Millennials Rule in Mobile Banking – According to xAd/Telmetrics Mobile Path-to-Purchase Study
xAd | 09/10/2013
Nearly Two-Thirds of Younger Bankers Complete a Transaction on a Mobile Device; Banking Strongest Category for On-Device Conversion
New York and Toronto (PRWEB) September 10, 2013
Proving the strongest on-device conversion category to-date in this year’s xAd/Telmetrics Mobile Path to Purchase Study, Banking & Finance mobile users are heavily ruled by Millennials. Nearly half of all mobile bankers were under the age of 35 and one-third indicated that smartphones were the most important device for their banking needs according to the overall Banking & Finance category findings—conducted by Nielsen.
The Millennial Factor
The Banking & Finance findings also revealed that nearly two-thirds of younger bankers completed a transaction on a mobile device and relied heavily on their devices – from initial research all the way through conversion. And, with nearly three out of four younger bankers noticing mobile ads during their research process, advertisers have a strong opportunity to engage them with promotions, which especially appeal to this younger set. Alternatively, mobile bankers, who are 45 and older, are more likely to notice targeted ads.
“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. “Advertisers have a unique opportunity to reach Millennials through specific promotions, tailored creative as well as messaging to convert them into early brand loyalists.”
Mobile Key in Online Banking Activity and Users Convert on Device
With nearly 50 percent of online banking occurring on smartphones and tablets and more than half of mobile users relying on mobile exclusively to aid in purchase decisions, the Banking & Finance category had the highest percentage of on-device conversions of any category (54 percent).
For driving conversions, Banking & Finance mobile researchers indicated that an optimized mobile site is the most important feature for both devices (40 percent for smartphone, 37 percent for tablet). Location also plays a critical role in conversion with most users expecting businesses to be within five miles of their current location (62 percent smartphone and 52 percent tablet).
“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 Bill Dinan, president of Telmetrics. “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.”
Mobile Banking is Split Between Transactional Usage and Browsing
While half of mobile Banking & Finance activity is transactional, including paying bills, transferring funds, paying via PayPal, etc., the remaining 50 percent of mobile users are researching general banking information and/or looking for business location details. The majority of mobile search and browsing activity is spent researching checking and savings accounts followed by credit cards. And while 50 percent of mobile banking users are looking to make a transaction right away, 25 percent are still undecided and researching their decision.
About the Study
The behavioral data is part of a greater study, which is the first to measure what consumers report they are doing via mobile devices and capture their actual preferences and behaviors across the Retail, Gas & Convenience, Banking & Finance and Insurance categories. Results from the 2nd Annual U.S. Mobile Path-to-Purchase Study are based on data from an online survey of 2,000 U.S. smartphone and tablet users and actual observed consumer behaviors from Nielsen’s Smartphone Analytics Panel of 6,000 Apple and Android users. The study included Retail and Gas/Convenience findings releases and will include one final release of specific market findings for the Insurance category.
More details are available at mobilepathtopurchase.com