Free Report – Digital Trends: Consumer Behavior in Key Financial Sectors
This white paper provides an update on financial service (FS) consumer online behavior trends that occurred over the past year. We aim to provide you with a clear sense of what is currently going on in the online landscape by examining key metrics – derived from Compete’s panel of two million consumers – to evaluate and benchmark how the industry is performing.
Click-through Rate on Mobile Ads Higher than Desktop
Image from: Borys Shevchuk/Shutterstock In our quarterly survey of approximately 1,200 financial product owners – Compete’s Mobile FS Intelligence survey – we seek to understand sentiment on the mobile channel across the banking, credit card, brokerage, and auto insurance industries. In this blog, I’ll share a little bit about the effectiveness of mobile ads within the financial services (FS) industry. Of those surveyed, 77% of FS consumers didn’t recall seeing
Use of Mobile Tap and Pay Will Double in the Next Year, but Mainstream Mobile Wallet Adoption is Far Off
Last month, the stock prices of credit card networks jumped after Google announced the expansion of its Google Wallet. Google added Visa, American Express, and Discover to its mobile payment system, which already included MasterCard. With Google’s digital wallet, consumers can pay for goods and services by tapping their Smartphone to capable terminals, instead of swiping a credit card. Wall Street apparently likes the idea of the digital wallet, but
Mobile Wallet: Consumers Are Hesitant, but for Different Reasons
Image from: MobileWallet / Shutterstock I just searched the phrase “mobile wallet wars” in Google and it returned over 1.8 million results. Mobile wallet is officially buzzing. To be dubbed a war suggests a certain intensity as competitors make a mad rush for territory (a.k.a. consumers). A lot is being talked about in this realm, and action is being taken, too. Google teamed up with a few partners including Citi
Mobile Intelligence: Where Mobile Adoption In Financial Services Stands Today
Image from Jakub Krechowicz/Shutterstock In our quarterly survey of approximately 1,200 financial product owners – Compete’s Mobile FS Intelligence survey – we seek to understand sentiment on the mobile channel across the banking, credit card, brokerage, and auto insurance industries. In this blog, I’ll share a little bit about where mobile adoption in financial services stands today. In terms of overall adoption, in Q2 2011 36% of financial service account
Are Early Adopters of Mobile Banking Satisfied?
When you follow the mobile wallet news, one of the first things you notice is that there is an enormous amount of investment in mobile banking services. It seems like banks and other financial services firms launch a new app every week. Even credit unions are in on the mobile action. Qualitatively, the investment seems disproportionate to the current adoption level. I can’t say I know anyone who uses mobile
Consumers Weigh In on the Digital Wallet
Last week, search colossus Google announced that Google Wallet is in the works for the fall. With Google’s digital wallet, some shoppers will be able to use their smartphones as a credit card as well as cash. Just a few days before Google’s announcement, Bank of America, Wells Fargo, and JPMorgan Chase also announced a new mobile payments service that allows people to use their checking accounts to send a
Nothing is Certain, Except Death and Taxes and Online Marketing
For most of us, tax season has come and gone. But there’s no need to be sad. As the old adage goes, it’ll certainly be back. Though the season has closed, we wanted to look back at the performance of the key players in online tax filing because here at Compete, we are supremely interested in measuring competitive firms’ online effectiveness and digital marketing efforts. So though the season has
Financial Services Firms on Facebook: We Like What We See
Financial services firms have gotten a bad name when it comes to their social media efforts. I did a quick search on “social media and financial services.” While my query generated 61 million results in less than a tenth of a second, the top-ranked perspective articles would have you (mistakenly) believe that financial services (FS) companies are failing at social customer relationship management. I’d like to present an alternative view
Americans Plan to Save and Pay Bills, According to Compete 2011 Tax Survey
Earlier this week, I received a letter from the Internal Revenue Service marked “official business.” I must admit I shook a little with apprehension. In turn, however, I was delighted to learn that I would be getting an unexpected, additional refund. (My delight was heightened by the relief I felt knowing I wasn’t going to be the subject of an audit.) Unexpected refund! To save or spend, that is the
Two Opportunities to Encourage Mobile Banking Adoption
Last month, Compete released the results of its Q3 2010 Smartphone Intelligence survey. One of the notable insights from the survey is that mobile banking usage is on the rise, with 40 percent of respondents reporting using mobile banking apps once a month or more. However, with only 6 percent of consumers using mobile banking apps daily, we also noted that mobile banking is not yet part of the consumer’s regular routine.