Consumers and Mobile Financial Services: Report

The Federal Reserve Board frequently commission and release reports and the one we are sharing today is one you’ll find particularly helpful...

Consumer and Mobile Financial Services 2014.

The work examines the rise of mobile phones as a means for banking, payments, budgeting, and shopping. Data in the report comes from the findings of the 2013 survey which examined consumers’ use of mobile technology to access financial services and make financial decisions.

A few of the key points from the report are as follows:

  • 87 percent of the U.S. adult population has a mobile phone
  • 61 percent of mobile phones are smartphones
  • 33 percent of all mobile phone owners have used mobile banking in the past 12 months
  • 17 percent of all mobile phone owners have made a mobile payment in the last 12 months
  • 44 percent of smartphone users have comparison shopped with their phone while at a retail store and 31 percent have scanned barcodes to find better pricing

The section we find particularly interesting is how phones are affecting shopping behavior.

You could probably generate a few ideas from your experience having a phone and shopping; here are some of the behaviors the report found:

  • People are increasingly using their phones to do comparison shopping at retail locations
  • People frequently install apps and subscribe to brands to use mobile coupons
  • People have adopted e-gift cards, memberships, loyalty, and other reward programs through their phone to get deals and track their finances/earnings

What does this mean for those marketing in the mobile landscape?

First, it’s quite obvious that there is an importance to be front-and-center for products being found in retail stores since users are doing their comparison shopping (especially through sites like Amazon). It may be wise to increase your budget to obtain higher positions (or sponsored listings) to be one of the first they see.

Second, if you’re a brand that have predominantly relied on marketing channels like email in the past then it’s time to explore app development. Once you’ve developed the app be sure to read our tutorial and checklist for app install advertising.

Third, if you’re having trouble understanding how to reach your customers through mobile it would be wise to seek advice (and consultation) so that your brand does not let this incredible opportunity slip by. You’re more than welcome to get in touch with us at adQuadrant to learn more. Contact Us.

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