From tablets to smartphones to laptops, electronic devices are an integral part of our day-to-day, providing ease and convenience for just about every task. For companies, offering the latest apps, mobile wallets, and digital platforms to meet the needs of consumer can feel like an endless task. Technology and consumer behaviors are changing so rapidly that it can be difficult to keep a pulse on what’s working – and what’s not. This is especially true when it comes to understanding how consumers are using their devices to conduct financial-related business.
The Speedpay® Pulse, a consumer billing and payment trend survey of at least 3,000 U.S. adults responsible for two or more household payments a month, sought to understand how consumers are using various devices to conduct mobile banking, review account balances, review payments/transactions, view billing statements, make a purchase online, deposit funds, and submit a bill payment. Here’s what we found…
Smartphones and Laptops Take the Top Spots
The Pulse revealed that when it comes to the array of electronic devices available to consumers, smartphones and laptops are the most used for conducting financial-related actions. What aren’t consumers using as much? Tablets.
When it comes to each monitoring action, consumers are primarily using a smartphone or laptop to review account balances (55.6 percent), review payments and transactions (54.8 percent), and view billing statements (54.7 percent). The same holds true for transactions, with most consumers using a smartphone or laptop to conduct mobile banking (54.5 percent), make a purchase online (56.4 percent), deposit funds (45.1 percent), and submit a bill payment (54.6 percent).
For now, consumers are less likely to use tablets to conduct financial-related actions. Specifically, tablets are less likely to be used among those depositing funds (4.7 percent) or submitting a bill payment (8 percent) compared to all other behaviors surveyed.
Consumers want the ability to monitor their finances and conduct transactions on-the-go via their smartphones in addition to easy access on their laptops. That means companies need to ensure their services are seamlessly accessible across devices and platforms. Not only does this address the diverse needs of consumers, but it creates an effortless experience for consumers to quickly navigate and perform tasks on any device, anywhere. Companies must also be able to roll out new features as they become available without interrupting customer service.
But implementing the right mobile apps, mobile wallets, and digital platforms is just the beginning. In order to increase adoption, companies must also train and educate consumers on how to use their digital and mobile services, and more importantly, how these services will make the consumer’s lives easier.
To learn more about consumers’ mobile billing and payment preferences, click here to read the Speedpay® Trend Report.