Money on the Move: The S.M.A.R.T. Report Spotlight on Finance
The sign of a well-worn pair of jeans used to be a ‘wallet fade’, an outline of where you pocketed your wallet every day. Today, you’ll also see a ‘phone fade, a sign of the near constant connection to our mobile device.
Perhaps it’s unsurprising then, that people are becoming more comfortable with mobile financial transactions. According to data from eMarketer, there are currently 16 million mobile consumers using proximity payments, or about 10% of all smartphone users. Your smartphone is right there in your pocket anyway, so why not use a more sophisticated tool to manage your money?
Thus Millennial Media released its latest S.M.A.R.T. Report: The Spotlight on Finance. This report uses data from the Millennial Media mobile advertising platform, showing how comfortable consumers are becoming with finance information via mobile. It also highlights tremendous opportunities for finance advertisers to reach their mobile users.
Some major takeaways from the report:
- Finance is the fourth largest vertical on the Millennial Media platform, largely made up of Insurance (43%) and Financial Services (32%).
- The most common campaign goal for finance advertisers was brand awareness and engagement (37%) followed by increased foot traffic (17%).
- Consumers spend 40% of their time in finance content on mobile, which has grown 3% over the past six months and is likely to continue to grow as brand and consumer adoption of emerging mobile finance technologies climbs.
- Of those spending time on digital devices in finance content, smartphones are the preferred mobile device, and adults ages 18-24 spend the most amount of time in finance on mobile (73%).
- Of the post-click campaign actions used by advertisers in the finance vertical, application download was the most frequently used on our platform (28% of campaigns), followed by site search (26%) and watch video (23%).
- Personal and business travelers were the most targeted audience by finance advertisers, followed by business and finance enthusiasts.
Check out more of the report’s findings and insights when you download it here.
Additionally, for readers of the Millennial Media blog, we have a bonus chart for you that’s not included in the official S.M.A.R.T. report. (Think of it like a hidden track on an album.) It looks at engagement rates for different types of mobile ads within the Finance vertical.
As you can see, the engagement rate on video is substantially higher than any other type of ad. Consider the following when making decisions about ad spend in the Finance vertical:
- Finance isn’t always the most engaging subject for consumers. Most people don’t look forward to thinking about insurance rates or banking options. Video and rich media help make challenging subjects more interesting. (Our Western Union campaign spotlight has some insights on how video made a difference for the leading money transfer service.)
- Creative campaigns can help transition 18-24 year olds (the heaviest users on mobile) to other financial services as they age and accrue more money to invest.
With the rise in mobile wallets and proximity payments, and consumers’ increasing comfort level with mobile, it is essential to make sure your brand, location, product or store is ready to integrate with these advancements. What are you seeing that helps move the needle?
Millennial Media is the leading mobile ad marketplace, making mobile simple for the world’s top brands, app developers, and mobile web publishers. The company's data and technology assets enable advertisers to connect with target audiences at scale, while driving monetization for publisher and developer partners. AOL acquired Millennial Media on October 23, 2015. Millennial Media boosts AOL's global, mobile capabilities and scale across ONE by AOL for advertisers and agencies, and offers the most attractive monetization platform for app developers.