In prior posts, I discussed the growing area of marketing via mobile phones through a technology called Radio Frequency Identification (RFID). However, I only touched upon one mobile feature RFID can provide. RFID and other technologies allow individuals to use their mobile devices to purchase goods and services online with a credit card, as well as charge directly to their “mobile account.” Mobile banking is also becoming an increasingly common activity by users.
The Statistics
A new Harris Interactive study shows:
- 25% users use their phones to pay for things online with a credit card.
- 20% users would like to use their phone as a “mobile wallet,” where charges our billed to your mobile account.
- 10% would consider using their devices for wire transfers and stock trading.
The study also reveals some statistics on the increasing number of individuals who are using their phones for banking and purchase transactions
- 16% use mobile banking.
- 60% of those who use mobile banking use it at least once per week.
- 35% of mobile users are open to the idea of checking bank account balances and transferring funds with their phones.
- 66% are interested in receiving text messages from their banks regarding their accounts.
However, those who do not currently use mobile banking have concerns about the process. 66% express concerns with security encryption,ad 63% are worried about fraud and financial scams. In my opinion, these are temporary concerns. It took a while for the majority of individuals to feel safe banking over the internet. It’s only a matter of time until mobile banking is also an acceptable activity.
Statistics Summary
What does this mean for you? If your target audience includes mobile users, you can assume that they are becoming even more and more tech savvy every day, looking for more ways to make their life even more about convenience. Mobile banking will help them with this…once using mobile internet becomes even more secure, and the fear of the security of this medium subsides, there will be more individuals using these and other services.
The fact that your target audience is becoming more tech savvy may be extremely important to consider when determining your marketing message.
eMarketing & New Media 
Once again nice data and analysis. Mobile definitely is the future and any data on it is quite important in my opinion.
The acceptance of mobile payment is a matter of time, yes, but I’m not really sure about mobile banking. I don’t think it will be used regularly because a financial transfer is not the kind of thing you do on the go. You take time to do everything correctly – so you go to a bank or wait until you’re at home and sitting in front of your pc.
@Kyle- thanks for the kind words!
@Julia- I disagree. Mobile banking may be something that you need to do while on the go. This actually happened to me while in college. I was at an ATM and was about to take money out but realized that I only had a few dollars in my checking…the rest of my money was in my savings. I had to run to a computer in the building next door to transfer these funds so that I could make my deposit.
Another example may be the long train ride commute from your home in San Jose to San Francisco. You may be able to sit there and comfortably pay your bills through your bank. Of course, you would not do this if you were not comfortable sending out this type of information offer the cell phone waves. I think in this case, it goes back to the fact that it will only be a matter of time until people are sure of the security of being online on a mobile device.
Mobile is Hot: Sunday Statistics Ed. 3
The third edition of Sunday Statistic, in which statistics on mobile usage, potential, and online banking are revealed.
Sphunn. Great stats, thanks for digging them up and sharing! I think your last two points are dead on. One only has to look at Asian and European markets to see where the US mobile market is heading. Transferring large amounts of money between accounts will be useful to some, but the ability to make micropayments or debit transactions (think vending machines) has the potential to become much more accepted by the masses.
If my 90 year old grandfather can learn to pay his bills online through his bank website, there’s hope for all of us.
[…] Last week in Sunday Statistics, I talked about mobile marketing in relation to mobile banking and as a “mobile wallet,” where individuals could pay for their items with their cell phones. This week, we’ll shift to a more specific target on mobile advertising- response rate to mobile ads. […]