Financial sector reaping the rewards of mobile content
08 Dec 2014By Zoe Catchlove
"Consumers spend 40% of their time in finance content on mobile" and this figure is going up. Finance industry watch this space... better yet, get cracking on mobile marketing - it appears your customers are asking for it! Read more about the latest research findings here...
Financial sector reaping rewards of mobile content
For finance customers the move to mobile has been hugely beneficial – allowing customers to manage investments, personal banking, payments and account transfers on the go.
The fact that the trend shows little sign of abating – with new technologies such as mobile wallet and proximity payments becoming increasingly important - is a marketing technologists dream since users are engaging more heavily than ever with finance content on mobile.
A new report published this month by Millennial Media shows that consumers spend 40% of their time in finance content on mobile – up by three percentage points in the last six months alone and a figure that’s set to grow further.
TIME SPENT ON MOBILE CONTENT
Look deeper into this and, as with many other sectors, the ability to target the younger customer via mobile becomes evident. The report shows that adults aged 18 to 24 spend 73% of their time in finance content on mobile – broken down to 70% on their smartphone and 3% on tablets leaving only 27% using a PC to consume finance content.
In the 25-49 years age bracket just over half spend their time in finance content on mobile. For customers over 50 years of age it’s 30% although with a slightly higher tablet penetration of 5% than their younger counterparts.
So what does that mean for marketeers? Certainly it offers an opportunity for finance brands to better target such demographics with different messages based on their mobile use that could increase penetration and engagement yet further.
The report showed that of the post-click campaign actions used by advertisers in finance, site search – driving to mobile web or landing pages – was the most frequently used at 49% for the finance sector. The figure was nearly double that of all advertisers. Similarly enrol, join and subscribe actions were also twice the rate of all advertisers at 18% compared to 7%.
The figures feed through to the objectives of advertisers campaigns too. For 37% in the sector brand awareness and engagement was the most important goal of such finance advertising campaigns – higher again than the trend of all advertisers at 34%. A close second was registrations at 30% - more than double that of all advertisers. No-one used such campaigns for product launch or releases.
Increased foot traffic and site or mobile traffic was less of a priority for such advertisers since the focus is so heavily on the battle of heart and mind for finance mobile users. Whether priorities change as the market matures remains to be seen.