Trends Report

What Financial Functionality US Consumers Want On Mobile Devices

Nail The Basics To Quickly Expose The Value Of The Channel

July 12th, 2010
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
EH
Emmett Higdon
With contributors:
Julie Ask , Benjamin Ensor , Serena Goldberg , Brendan McGowan

Summary

In the US, adoption of mobile financial services is rising: 11% of US online adults are now mobile bankers and 7% of those with investment accounts are mobile investors, although just 3% of online adults have interacted with their insurer via mobile in the past three months. Those who don't use mobile financial services point to mobile functionality basics such as balance updates, alerts, and money transfers as compelling reasons to try. Two groups, in particular, show well-above-average interest in such mobile functionality: smartphone owners and young people. For financial eBusiness executives, landing these users — and attracting a broader overall user base — hinges on getting the basics right and differentiating with easy-to-use, straightforward functionality that helps customers meet their everyday financial needs.

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