NEW YORK, NY (April 11, 2013) - With tax day fast approaching, the Interactive 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 servicesmarketers 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:
“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.” “Mobile and Money” was released at the IAB Mobile Marketplace conference, held at the Crowne Plaza Times Square in New York City. To download the entire study, please visit www.iab.net/mobilefinance.
The “Mobile and Money” survey was fielded in March 2013. To get the sample, Viggle emailed invites to a random sample of Viggle's nearly two million registered users. These users completed the survey online (on either desktop, smartphone, or tablet). One thousand, two hundred and forty-two respondents completed the questionnaire. Note that only Viggle users 18 years old or older participated in this survey. The Viggle audience is both technology-and media-savvy. Viggle currently attracts a user base centered around the 25 - 34 year-old demographic. In addition, Viggle’s audience is also more coastal and more urban than the average consumer.
InMobi has been recognized by MIT Technology Review as one of 50 Disruptive Companies of 2013. InMobi platforms enable the world’s leading brands, developers, and publishers to engage global consumers. InMobi builds mobile-first technology platforms that leverage advances in big-data, user behavior, and cloud-based architectures to simplify advertising. Agencies and advertisers leverage InMobi platforms to create HTML5 rich media ads and engage 578M consumers across 165 countries. Developers and premium publishers use InMobi platforms to acquire and monetize their mobile apps and their mobile websites across the globe. With offices in multiple continents, InMobi provides global reach with local service and support across the globe. InMobi is venture-backed by investors including: SoftBank, Kleiner Perkins Caufield & Byers and Sherpalo Ventures. Developers can start monetizing instantaneously by downloading our SDK - www.InMobi.com/SDK. To learn more, please visit www.InMobi.com, follow us on Twitter @InMobi, or discover the latest mobile insights at www.InMobi.com/insights.
Launched in January 2012, Viggle is a free second-screen media platform that rewards its members for watching their favorite TV shows. Viggle enhances TV with interactive games like Viggle LIVE and the first ever real-time fantasy sports game, MyGuy. Viggle members get rewarded for their TV time from places like Best Buy, Papa John’s, Fandango, Hulu Plus and Groupon, among others. Viggle also allows like-minded fans of their favorite shows to connect through Viggle Chatter features. Viggle’s audio verification technology recognizes shows on TV and allows members to check into live and DVR’d TV content from more than 170 of the most popular broadcast and cable channels. For more information, visitwww.viggle.com or follow us on Twitter @ViggleTV.
The Interactive Advertising Bureau (IAB) is comprised of more than 500 leading media and technology companies that are responsible for selling 86% of online advertising in the United States. On behalf of its members, the IAB is dedicated to the growth of the interactive advertising marketplace, of interactive’s share of total marketing spend, and of its members’ share of total marketing spend. The IAB educates marketers, agencies, media companies and the wider business community about the value of interactive advertising. Working with its member companies, the IAB evaluates and recommends standards and practices and fields critical research on interactive advertising. Founded in 1996, the IAB is headquartered in New York City with a Public Policy office in Washington, D.C. For more information, please visit www.iab.net. IAB Media Contact Laura Goldberg 347.683.1859 email@example.com InMobi Media Contact Mital Goel Global Corporate Communications Manager +44 (0) 207.492.7000 Mital.goel@InMobi.com Viggle Media Contact Matt Caldecutt / Ed Tagliaferri DKC Public Relations, Marketing & Government Affairs 212.685.4300 firstname.lastname@example.org