2011 mobile finance survey summary
TRANSCRIPT
A new look at market intelligence
2011 Mobile Finance Survey Summary Findings
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Presentation By: Dan Wiegand
June 2011
About Corporate Insight
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No one understands the intersection of technology and financial services like Corporate Insight. For two decades, we have
tracked 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, active
trading platforms, social media and other emerging areas. In the process, we have helped our clients – which include 70% of
the 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. There
are no assumptions in Corporate Insight’s work – we use live accounts at the firms we track to benchmark their effectiveness
across all major channels and give our clients unparalleled competitive intelligence.
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For more information on Corporate Insight, visit us at www.corporateinsight.com.
Executive Summary
Firms across the financial services industry are hard at work developing new mobile platforms and capabilities for their
clients. Our study, Money on the Move: Mobile Finance Review 2011, revealed an impressive number of developments in
the 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 client
contact database of executives across the industry. Our purpose was to understand how firms view the opportunities
presented by the growth of mobile technology and to gauge future mobile trends within the financial services. We received
131 responses representing 47 different firms.
As expected, our findings showed that mobile development is likely to continue strongly into the foreseeable future. Fully
100% of respondents expect their firms’ mobile offering to improve in the next 12 months. They also identified which devices
in 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. Customer
satisfaction and retention are high on the list of objectives, as is branding and keeping up with the competition. On the other
hand, the number of devices to support is a significant challenge, especially when dealing with limited budgets and other
competing priorities. However, while ROI turns out to be difficult to quantify, the majority of respondents do feel the impact
has been positive.
The bottom line is that, while firms face significant challenges in developing their mobile services, their decision-makers see
the demand from their clients and competitors, and are making plans to continue to drive the industry forward in the mobile
space.
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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 firm's mobile offering?
How would you describe the impact your
mobile efforts have had on your company's
business?
Survey was conducted in April 2011
131 responses from 47 firms
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Respondents are from a mix of retail financial firms
Annuity/Insurance (Life) 11%
Banking 30%
Brokerage 33%
Credit Card 5%
Mutual Fund/Asset Management
21%
What industry do you work in?
Annuity/Insurance (Life)
Banking
Brokerage
Credit Card
Mutual Fund/Asset Management
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Respondents are familiar with, and involved in, their
firms’ 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
Yes, I know that we are planning
initiatives 74%
No, I know that we are NOT
planning initiatives
7%
I am unaware of anything or am
not the right person 19%
Are you familiar with your firm's current or future mobile offering for customers?
Yes, I know that we are planning initiatives
No, I know that we are NOT planning initiatives
I am unaware of anything or am not the right person
I am not involved with my
company's mobile efforts 28%
I am directly involved with my
company's mobile efforts 38%
I lead a portion of my company's mobile efforts
25%
I lead my company's overall
mobile efforts 8%
Which of the following best describes your involvement with your company's mobile efforts?
I work for a vendor that develops mobile applications/websites
I am not involved with my company's mobile efforts
I am directly involved with my company's mobile efforts
I lead a portion of my company's mobile efforts
I lead my company's overall mobile efforts
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76% of respondents say their firm already offers
clients a mobile platform
Our Money on the Move: Mobile Finance Review 2011 study found that industry
averages are not that high, though
Yes 76%
No 22%
I don't know. 2%
Does your firm offer a mobile formatted website or app to clients?
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…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
Definitely 70%
Probably 20%
Maybe 4%
Probably not 3%
Definitely not 3%
Do you think that your firm should provide a mobile experience to your customers?
Definitely
Probably
Maybe
Probably not
Definitely not
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99% say mobile is important to customer experience
81% “very” important, 18% “somewhat” important
Very Important 81%
Somewhat Important
18%
Not Very Important 1%
How important do you think mobile is to your firm's customer experience strategy?
Very Important
Somewhat Important
Not Very Important
Not at All Important
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In their own words…
“Growing channel of choice, particularly for Gen Y.”
“Customers really demand mobile solutions
catered to different devices.”
“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.”
“As more customers adopt smartphones/tablets
as their primary communication resource,
we need to provide them the information
in the format of choice.”
“Everyone is mobile now and our competitors – direct
and indirect – have apps already or are developing them.”
“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 today's environment.” 10
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
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0 1 2 3 4 5
Acquire new customers
Keep up with the competition
Improve our brand
Increase customer retention
Increase customer satisfaction
Very Important Not Important
What do you think are the primary objectives for your firm’s mobile offering?
50% think they are above average or best in industry
An additional 29% say they’re just average
The best in our industry
8%
Considerably above average in
our industry 42%
Average for our industry
29%
Slightly below average in our industry
15%
Considerably below average in our
industry 6%
How would you rate the overall mobile experience your company CURRENTLY delivers to clients?
The best in our industry
Considerably above average in our industry
Average for our industry
Slightly below average in our industry
Considerably below average in our industry
The worst in our industry
Most respondents happy with their firm’s mobile offerings
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Most respondents see no clear industry leaders at this time
The firm I work for 7%
There is no clear leader at this time
62%
None of the firms we compete with have
implemented a mobile platform
2%
Name of leading company (see next slide):
29%
Within your industry, who do you feel offers the best mobile experience to customers?
The firm I work for
There is no clear leader at this time
None of the firms we compete with have implemented a mobile platform
Name of leading company (see next slide):
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However, some firms were singled out as industry leaders
14 Note: Larger font = more mentions
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
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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”
0%
25%
50%
75%
100%
Resp
on
se %
Does your firm support the following platforms?
Currently Using
Planning to add
Not planning on using
Not Sure
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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
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0 1 2 3 4
Executive/Sr. Management support
Low adoption by customers
Lack of important skills in the organization
Confusion about how to develop strategy
Budget
Too many platforms/devices to support
Other competing priorities
Very Challenging Not Challenging
To what extent are each of these issues a challenge to your firm’s mobile efforts?
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
It's too early to tell 23%
Somewhat positive impact 31%
Very positive impact 37%
Minimal or no impact 5%
Very negative impact 2%
I don't know 2%
How would you describe the impact your mobile efforts has had on your company's business?
It's too early to tell
Somewhat positive impact
Very positive impact
Minimal or no impact
Somewhat negative impact
Very negative impact
I don't know
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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%)
0%
25%
50%
75%
Very positive impact Somewhat positive impact
Minimal impact Negative (somewhat + very)
Too early to tell
Resp
on
den
ts b
y I
nd
ustr
y S
eg
men
t
Impact of Mobile Efforts by Industry Segment
Brokerage Bank Mutual Fund 19
ROI metrics are still in development
Only 21% say they currently measure the success of their mobile efforts
We do not currently measure ROI of our
mobile efforts 13%
We are currently building metrics to
measure mobile ROI 66%
We are actively measuring ROI
21%
Does your company measure the return on investment (ROI) of your mobile efforts?
We do not currently measure ROI of our mobile efforts
We are currently building metrics to measure mobile ROI
We are actively measuring ROI
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Connect With Corporate Insight
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Contact Us
Bob Burlin
Director, Business Development
212-832-2002 x-115
Dan Wiegand
Senior Analyst, Consulting Services
212-832-2002 x-118
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