According to a new report released by the Interactive Advertising Bureau (IAB) (and partners InMobi and Viggle) the number of people using their bank’s mobile application to manage their finances is increasing. In the “Mobile and Money” report, 58% of respondents stated that they use their respective bank’s mobile application with a further 25% responding that they are aware of the app but have not used it.
Anna Bager, Vice President and General Manager, Mobile Marketing Center of Excellence, at IAB said of the report, “Clearly, mobile users are leaning into their devices for personal finance assistance wherever and whenever they happen to have a need. Most financial apps already contain rock-solid security, but consumers seem not to be as plugged into that fact, and that knowledge gap can make all the difference in driving further usage and adoption. This is an area that financial services marketers should pay attention to in their future campaigns.”
Bager’s comments on security come as the report revealed that 46% of respondents said that they need better security on their phone and network before initiating mobile banking and payments. However, for those comfortable making mobile payments, phones are being used a number of different ways. For example, 46% replied that they had made a payment through their phone on a bill, 37% said they used the phone to buy tickets for a movie or concert and 19% replied they had used their phone to pay friends or family.
The new “Mobile and Money” report by IAB reinforces broader industry changes seen by Mercator Advisory Group in which mobile banking and payments appear to be quickly gaining traction with consumers. Due to the significance of this segment in the payments mix, Mercator has collected primary data of its own (and on other leading payment trends) through its CustomerMonitor Survey Series and will be publishing a report on mobile and tablet banking and payments, titled, “ Mobile and Tablet Banking: A Catalyst for Change” in the coming months.