Consumers Seeking Sophisticated Mobile Account Services

Verve Mobile, a leading U.S. mobile advertising company specializing in location-powered solutions, recently announced the results of a study conducted across 3,500 mobile publishers that use the Verve advertising platform. The study reinforces that consumers are not only comfortable and willing to use their mobile devices for banking activities; but that they expect more, easy-to-use mobile options from their financial institutions.

Key findings from the Verve financial services survey include:

  • Consumers prefer to access mobile banking by native app (41%)
  • The smartphone is the overwhelming platform of choice for mobile banking at (63%)
  • Top three mobile banking services used: transfers (63%), bill pay (62%), alerts (40%)
  • 73% of consumers want communications based on their financial profile
  • Location services most used, as it relates to mobile banking: ATM locator by current location (51%), branch locator (19%), ATM by zip code (19%), branches filtered by services (12%)
  • 70% of consumers say expense & budget tracking are the most important mobile tools.

The study confirms that consumers have come to expect a near full-service banking experience on their mobile devices.  According to Greg Hallinan, Chief Marketing Officer of Verve, "there is a great opportunity for additional growth and competitive distinction for those financial service institutions who address this pent-up demand in the market, by providing increasingly sophisticated mobile account services to consumers."

[Source:  "Verve Mobile Study."  Verve Mobile.  1 Nov. 2012.  Web.  3 Nov. 2012.]