Consumers are becoming increasingly aware of mobile financial apps and services, but there’s still more that banks and FIs can do to increase adoption.
That’s one of the takeaways from a new survey by IAB, InMobi and Viggle, which poled more than 1,200 consumers on their various thoughts and feelings on mobile financial services.
Over half of all respondents indicated that they use financial mobile apps, but how many remain unaware of their existence? PYMNTS.com takes a look in this Data Point.
Mobile Banking Awareness: Where Are We Now?
According to the survey, 58 percent of respondents use financial mobile apps for smartphones or tablets, while 25 percent know they exist and just 18 percent are unaware of their existence. Fifty percent are aware of mobile-optimized websites for financial services, and 38 percent are aware they can receive text message alerts. Twenty-six percent said they were aware of the former service, while 36 percent said the same for the latter. One-quarter of each of those surveyed were unaware about mobile-optimized sites and text alerts, each.
Taxing Trends: A Feature Not Yet Used
Just six percent of respondents indicated that they used a mobile app to file their taxes: a giant drop from the 58 percent who said they use mobile financial services of some kind. Forty-three percent said they’re unaware that tax-filing mobile apps exist, while 51 percent said they knew of their existence but did not use them.
What Consumers Want From Their Mobile Financial Apps
The survey asked consumers what features would “inspire greater consumer interest” in mobile financial services, and 52 percent said they’d like a guarantee that transactions would be safe even if a phone were lost. Forty-six percent indicated they want better mobile network security, while 24 percent indicated they’d both like a faster/more reliable mobile data network and more user-friendly banking apps or sites. Fourteen percent indicated that their bank would need to offer these services, while 7 percent said they’d need a better mobile device. Surprisingly, 24 percent indicated that none of the above methods would change their interest.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More