The average person will shell out approximately $805 on holiday spending this year, according to the National Retail Federation. That’s a significant increase in spending for most people, and in the excitement of shopping, purchasing and doling out gifts, it can be easy to forget about account balances and bills.
One solution that could help shoppers stay within their means this season: their smartphone.
According to the Bank of America Trends in Consumer Mobility Report, many Americans view their smartphone as an indispensable companion. In fact, 36 percent say they check it constantly, to the point of a few times an hour or more. With this growing mobile-mindset, shoppers have an invaluable tool at their disposal to help manage and simplify their holiday finances.
With banking customers embracing mobile phones and mobile banking, the opportunities for increased knowledge about their spending habits can literally be at their fingertips. New innovations have been offered with the latest mobile banking solutions, including next-generation personal financial management (PFM) tools to help track, manage, and plan expenditures. For more information, recent Mercator Advisory Group Banking Channel research is available that speaks to the impressive array of new mobile banking and payments features that are on the horizon by both financial institutions and their fintech partners.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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