There’s an App for That: 70 Percent of Americans Using Smartphones to Manage Money
Foster City, Calif. (PRWEB) September 15, 2014 -- Paying bills and checking account balances are available almost anywhere at the touch of a consumer’s finger, thanks to smartphone technology and websites or applications optimized for the mobile user. Are Americans embracing this convenience? According to a new survey from WisePiggy.com – the free credit monitoring website - the answer is a resounding yes, with almost 70 percent of respondents saying they’ve performed at least one banking task on a smartphone.
Here are the top tasks complete on a smartphone with the percentage of respondents who have performed each action on a device:
1. Pay a bill: 38.25 percent
2. Check a checking account balance: 36.3 percent
3. Check a credit card balance: 28.65 percent
4. Receive account alerts via text: 23.7 percent
5. Redeem credit card rewards: 15.7 percent
6. Research a new credit card: 13.15 percent
7. Check credit score: 11.95 percent
8. Track spending and financial goals: 11.4 percent
9. Apply for a credit card: 10.45 percent
10. Check credit report: 7.95 percent
11. Accept payments (like Square or GoPayment): 6.9 percent
While 77.68 percent of men said they had used their smartphone to perform at least one of the above tasks, only 60.74 percent of women had completed one-such action. However, the most common tasks showed a smaller gender gap, with women more likely to check a checking account balance (36.66 percent to 35.94 for men) and almost as likely to pay a bill using their device (34.97 percent to 41.54 for men).
“People are more dependent on their smartphones than ever before, so it makes sense that they are managing their finances with them too,” said Loryll Nicolaisen, managing editor of WisePiggy.com. “Even though more men say they’ve done financial tasks on their smartphones, women on the go are using their smartphones to expedite common tasks. As more banks and websites like WisePiggy.com make banking tasks easy to do on mobile phones, usage can only go up.”
When it comes to overall management of their bank accounts, Americans like the convenience of technology over traditional methods. The following are the top preferences for managing financial services:
1. Computer – 63 percent
2. Bank Branch – 16.60 percent
3. Mobile Phone – 14.85 percent
4. Mail – 5.55
The full analysis of WisePiggy.com’s survey can be found here: https://www.wisepiggy.com/credit_tutorial/credit_score/smartphone-can-be-a-valuable-finance-tool-if-you-know-how-to-use-it.html
Methodology
OP4G surveyed 2,000 Americans on behalf of WisePiggy.com.
About WisePiggy.com
WisePiggy.com offers easy, fast and free solutions to consumers looking to track their credit score and make the most of their money. WisePiggy.com offers consumers free access to their TransUnion credit score. The site also features money management tips and tools, including the unique WisePiggy Report Card, a one-of-a-kind tool to guide consumers to a better credit score. This new site joins an award-winning portfolio of personal finance sites under the QuinStreet, Inc. (NASDAQ: QNST) brand - one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with information they need to research, find and select the products, services and brands that best meet their needs.
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Alex Bryant, WisePiggy.com, http://www.wisepiggy.com, +1 (212) 863-4753, [email protected]
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