Financial Services Firms Shift Promotions to Mobile

Few industries are as competitive as financial services. These businesses must often differentiate themselves solely on customer service because of the similarity of the products they sell. As a result of the mobile revolution, more financial services businesses are targeting tech savvy consumers through smartphones and tablets.

New research from comScore and Millennial Media indicates that the mobile finance audience possesses unique characteristics which are attractive to marketers. Until recently, consumers have been reluctant to access personal financial data via mobile devices. But privacy concerns seem to be fading, and younger consumers appear to rely on their devices to manage their finances. The following percentages of mobile finance users check the following resources at least once a week:

  •  Bank accounts 35%
  • Credit cards 22%
  • Electronic payments 16%
  • Stock trading 8%
  • Insurance services 6%

As a result, more marketers are advertising via mobile. On the Millennial Media platform, the vertical mix of finance advertisers largely belongs to insurance (42%) and banking (28%). But financial services (16%) and credit cards and services (10%) are also moving into mobile. The rest of the market goes to investment banking and asset management (2%) and short-term loans. (2%).

Advertisers wanting to reach the mobile audience should know these users largely access weather (84%), maps (74%), search (69%) and news (67%) so their promotions should be featured prominently with this type of content.

Until now, marketers have been targeting the mobile audience using strategies such as:

  • Content 34% (These run on apps or sites)
  • Tactical 27% (Reaching consumers with specific device types or operating systems)
  • Local 24% (These methods allow advertisers to focus on a specific geographic region)
  • Demographic 13%

Millennial Media analysts encourage advertisers to connect with consumers across a variety of platforms and media channels. This will grow increasingly important as consumers  use their devices in new ways, especially the smartphone apps designed to operate as mobile wallets.

[Source: Finance. Mobile Insights for Finance Brands. Millennial Media/comScore Finance Study. 2012. Web 24 May 2012]
Kathy Crosett
Kathy is the Vice President of Research for SalesFuel. She holds a Masters in Business Administration from the University of Vermont and oversees a staff of researchers, writers and content providers for SalesFuel. Previously, she was co-owner of several small businesses in the health care services sector.