New Study Offers Fresh Insights on Consumer Preferences for Credit Cards & Mobile Banking
March 20 - Rocket Fuel, a leading provider of artificial intelligence (AI) advertising solutions for digital marketers, has released the results of its newest research report centered around consumers' preferences regarding financial services, including credit card and mobile banking behavior.
Rocket Fuel found that mobile money transfer (15%) and virtual wallet services (7%) remain low, demonstrating an untapped market opportunity for financial services companies. The research also reveals five critical decisions for marketers to consider when developing their online creative and messaging strategy for customer acquisition.
- Mobile person-to-person payments and virtual wallet usage remain low: Just over half (59%) of consumers have used a mobile app for online banking or financial services, with the majority doing so to check an account balance or pay bills. Despite the hype of person-to-person (P2P) payments, the adoption of money transfer (15%) and virtual wallet services (7%) remain low.
- Half of consumers first hear about their current primary credit card online: Just under half of consumers (46%) who have had their current primary credit card for three years or fewer report first hearing about their current primary credit card online, compared to 34% who heard about the card offline.
- One-third of consumers are in the market for a new card: 35% of consumers say they'll apply for a new card in the next six months. This percentage increases with household income; 44% of consumers reporting an annual household income (HHI) in excess of $150K planned to apply for a new card in the next six months, making them nearly 50% more likely to do so than consumers reporting an annual HHI of less than $50K per year.
- Consumers convert on weekends, late at night: Consumers are significantly more likely to convert on financial services campaigns on Saturdays (+16%) and Sundays (+30%), and are most likely to convert late at night, with conversion rates peaking between midnight and 6 a.m.
- "A consumer's attention span vacillates between numerous digital channels like never before, resulting in a major challenge for financial-service providers -- how to attract the right audiences in a competitive marketplace with the appropriate products, services and advertising creative," said Eric Porres, Rocket Fuel's chief marketing officer. "According to eMarketer, financial services companies spent over $5 billion in digital ad spending in 2013. We developed this bodyof research to shed light on key consumer preferences, behavior and habits, and provide innovative financial marketers with the insights needed to develop more impactful, tailored ad initiatives."
About Rocket Fuel
Rocket Fuel delivers a leading programmatic media-buying platform at Big Data scale that harnesses the power of artificial intelligence (AI) to improve marketing ROI in digital media across web, mobile, video, and social channels. Rocket Fuel powers digital advertising and marketing programs globally for customers in North America, Europe, and Japan. Customers trust Rocket Fuel's Advertising That Learns (R) platform to achieve brand and direct-response objectives in diverse industries from luxury cars to financial services to retail. Rocket Fuel currently operates in more than 20 offices worldwide and trades on the NASDAQ Global Select Market under the ticker symbol "FUEL." For more information, please visit www.rocketfuel.com or call 1-888-717-8873.