Banks beat insurance companies when it comes to apps

Banks are better at building apps than insurers, according to new research from digital transformation company Mobiquity.

Having analysed and compared over 3,000 UK customer insurance app reviews within the Google Play Store and the App store, the researchers found that banks are outperforming insurance providers.

The researchers found that banks were outperforming insurers across vectors like customer reviews, feature ratings, design and user experience, performance, payments, login and notifications.

Login and authentication proved to be a particularly painful experience for insurance app users. This feature recorded the worst average customer rating for all features with a score of 1.5 out of five.

Comparatively, insurance providers did receive better app reviews when it came to customer services.

“There is no doubt that the use of digital mobile applications has increased during the pandemic across all industries,” said Lionell Schuring, VP of creative at Mobiquity. “However, levels of digital maturity and the quality of the user experience are very different.

“Our research shows that the banking sector is further ahead in the process of digital transformation compared to the P&C insurance industry. Insurance providers need to address the frictions that have been identified if they are to keep up with evolving customer expectations and to seize the opportunity of additional revenue generation once optimised. The companies that will stay ahead of the competition are those that take a human centric approach to digital innovation.”

The report comes just weeks after Scanbot report revealed that only 42% of health insurers in Europe have a consumer facing app, despite more customers expecting to use digital solutions.

Copyright © 2020 FinTech

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