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Millennial Mobile Banking Use Increases
Monday, September 23, 2013 6:55 AM

According to a recent Nielsen report, nearly half of all mobile bank users are under the age of 35 and one third indicated that smartphones were the most important device for their banking needs.

Nielsen’s Banking & Finance findings also revealed that nearly two thirds of younger bank users completed a transaction on a mobile device and relied heavily on their devices—from initial research all the way through conversion. And, with nearly three out of four younger bank customers noticing mobile ads during their research process, advertisers have a strong opportunity to engage them with promotions, which especially appeal to this younger set. Alternatively, mobile bank users who are 45 and older are more likely to notice targeted ads.

With nearly 50 percent of online banking occurring on smartphones and tablets and more than half of mobile users relying on mobile exclusively to aid in purchase decisions, the Banking & Finance category had the highest percentage of on-device conversions of any category (54 percent).

For driving conversions, Banking & Finance mobile researchers indicated that an optimized mobile web site is the most important feature for both devices (40 percent for smartphone, 37 percent for tablet). Location also plays a critical role in conversion with most users expecting businesses to be within five miles of their current location (62 percent smartphone and 52 percent tablet).

While half of mobile Banking & Finance activity is transactional, including paying bills, transferring funds, paying via PayPal, etc., the remaining 50 percent of mobile users are researching general banking information and/or looking for business location details. The majority of mobile search and browsing activity is spent researching checking and savings accounts followed by credit cards. And while 50 percent of mobile banking users are looking to make a transaction right away, 25 percent are still undecided and researching their decision.

(Source: The Nielsen Company, 20 September 2013)