The Federal Reserve on Mobile

By | May 21, 2013

There is a lot of talk, a lot of data, and a lot of opinion out there about the impact of mobile marketing on customer behavior. In this industry, that translates into how mobile needs to be integrated into multi-channel marketing campaigns. It is said that people vote with their pocketbooks, so with that in mind, I thought I’d share some insights from the Federal Reserve. In April, the Federal Reserve released a 79-page report called “Consumers and Mobile Financial Services,” but there is a lot more in here than financial services.

More than half of the mobile phones out there (52%) are now smartphones, and they are changing the way people shop.

  • 6% of all smartphone users have made a point-of-sale payment using their phone in the past 12 months, up from 1% one year earlier
  • 42% of smartphone users have used their phone to comparison shop at a retail store, and 32% have used it to scan a product’s barcode to find the best price for the item
  • 64% of consumers overall who use their phones to comparison shop in a retail store have changed where they purchased the product as a result of the information they found
  • 44% of smartphone users have used their phone to browse product reviews or get product information while shopping at a retail store, and 70% of them changed the item they purchased based on this information
  • 64% of mobile banking users have checked their account balance before making a large purchase in the past 12 months, and half of them have decided not to purchase an item as a result of their account balance or credit limit
  • Approximately 27% of all mobile phone users are interested in receiving and managing discount offers and coupons on their phones, or receiving location-based offers.

This is tremendous evidence for the need of PSPs to begin broadening into mobile marketing. If your customers aren’t engaged in mobile marketing, they should be.

Download a copy of the (free) report here.

 

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2 thoughts on “The Federal Reserve on Mobile

  1. Joe Manos

    Heidi, thanks for another great post on a very relevant topic.

    Sadly very few in our industry are harnessing the power of this area of opportunity for growth. That will change as customers move more and more of their marketing activities to this area.

    We are seeing our customer base leverage mobil on a large majority of outbound marketing programs for their customers and this makes these service providers very relevant partners for their customers.

    If all service providers would like to protect their customer base they need to offer the services that their customers are looking for and this area is at the top of the list.

  2. Heidi Tolliver-Walker Post author

    Yes, I totally agree. What’s interesting is the number (or lack thereof) of tweets and likes to this and other of my posts on mobile. It’s always interesting to me to see which posts are tweeted and shared and which are not. Very telling!

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