- Finance is the fourth largest vertical on the Millennial Media platform
- Consumers spend 40 per cent of their time on finance related content on mobile
- Smartphones are the preferred mobile device for finance content
Advancements in mobile marketing space have helped in the online growth of finance services such as banking, account transfers and fund transfer, among others. Mobile finance technologies have introduced the convenience of mobile wallets and proximity payments.
Millennial Media’s periodical report titled ‘Scorecard for Mobile Advertising Reach and Targeting’ explores how finance brands are performing on the mobile marketing platform and how are consumers perceiving finance brand advertisers on the platform, based on data retrieved from the Millennial Media platform.
Among the top 10 global brands verticals, finance is ranked fourth. Through investing in new creative, targeting and video opportunities, the segment could increase its mobile spends and eventually consumer engagement.
Among the various categories of finance brands services, insurance has taken over 43 per cent share on mobile marketing with campaigns prompting people for sign up for insurance. This was followed by financial services and banking with 32 per cent and 18 per cent, respectively.
Among different payment technologies available on the platform, proximity mobile payments is used by 16 million mobile users or 10 per cent of all smartphone users which constitutes for USD 3.5 million worth of transactions, according to data from eMarketer. The financial services brands top targets are the personal and business travelers followed by business and finance enthusiasts and investment minded consumers, to market their services.
The research shows that adults under the age of 50 spend 57 per cent of their time on finance related content on their mobile devices, where consumers above the age of 50 are more comfortable with desktop. Finance brands must design their marketing strategy in a relevant manner to reach their target audiences with minimum spillover.
Nevertheless, 59 per cent of the traffic is garnered from desktop by financial brands followed by 36 per cent on smartphones and remaining through tablets. It is evident from the numbers that majority of the consumers continue to access financial through desktops. Brands can revamp their marketing strategy to get this chunk of consumers on the mobile platform.
Some of the key findings of the report include:
#1. Finance is the fourth largest vertical on the Millennial Media platform.
#2. Consumers spend 40 per cent of their time on finance content on mobile, which has grown 3 per cent over the past six months. This time on mobile is likely to continue to grow as brand and consumer adoption of emerging mobile finance technologies continues to climb at an average of 39 per cent a year.
#3. Smartphones are the preferred mobile device for finance content, and adults aged between 18-24 spend the most amount of time in finance on mobile (73 per cent). Adults over the age of 50 spend the least amount of time in Finance on mobile (30 per cent), which has grown four per cent throughout the past year.