E*TRADE released Thursday (Dec. 4) its most recent findings of the mobile habits of experienced investors, research that highlights the rising versatility of the smartphone as a tool for investors.
The report, released through E*TRADE’s quarterly tracking study StreetWise, found 38 percent of investors use their smartphones to check stock quotes, making the practice the most common way smartphones are used as an investment tool. A total of 32 percent of respondents said they use their smartphone to monitor investments.
The StreetWise data highlighted the deep engagement E*TRADE investors have with their smartphones. While more than half (55 percent) of respondents said they check the status of their investment portfolio once a week or more on their smartphone, investors also use their devices to check the market, read investment-related news, and watch educational videos.
E*TRADE Financial digital channel head John Matos says the data show just how versatile the smartphone is for the current investment climate. “Mobile investing is not a uniform activity,” he says. “It means different things to different people. This is because the life of an investor is not static – on one hand, their investing and trading needs evolve as they enter different life stages. On the other hand, different generations are adapting new technologies in different ways. Mobile investing today is about so much more than placing trades.”
In breaking down the data, E*TRADE explored how smartphones facilitate trading habits differently for various demographics. Investors younger than 34 were found to be nearly twice as likely to use their smartphone to watch educational investment videos.
When it comes to gender, 61 percent of male investors under age 34 said they use their smartphone to check on order status, while female investors under the age of 30 are more likely than their male counterparts to use their smartphones to research investment products.
Unsurprisingly, E*TRADE says it predicts the expansion and innovation of mobile investment strategy in the future. Matos said that the use of smartphones will likely lead to greater interaction and collaboration between investors and service representatives. Looking beyond, he said wearable technology will also become crucial for investors to check stock quotes and review portfolios.
StreetWise’s findings, E*TRADE notes, only pertain to smartphones and not tablets.