75% of Fintech’s Revenue Comes From Mobile, but Companies Are Investing Less Than 10% of Engineering Spend on Mobile.
Bitrise’s 2022 ‘Mobile Product Success in Finance and Banking Report’ Reveals Mobile’s Disproportionate Contribution to Revenue; Shines a Light on Need for Budget Reprioritization
SAN FRANCISCO, April 28, 2022 – Bitrise, the Mobile DevOps company whose platform maximizes the overall business impact of apps for the world’s most sophisticated mobile organizations, today released its 2022 Mobile Product Success in Finance and Banking Report. The new research reveals that nearly half (49%) of senior mobile leaders at finance and banking organizations say that mobile impacts 75% of overall business revenue. However, 46% report that their companies still invest less than 10% of total product and engineering spending on mobile app development. The complete report is available for download here.
Finance and banking companies are particularly affected by consumers’ adoption of mobile apps for everything from payments and banking to investing and planning. Between January 2020 and October 2021 alone, the number of daily active fintech app users increased by 337%. Despite this surge, many companies have still not made the connection between the success of their mobile initiatives and the success of their overall businesses.
“This insight is important as it shines a light on the fact that mobile has potentially come to compensate for other areas of businesses that are lagging,”said Barnabas Birmacher, CEO of Bitrise.
This year’s Mobile Product Success in Finance and Banking Report explores the complexities of building mobile apps in a regulated industry and uncovers a correlation between the delivery of high-quality apps and increased revenue. Other topics in the report include user experience, security, biometric technologies, release frequency, app ratings’ impact on user acquisition and conversion, and more.
- Mobile now drives the majority of revenue at financial organizations. Eighty-four percent (84%) of respondents say that mobile revenue accounts for 50% or more of their total revenue.
- Investments in mobile app development are disproportionately low. Eight-one percent (81%) of respondents spend less than 25% of their total product and engineering spend on mobile app development.
- Managing regulatory and compliance-related bottlenecks becomes a larger issue as mobile’s importance increases. Fifty-one percent (51%) of respondents report that the regulations and red tape around mobile releases pose challenges. Eleven percent (11%) of respondents say they can’t use the SDKs they want and 8% have limited access to cloud tooling.
- The report additionally includes original commentary from mobile leaders at finance and banking apps such as Paysafe, N26, and Neo Financial.
“Mobile experiences are now fueling anywhere from a majority to all of some organizations’ revenue,” added Birmacher. “The more these companies invest in achieving mobile excellence–beginning with their internal processes and ending at the user experience–the more revenue potential they’ll inevitably see.”
The report reflects the responses of 108 Heads of Mobile at finance and banking organizations with dedicated mobile properties and engineering teams, as well as aggregated industry data.