Top Financial Apps: Generic Bank Apps, Chase, Bank of America, PayPal and USAA
WORTHINGTON, OH – 2/13/13 – An analysis of data from Prosper Mobile Insights™ reveals that more than 3 in 4 mobile users conduct banking activities using a smartphone or tablet, and more than half say they engage in shopping behaviors via mobile. Two in five also say they pay bills, create shopping lists and “clip” coupons on their device.
“Do you conduct any of the following financial activities on your smartphone or tablet?
(Check all that apply) (Mobile Users)
Paying bills: 44.5%
Creating shopping lists: 43.3%
None of the above: 9.1%
Source: Prosper Insights & Analytics™
Women appear more likely than men to engage in couponing and list-creating activities on smartphones and tablets. Also, top bills to pay via mobile include wireless service (68.2%), credit card (66.9%) and Internet service (38.8%). For a full, complimentary report, including male and female mobile user segments, click here.
With the vast integration of mobile devices into all aspects of everyday life, it is increasingly important for retailers, service providers and app developers to meet the needs of consumers. Mobile users are demanding the best functionality from the mobile web, apps and even their banks. They want to be able to check balances on the go, find ATMs and be alerted if they are about to overdraw their account. According to Think with Google, 1 in 6 of those switching banks cites a poor mobile experience as a reason to look for a new place to stash their savings.
It is essential that mobile banking apps meet consumer expectations as they dominate a list of apps used most often for financial activities. While 11.7% said they use their bank’s app (not specific), another 11.3% use Chase while 10% use Bank of America. Rounding out the top 5 most mentioned apps for financial activities are PayPal (6.7%) and USAA (4.7%).
Besides an excellent mobile experience, those who conduct financial matters via a smartphone or tablet also want to be sure their information is safe. Over half of mobile users (59.5%) say they are still concerned about privacy issues. 21.3% say they are not concerned about such security threats, and 19.2% are on the fence.
Of the 23.2% who say they’ve never made a mobile purchase, 36.5% say they would feel most comfortable making a payment using PayPal, one of the top financial apps. Another 24.7% say a credit card would be the safest choice. Credit cards and PayPal also rank among the top payment methods used most often by those who have already made mobile purchases:
Payment Used Most Often (Mobile Users Who Purchased an Item via Mobile)
Credit card: 39.2%
Debit card: 24.9%
Bill Me Later: 2.0%
Google Wallet: 0.8%
Source: Prosper Insights & Analytics™
These insights derive from the January Mobile Survey, conducted by Prosper Mobile Insights™ from 1/28/13 – 1/30/13. The survey included 328 smartphone and tablet users from the uSamp Mobile Panel who completed the survey on their devices. Margin of error is +/- 5.4% at a 95% confidence level. Other data analyzed includes a mobile banking trends report published by Google, Inc. in October, 2012.
Prosper Insights & Analytics™
Prosper Insights & Analytics provides advanced business intelligence using sophisticated analytical software to examine big datasets and provide answers to executives via its cloud-based InsightCenter™ platform powered by Prosper Technologies™. By integrating a variety of data including economic, behavioral and attitudinal data, Prosper Insights & Analytics delivers insights for executive decision making. Further, it is continually identifying unique insights through analytics to enable marketers to make knowledge-based decisions rather than relying on intuition. To learn more: http://prospertechnologiesllc.com/contact.php
uSamp (www.uSamp.com), the fastest growing company in the Market Research Industry, is a premier provider of technology and survey respondents used to obtain consumer and business insights. uSamp’s leading-mobile technology and SaaS platform transform the way companies gain intelligence to make better, faster decisions about their products and services by tapping into uSamp’s 12 million member global panel of survey respondents. Through uSamp’s proprietary technologies for self-serve sampling and survey authoring, companies have on-demand access to millions of profiled survey respondents. uSamp is based in Los Angeles, with five offices throughout the United States, Europe and Asia. The company has more than 200 team members worldwide. uSamp was No. 213 on the 2012 I nc. 500|5000 exclusive ranking of the nation’s fastest-growing private companies and ranked No. 11 in the 2011 Forbes America’s Most Promising Company List.
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