Mobile banking officially on the rise: increase in mobile transactions as apps take hold
Unique Digital calls for financial service organisations to seize opportunity as research reveals mobile transaction value rise.
Almost half (42%) of online consumers now use mobile devices such as smartphones and tablets to search for and complete financial transactions, according to a Unique Digital/YouGov study. As the mobile device channel matures, a quarter of consumers complete instant transactions on a smartphone or tablet rather than searching and completing their purchases in-branch or on a PC or laptop.
This is undoubtedly one of the drivers behind the increased spend on mobile advertising in the last year, with the latest Internet Advertising Bureau (IAB) figures stating that mobile advertising has grown 68% from £429.2m to £707.1m.
Unique Digital is calling for financial brands to create an effective mobile strategy to take advantage of this behavioural shift. In particular, the digital expert recommends overhauling mobile apps to streamline payment and transaction completion and address the device-driven consumer.
The number of people using a smartphone or tablet for searching and transactions now exceeds those who use them for research only (37%). When it comes to apps, consumers want it quick and easy, the report continues. The top two reasons consumers gave for downloading apps on mobile devices to complete purchases were ease of use (44%) and speed of use (33%).
Phil Stelter, managing director of Unique Digital, said: “These latest IAB figures reflect the growing importance of mobile, and with the introduction of Apple Pay and companies releasing first generation NFC payment technologies, online and offline purchase behaviour will converge as the customer begins to determine which POS they prefer.
“Our research shows that we are at the start of an all-commerce age: terms such as Ecommerce and Mcommerce are set to be consigned to the dustbin of history. The days of consumers just researching items on mobile devices are gone: purchases are being completed on the same device with increasing regularity now.
“Brands need to take advantage of this trend by focusing on the data collection that unifies their understanding of a new mobile consumer and campaign planning that delivers messaging and experiences which don’t try to dictate how consumers should interact with their brands.”