Industry News

Banking, shopping and bill payment lead financial usage of smartphones

An analysis from business intelligence provider 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.

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%).

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.

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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.