Half of financial services firms not mobile-friendly

The survey also revealed that 42% of the companies that failed already have a mobile application on the market and are not new to mobile interaction. Those surveyed included banks, wealth managers and insurers.

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Statistics from StatCounter Global Stats show that the number of hits to websites from mobile devices has increased from 5% in 2010 to 25% by the end of 2014. Conversely, accessing websites from computers has dropped by 24%, highlighting the growing need for mobile to be at the core of every financial service organisations digital strategy, according to Altus Consulting.  

A recent survey conducted for APFA by NMG Consulting also found that only 46% are using social media in a professional capacity, while only one in five (21%) consider social media use important for their business.
 
Richard Phillips, consultant at Altus Consulting, said:

"It is worrying that so many providers haven’t prioritised mobile within their digital strategy. In an increasingly competitive marketplace an effective mobile strategy has to have a mobile optimised web site at its core. For many customers the first experience of your company is going to be your web site viewed on a phone or a tablet – this experience has to be a positive one.

"Recent advances mean that it is now possible to deliver functionality that was previously the preserve of apps from a mobile optimised web at a fraction of the cost. There will always be a need for apps to be built but companies need to remember that developing an app can be a costly exercise. Not only do you have the problem of having to develop for different platforms - iOS, Android, Windows and potentially others but also you have the maintenance required every time one of these platforms releases a new version."