IRVINE, Calif., July 13, 2016 /PRNewswire/ -- Fifteen percent of financial institutions do not have a mobile application of any kind, suggesting that retail banks and insurers are failing to meet consumer expectations for the mobile experience, according to research released today from Episerver™,a provider of a single platform to manage digital commerce, content management and digital marketing in the cloud.
In 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 study found that only 68 percent of financial providers benchmarked provided Android tablet apps, and just 62 percent provided iPad apps. Several of these were simply stretched versions of the smartphone apps, making it difficult for users to navigate the site.
In addition to tablet applications, financial services companies are putting responsive design on the back burner. The same study found that 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 percent 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."
The analysis revealed that 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.
Across the board, more than a third of consumers (34 percent) are frustrated by the limited functionality offered by mobile-specific applications and sites. According to Forrester's "What Drives Mobile Banking Usage" report, more than one in 10 mobile banking users still don't view their primary providers' apps as easy to use.
Further, Episerver found that 63 percent 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."
To download Episerver's 2016 Financial Services Benchmark, click here.
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Episerver connects digital commerce and digital marketing to help organizations create unique digital experiences for their customers, with measurable business results. The Episerver Digital Experience Cloud™ combines content, commerce, multi-channel marketing, and predictive analytics in a single platform to work full-circle for businesses online – from intelligent real-time personalization and lead-generation through to conversion and repeat business – with unprecedented ease-of-use. Sitting at the center of the digital experience ecosystem, Episerver empowers digital leaders to embrace disruptive, transformational strategies to deliver standout experiences for their customers – everywhere they engage. Founded in 1994, Episerver has offices in Australia, Denmark, Finland, The Netherlands, Norway, Singapore, South Africa, Spain, Sweden, UAE, UK and the USA. For more information visit www.Episerver.com.
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