Millennials Tend to Rely on Mobile Devices for Banking
xAd | 09/11/2013
It’s probably not surprising that mobile commerce is more of a young people’s game than anything. Sure, people of all ages are using tablets and smartphones, but younger demographics seem more likely to try out old mainstays like banking and shopping on their mobile devices. The topic was discussed earlier this year at the IHS PEEVE Entertainment 2013 conference, where it was revealed that customers aged 25-34 are choosing online commerce more often in Europe.
Now the latest xAd/Telmetrics Mobile Path to Purchase Study is shining a broader light on the role demographics play in mobile commerce.
Put simply, the study states that banking and finance on mobile devices is “heavily ruled by Millennials,” with nearly half of all mobile bankers being under the age of 35. More remarkably, one-third of these say their smartphones are the most important device for their banking needs. Meanwhile, two-thirds of younger bankers have completed at least one transaction on their mobile device and relied on that device from initial research of the transaction right through to conversion.
This not only presents a huge opportunity for companies in the mobile commerce space, it’s also significant for advertisers. This is because nearly 75 percent of younger bankers notice ads during their research process, offering advertisers an excellent opportunity to appeal to this demographic.
“The 35 and under crowd make up a very strong and growing portion of mobile banking and finance today using their devices throughout the research and transaction process,” said Monica Ho, vice president of marketing at xAd. “Advertisers have a unique opportunity to reach Millennials through specific promotions, tailored creative as well as messaging to convert them into early brand loyalists.”
The xAd report also states that almost 50 percent of online banking now occurs on mobile devices, with more than half of mobile users relying on their smartphones and tablets exclusively to aid in purchase decisions. As such, it’s important for websites to be optimized for mobile devices in order to maximize conversions.