News & Views - Savantor

Golden Oldies favour mobile banking

Thursday, 30 April 2009

You can’t believe every piece of research you read but two interesting pieces add further weight to the supporters of mobile banking as the way forward. Eight financial applications for mobile phones are forecasted to be used daily by nearly 2.2 billion mobile phone users worldwide over the next five years according to a report by the Insight Research Corporation. Another report by comScore suggests that whilst young mobile users prefer to get online to check social networking sites, the over 55s are eager for financial services via their phones. The research found that trading stocks and accessing bank accounts were the second and third most popular types of sites respectively for phone users over the age of 55, behind those for – perhaps predictably in the UK - checking the weather.

The younger the mobile user, the less likely they are to visit mobile financial services sites: websites for trading stocks and accessing bank accounts were the fifth and sixth most popular among the 45 to 54 age group and eighth and ninth for the 35 to 44 year olds. Bank sites didn't figure among the most popular list for younger mobile users - groups between 13 and 34 - where social networking was rated the most visited mobile site.

So whilst the silver surfers may not be too interested in Twittering they still have a significant voice in the shape of financial products future.

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