Mobile Banking Can Play Critical Role in Monitoring Holiday Shopping Budgets
The average person will shell out approximately $805 on holiday spending this year, according to the National Retail Federation. That’s a significant increase in spending for most people, and in the excitement of shopping, purchasing and doling out gifts, it can be easy to forget about account balances and bills.
One solution that could help shoppers stay within their means this season: their smartphone.
According to the Bank of America Trends in Consumer Mobility Report, many Americans view their smartphone as an indispensable companion. In fact, 36 percent say they check it constantly, to the point of a few times an hour or more. With this growing mobile-mindset, shoppers have an invaluable tool at their disposal to help manage and simplify their holiday finances.
“During the rush of the holiday season, mobile banking makes it convenient for consumers to stay on top of their finances and manage their spending on the go with alerts about their accounts,” said Michelle Moore, head of digital banking at Bank of America. “For example, we send more than 1.5 million alerts a day to customers, including notifications of low account balances and upcoming bill payment due dates.”
Additional findings from the Report reveal how consumers may be using their phones to manage their finances this season:
- Constantly connected. More than six in 10 (62 percent) consumers using a mobile banking app say they access it at least a few times a week or more, with two in 10 (20 percent) checking once a day or more.
- Keeping a watchful eye. The majority (81 percent) of mobile banking app users are receiving push alerts and notifications via their mobile device to keep an eye on their account activity in real-time, with low balance (43 percent), unusual activity (41 percent) and deposit made (41 percent) alerts as some of the most popular elections. And it’s not just Santa who’s always watching — nearly one in seven (13 percent) Americans admit to tracking the spending of their parents, children or their significant other via mobile banking.
- Ditch the cash. More than half (56 percent) of respondents would consider paying someone using person-to-person payments via a mobile banking app, specifically family (44 percent), friends (29 percent) and household helpers (20 percent). Additionally, nearly two-thirds (63 percent) of mobile banking users use mobile check deposit.
- Smartphones as shopping companions. Nearly two in five (38 percent) consumers shop for goods and services on their mobile device, with more than half (51 percent) of millennials doing so. Shoppers are also using their smartphones in store, with more than one-third (34 percent) citing they would consider or have already used their smartphone to make a purchase at checkout. (BPT)