New research examines the impact of mobile investments on customer engagement

Keeping in touch with customers and making it easier for them to access information or follow their claims through the process are important considerations when it comes to developing and utilizing mobile apps for carriers. New research from Branch, a linking and measurement company, finds that 99% of senior executives in the insurance and banking sectors believe that mobile apps play an important role in promoting customer engagement. However, 61% said they face resource challenges that can hinder adoption across their channels.

According to the survey, 98% of the executives indicated that they anticipated adding new features to their apps within the next 12 months, and 68% said their mobile apps are critical to helping them retain customers, while 57% shared that customer retention was the primary goal of their mobile app strategy.

Mobile app usage by existing customers was 50% or higher for 63% of the companies that participated in the survey. The two most popular in-app features were exclusive offers (53%) for users and self-service options (52%) that allowed customers to handle services or get information online.

“Consumers’ increasing demand for mobile-first experiences is pushing organizations to

innovate for a competitive edge,” said Sophie Frostbaum, senior business strategy leader at Branch in a press release. “Despite recognizing the benefits of app adoption, executives are divided on the best strategies to achieve them. Companies ready to tackle these challenges and advance their mobile growth should partner with experts who can help them understand user behavior and optimize their engagement strategies.”

Companies all saw financial benefits from customer use of their apps, with 49% reporting revenue of more than $50 per user, and 99% seeing a higher lifetime value for app users.