Mobile Users manage Personal Finances on their Connected Devices. [REPORT]

With tax day fast approaching, the Interactive Advertising Bureau (IAB) today released “Mobile and Money,” a new study conducted in partnership with InMobi and Viggle, that looks at how mobile users are leveraging smartphones and tablets to manage their personal finances. Findings show that a great number of consumers are tapping into their mobile devices for money management, although some are worried about security issues – real or imagined – that financial services marketers need to better address.

According to the report, nearly two out of three respondents (58%) regularly use their bank’s mobile app, while another 25 percent are aware of the app, but have yet to use it. In addition, 50 percent use their bank’s mobile-optimized web site, while another 26 percent are aware of the feature, but have yet to test it.

These numbers indicate that the financial marketers’ messages about mobile offerings are resonating with consumers. However, at the same time more than half (52%) of the survey’s respondents said that in order to shift more personal finance activities to their mobile device, they need a concrete “guarantee” that financial transactions are safe, even if they lose their phone. In addition, 46 percent stated that they needed to see better security on their mobile network in order to inspire them to turn to their connected device for more financial activities.

“Clearly, mobile users are leaning into their devices for personal finance assistance wherever and whenever they happen to have a need,” said Anna Bager, Vice President and General Manager, Mobile Marketing Center of Excellence, IAB. “Most financial apps already contain rock-solid security, but consumers seem not to be as plugged into that fact, and that knowledge gap can make all the difference in driving further usage and adoption. This is an area that financial services marketers should pay attention to in their future campaigns.”

The report found that respondents are starting to treat their smartphones as virtual wallets, using the device for a variety of payment activities, such as:

Paying mobile phone bills (42%) or other bills due for payment (46%)

Paying a business for real-world goods/services, such as coffee via a pre-paid card on the phone (34%)

Buying tickets for a movie or concert or travel, etc. (37%)

Paying for digital products such as music, movies or a smartphone app (45%)

Paying friends or family (19%)

“Consumers show a definite willingness and interest in using their smartphones as a mechanism for making payments,” said Shrikant Latkar, Vice President, Global Marketing, InMobi. “The impediment is with retailers and individuals not currently being set up to accept those payments. It is fascinating, however, to see how far this has come so quickly. In some cases, like morning coffee, paying with your mobile phone has almost become routine.”

When it comes to the name-brand apps that respondents who use mobile financial services have downloaded to help them make payments or keep track of their finances, Paypal was far and away in the lead (37%), trailed in the distance by Mint (11%), Turbotax (9%), Square (8%) and Google Wallet (7%).

Money-related apps such as regular calculators and tip calculators were also popular (72% vs. 35%), but those apps meant for scanning receipts and reading financial news did not seem to capture much interest (16% vs.14%).

Taking April 15 into account, the survey also asked respondents if they were aware of apps available that will let them file their taxes through their mobile device. More than half (57%) claimed that they knew about them, but a negligible number (6%) said that they have used one to actually file.

“This time of year always poses a challenge to all of us needing to get our taxes, and thereby our personal finances, in order,” said Greg Consiglio, President and COO, Viggle. “We continue to see consumers looking to applications on their mobile devices for convenience and this includes tools for managing finances as well. Financial services advertisers need to consider a mobile buy in the mix, if they want to reach consumers where they are increasingly spending their time and looking for services that make their lives easier.”

To download report CLICK on link below;
http://www.iab.net/media/file/iab-inmobi-viggle%20mobile%20financial%20services-final.pdf>