15 Leading global banks spent nearly $80M on 606 mobile banking apps
Do you bank with any of these Apps?
All of them are big banks, even if you have never heard of them. Combined they have more than 600 apps, and that itsn't just mobile banking apps.
In our experience companies invest on average around US$ 130,000 in building an app. Combined these banks have invested close to US$ 80M in 606 apps.
Included in this investment you’ll find the development, testing, design, images, videos, content, management time etc.
On top of the investment over the course of the year companies budget some 10 – 20% to support and maintain the apps. This is before investing in promotion and marketing of your App, let alone making it available on other devices or in other countries.
As companies continue to increase their investments in developing mobile apps, which is based on Forrester's forecasts, we predict to globally be about 114B this year across governments, companies and utilities. And this isn't going to slow down.
When meeting with companies they are always shocked to learn how many apps they actually have. When you then share the News Views and Reviews related to these apps, they are in awe.
You may ask yourself why do they have so many apps? Costs and efficiencies of mobile apps far outweigh traditional methods of engaging with agents, resellers, endusers, support staff etc. In addition, thanks to mobile, finally companies have a direct link to their constituents and can learn and improve the engagement based on the data acquired through the app.
In the dawn of mobile its not surprising that organizations are struggling to get a grip on their apps. Which apps should I be promoting, what is your customer acquisition cost, which apps are performing well, what session times do we get, what is the latest review of your “check your status” app in Brazil? How does this compare to my competitor’s app? Where do I spend my marketing dollars to promote the download of this app? Which app is doing well in which market?
Mobile is a complex ecosystem with many fragmented parts for companies to manage.
With this in mind we built a Mobile relationship management tool with the necessary tools for companies to manage all the components related to their apps. All for less than 1% of your app investment.
Are you tracking your return on investment in mobile?