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Is Your Failure to Adapt Biting You in the App?

 

Blog Apps 24Jan17biteapp

 

If you need clarity on what mobile apps mean to market research – or to any other consumer-facing business activity – then you can’t afford to miss a new report by AppAnnie, a leading data clearing house on app use and user-satisfaction.

 

It speaks to the need to adapt, with the financial services industry serving as a cautionary case in point. The report suggests that traditional retail banks have been slow off the mark in perfecting their smartphone apps – leaving them vulnerable to rising financial tech companies. The takeaway applies across all business sectors: If your app delights consumers, you’re golden. If it doesn’t, you’re toast. And failing to recognize that apps are now the standard for all your transactions and communications with consumers is suicidal.

 

Here are key insights from AppAnnie’s report, “The Nexus for Retail Banking Apps: Stay Innovative or Lose Out to New Fintech Competitors:”

  • Overall, financial tech apps such as Venmo earn user ratings of 4.2 out of 5 stars – 16.7% higher than the average for retail banks’ apps.
  • Millennials are retail banks’ heaviest app users, nearly doubling the number of sessions among users 45 and older. But they use them grudgingly – 75% are dissatisfied.
  • “Mobile apps’ user experience is of paramount importance to overall banking happiness….Mobile is the most likely channel to delight retail banking customers.”
  • “Mobile is eating the web, and banks should prioritize mobile apps in their user acquisition, user retention, customer experience and loyalty strategies.”
  • Getting apps right pays off: Chase Mobile is one of the highest-rated retail banking apps, and it consequently nearly doubled the average user-retention for all financial apps.

What about your industry? Do you know your customers well enough to choose apps that actually address their needs, so they can address your bottom line?

 

If you’re looking for the most refined approach to market research, the next step is to check out MFour, the company that has pioneered, advanced, and defined in-app mobile research. You can always get started with MFourDIY™ – the only advanced, all-mobile, do-it-yourself survey-building platform – by contacting Alex at acolao@mfour.com.