Financial Apps Among Most Used, Study Shows

Oct 16 - According to a new study commissioned by Virtual Hold Technology, a leader in conversation strategies that bridge the self-service gap between customers and the people who can help, 50.7 percent of smartphone users say they have downloaded and used financial apps. The study, conducted for VHT by The Adcom Group, investigates how customers engage with brands using smartphones. It takes a close look at consumers who use mobile apps to perform a variety of tasks in real time, the problems they encounter completing those tasks and the behavior that results.

“The popularity of financial apps is just one example of customers today using technology to contact companies to complete tasks and achieve goals in real-time, making solutions for bridging the gap to help when self-service fails more relevant than ever,” said Eric Camulli, VHT’s vice president of marketing. “Our Conversation Bridge tap-for-a-callback solution allows customers to serve themselves whenever possible and to get help easily whenever necessary.”

According to the study, entertainment/games apps are the most popular smartphone apps (82.3 percent) followed by social media apps (79.8 percent), news/reading (72 percent), financial apps (50.7 percent) and productivity apps (45.3 percent).

More than 70 percent of financial app users encountered problems attempting to complete tasks, and 80 percent say they want a customer service solution that enables them to directly contact or request a callback from customer service from their smartphone or any internet-enabled device. The one billion smartphones expected to be in use by 2016, satellite connectivity, Wi-Fi hotspots and the proliferation of mobile apps are changing the way customers interact with companies and the way consumers view brands.

Customers today live in-the-moment, and they communicate with brands while they are on-the-go or multitasking. VHT’s mobile conversation strategy, created for businesses that care about customer relationships and brand image, helps consumers achieve their goals more conveniently. The company’s new Conversation Bridge is a simple, intelligent multichannel solution for blending automation with the human touch. It gives today’s customers the help they need at key touch points so brand interactions are seamless and therefore more satisfying, while companies experience a simple and cost-effective tool for improving customer satisfaction.