In September 2016, there were around 130 billion apps downloaded from the AppStore. 2.23% of them belonging to the financial category. Financial apps are getting more and more convenient, as well as, secure. Users are spending more and more time with their smartphones, — Glorium Technologies decided to study Board of Governors of the Federal Reserve System survey “Consumers and Mobile Financial Services 2016”. There were some interesting things we found, read below to find out. 

 

1. Mobile banking usage demonstrates some positive changes: 43% of mobile phone users who own a bank account have used it at some point or another. In 2014, this number was equal to 39%. 

 

 

2. The most popular mobile banking activities were:

  • – Checking account balances and recent transactions.
  • – Transferring money between personal and individual accounts.
  • – Alerts and notification.

 

3. 24% of mobile phones owners reported using mobile payments at least once a year prior to the survey. Here’s what they spent their ‘mobile money’ on:

  • – Paying bills through a mobile web browser.
  • – Purchasing a physical item and/or digital content.
  • – Paying for something in a store.

 

4. When marketing a financial app, the one aspect that should be kept in mind is the high concern about the security issues. 42% of respondents with mobile phones consider their personal data in mobile financial transactions very or somewhat unsafe.

 

 

5. The smartphone users surveyed claimed they took actions in response to the mobile financial alerts, for instance, transferring money or reducing expenses after the low balance reports. 62% of mobile banking users checked their balance via phones before making huge purchases.

 

So, mobile financial tendencies get more and more popular and we are ready to help enterprise make their steps in this direction. Moreover, we have a tremendous experience in this field.

 

Resource:

http://www.federalreserve.gov/econresdata/consumers-and-mobile-financial-services-report-201603.pdf