am not involved applications/websites with my I am not involved with my companys mobile companys mobile effortsNo, I know that Yes, I know that we are I lead a portion of efforts we are NOT planning initiatives my companys 28% planning mobile efforts I am directly involved with my initiatives No, I know that we are 25% companys mobile efforts 7% NOT planning initiatives Yes, I know that I am unaware of anything we are planning I lead a portion of my or am not the right person initiatives companys mobile efforts 74% I am directly involved with my I lead my companys overall companys mobile mobile efforts efforts 38% 6
  • 7. 76% of respondents say their firm already offersclients a mobile platform Does your firm offer a mobile formatted website or app to clients? I dont know. 2% No 22% Yes 76% Our Money on the Move: Mobile Finance Review 2011 study found that industry averages are not that high, though 7
  • 8. …And most respondents think that’s a good idea A full 90% think it’s “definitely” or “probably” a good idea to provide their clients with a mobile experience Do you think that your firm should provide a mobile experience to your customers? Probably not Definitely not 3% 3% Maybe 4% Definitely Probably Probably 20% Maybe Probably not Definitely not Definitely 70% 8
  • 9. 99% say mobile is important to customer experience 81% “very” important, 18% “somewhat” important How important do you think mobile is to your firms customer experience strategy? Not Very Important 1% Somewhat Important 18% Very Important Somewhat Important Not Very Important Not at All Important Very Important 81% 9
  • 10. In their own words… “Everyone is mobile now and our competitors – direct and indirect – have apps already or are developing them.” “As more customers adopt smartphones/tablets as their primary communication resource, we need to provide them the information in the format of choice.” “Growing channel of choice, particularly for Gen Y.” “Being able to provide an intuitive, fast and fully integrated mobile banking experience is vital to our customer engagement, and also allows us to continue and deepen engagement with our customers and keep them with our bank.” “Customers really demand mobile solutions catered to different devices.” “Customers should have the choice as to which screen they want to use in interacting with our business.” “It is essential to offer mobile apps/tools in todays environment.” 10
  • 11. Firms offer mobile services for several reasons Increasing customer satisfaction is the key objective Customer retention, brand image and keeping up with the competition are also cited as important reasons Acquiring new customers is a noticeably less important goal What do you think are the primary objectives for your firm’s mobile offering? Increase customer satisfaction Increase customer retention Improve our brand Keep up with the competition Acquire new customers 0 1 2 3 4 5 Not Important Very Important 11
  • 12. Most respondents happy with their firm’s mobile offerings 50% think they are above average or best in industry An additional 29% say they’re just average How would you rate the overall mobile experience your company CURRENTLY delivers to clients? Considerably below The best in our average in our industry industry 8% 6% The best in our industry Slightly below average Considerably above average in our in our industry industry 15% Average for our industry Slightly below average in our industry Considerably Average for our above average in Considerably below average in our industry our industry industry 29% 42% The worst in our industry 12
  • 13. Most respondents see no clear industry leaders at this time Within your industry, who do you feel offers the best mobile experience to customers? The firm I work for 7% Name of leading company (see next slide): 29% The firm I work for There is no clear leader at this time None of the firms we compete with have None of the firms we compete with have implemented a mobile implemented a mobile platform platform There is no clear leader at Name of leading company (see next slide): 2% this time 62% 13
  • 14. However, some firms were singled out as industry leaders Note: Larger font = more mentions 14
  • 15. No one is resting easy No one is content with the status quo – 100% say the quality of their firm’s mobile offerings will improve 15
  • 16. Firms planning to add platforms for new devices The next 12 months should see even more activity than the past 12 months  iPhone apps should become universal, with Android phone apps close behind  Windows Mobile low penetration to date but growing  Firms over-reporting their current iPad app offerings, but almost all see the demand  50% of firms planning to add apps for the Android tablet  BlackBerry tablet – one mention in “Other” Does your firm support the following platforms? 100% 75% Response % 50% Currently Using Planning to add 25% Not planning on using Not Sure 0% 16
  • 17. Firms face significant challenges with their mobile efforts “Other competing priorities,” “Too many platforms/devices,” “Budget” all high on the list “Low adoption by customers” is not perceived as a major challenge To what extent are each of these issues a challenge to your firm’s mobile efforts? Other competing priorities Too many platforms/devices to support Budget Confusion about how to develop strategy Lack of important skills in the organization Low adoption by customers Executive/Sr. Management support 0 1 2 3 4 Not Challenging Very Challenging 17
  • 18. But many already see a positive impact from their efforts Even if they aren’t “industry leaders,” 68% of firms have seen a somewhat to very positive impact on their company’s business, courtesy of mobile Nearly a quarter (23%) think it’s still too early to gauge the impact Very few (2%) think their mobile efforts have negatively impacted their company How would you describe the impact your mobile efforts has had on your companys business? Very negative impact I dont know 2% 2% Minimal or no impact 5% Its too early to tell Its too early to tell Somewhat positive impact 23% Very positive impact Minimal or no impact Very positive impact Somewhat negative impact 37% Somewhat positive Very negative impact impact 31% I dont know 18
  • 19. Impact seems to vary by industry segment Brokerage industry execs were happiest with mobile impact – over 50% “very positive” Banks more guarded, but still positive Mutual fund firms have the highest percentage saying their mobile efforts have had minimal impact (18%) or not sure yet (36%) Impact of Mobile Efforts by Industry Segment 75% Respondents by Industry Segment 50% 25% 0% Very positive impact Somewhat positive Minimal impact Negative (somewhat Too early to tell impact + very) Brokerage Bank Mutual Fund 19
  • 20. ROI metrics are still in development Only 21% say they currently measure the success of their mobile efforts Does your company measure the return on investment (ROI) of your mobile efforts? We do not currently measure ROI of our mobile efforts 13% We are actively measuring ROI We do not currently measure ROI of 21% our mobile efforts We are currently building metrics to measure mobile ROI We are actively measuring ROI We are currently building metrics to measure mobile ROI 66% 20
  • 21. Connect With Corporate Insight Contact Us Bob Burlin Dan Wiegand Director, Business Development Senior Analyst, Consulting Services 212-832-2002 x-115 212-832-2002 x-118 rburlin@corporateinsight.com dwiegand@corporateinsight.com Follow Us Corporate Insight Blog Twitter - @CInsight LinkedIn Facebook YouTube 21