Study: Smartphones, Tablets Drive Close to Half of All Online Banking
xAd | 09/12/2013
Forty-three percent of all online banking activity in the U.S. now occurs on smartphones and tablets, according to the annual xAd/Telmetrics Mobile Path to Purchase Study.
Millennials are driving the trend: Forty-three percent of mobile banking users are under the age of 35, and one-third indicated that smartphones are the most critical device for their personal banking needs, the study reveals. In addition, 62 percent of younger bankers have completed a purchase on a mobile device and lean heavily on those devices in all phases from initial research through conversion. In addition, roughly three out of four younger bankers have noticed mobile ads during the research process.
“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 xAd Vice President of Marketing Monica Ho. “Advertisers have a unique opportunity to reach Millennials through specific promotions, tailored creative as well as messaging to convert them into early brand loyalists.”
Half of all mobile banking and finance activity is transactional–e.g., paying bills, transferring funds, paying via PayPal, etc.–and the remaining 50 percent of mobile users are investigating general banking information and/or looking for business location details. Ninety-two percent of mobile search and browsing activity is dedicated to researching checking and savings accounts, followed by credit cards at 52 percent.
A mobile-optimized site is the most critical feature for driving purchase conversions, said 40 percent of smartphone owners and 37 percent of tablet users. Location also plays a critical role in conversion: Sixty-two percent of smartphone users expect businesses to be within five miles of their current location, compared to 52 percent on tablets.
“Mobile bankers’ strong on-device transaction rates indicate they are clearly action-oriented, so Banking & Finance advertisers need to ensure their mobile properties are optimized for efficient consumer activity,” said Telmetrics President Bill Dinan. “This is also a prime opportunity for banks to raise their local mobile brand awareness and provide current and potential customers specific location detail as they choose how to transact.”