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75% of Consumers Use Mobile for Personal Finances

  |  May 10, 2013   |  Comments

A recent study from mobile ad network firm Mojiva has discovered that consumers are now more willing to use their mobile devices for financial services.

A recent study from mobile ad network firm Mojiva has discovered that consumers are now more willing to use their mobile devices for financial services.

According to the study, consumers are increasingly using smartphones and tablets to manage their finances. Mojiva reports that the increased usage of mobile devices for financial services is making consumers more receptive to mobile financial ads.

"American consumers are turning to their mobile devices with greater levels of comfort and frequency to access banking, make financial payments, manage budgets, and even to make point-of-sale purchases," read the report.

"The result is a new breed of mobile-first financially savvy consumers."

Mojiva discovered that 75 percent of survey respondents are just as comfortable handling financial information on mobile devices as a computer.

About 79 percent of respondents reported that they read financial news on a smartphone or tablet. Mojiva says that the high usage rate is an effect of the increasingly prevalent usage of tablets for media consumption.

The study found that banking apps/sites were the most commonly viewed financial services on a mobile device. Mojiva reported that 72 percent of survey participants used a banking app/site to check their bank account information.

About 38 percent of survey respondents said they check financial apps/sites four to six times a week. While another 15 percent said they check mobile financial sites/apps seven to nine times a week.

Mojiva found that a majority of those surveyed felt comfortable handling personal financial information on a mobile device. Over 79 percent of those surveyed reported that they felt secure checking personal financial data on a smartphone or tablet.

Another 64 percent of respondents also said they use mobile devices to check both personal and financial accounts. Mojiva says the percentage is a sign of the dying paradigm of separate work and home devices.

Mojiva reports that the increased usage of mobile devices to access financial information has been a boon for mobile financial ads. The study found that 71 percent of those surveyed believe mobile ads are an effective way to spread the word about financial products and services.

Overall, 55 percent of survey respondents said they are likely to respond to a mobile ad for a financial product or service. The figure showed that respondents were just as likely to engage with a mobile financial ad as they were with a traditional online ad.

Stats from the survey come from responses from over 1,000 consumer respondents. Surveys were fielded from March 11 to March 15 of this year.

Image on home page via Shutterstock.

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ABOUT THE AUTHOR

James is a freelance writer and editor. In addition to ClickZ, his work has appeared in publications like V3, The Commonwealth Club, CachedTech.com, and Shonen Jump magazine. He studied Journalism at Weber State University.

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