The Mobile Finance Audit was carried out between January and February 2014 across the top 50 finance companies (such as banks, insurers and loan providers) spending the most on advertising in the UK, to gauge their uptake across the mobile channel. Several different KPIs were checked, including whether the brand had a mobile optimised site, tablet specific site, responsive web design, mobile optimised search and an app. This study follows on from the Mobile Retail Audit and Mobile Travel Audit carried out in 2013.
The study revealed that 24% of the top spending finance brands don’t have a mobile presence (that is no mobile site or app). However there were some top performers when it came to having a successful mobile strategy, such as Natwest, Bupa, and Hiscox. These three brands all scored highly against the mobile KPIs set out within the audit - all of them had a mobile optimised site, and a mobile and tablet app for both the Apple and Google Play app stores.
Separately, 22% of those surveyed had a responsive web design site compared to just 2%* of retail and 4%** of travel companies. It was also evident that the majority of brands weren’t optimising the full consumer journey, for example 58% of those audited hadn’t optimised their data capture form on their mobile website.
The research also showed the importance of mobile apps for finance brands. This was particularly true for banks, 70% of whom had a mobile app. Different functionalities were available across these mobile apps, such as 43% having a ‘find your nearest cash point’ function and 64% allowing customers to transfer money between accounts, proving that customer usability across mobile was an important factor for many banks.
The majority (54%) of finance brands are optimising their search for mobile enabling customers to find them on the move. Furthermore, a high percentage (62%) also have a click to call functionality on their mobile friendly website.
IAB’s Mobile and Operations Director, Jon Mew said: “These audits have been a fantastic benchmarking tool to help us gain an understanding on where brands across retail, travel and finance really are with their uptake on mobile. It’s evident that whilst some brands have really grasped the fundamentals of mobile marketing some are still lagging behind. We hope to work with these brands more throughout 2014 to help them understand the possibilities and opportunities that mobile can offer.”
Hiscox’s Marketing Director, Will Abbott commented: “Hiscox is delighted to have been recognised as a brand that understands the importance of a mobile strategy. Giving our customers, old and new, access to us across multiple devices is key to solid customer experience. There is still a long way to go but we look forward to the developments ahead.”