Experian Mobile App Use and Preference: Survey Report, 2015

1

March, 2015

MOBILE APP USE AND PREFERENCE

Survey Report

2 © Copyright 2014 Daniel J Edelman Inc. Intelligent Engagement

WHO HOW MANY ACCURACY WHEN HOW

Mobile Device

Owners

Nationwide

(Adults 18+)

n=1,000Margin of Error =

± 3.1%

Data Collection

Occurred

August 5-9, 2014

Online Survey

RESEARCH OBJECTIVE: To garner media-genic research around consumers’ use of and preferences for financial mobile apps

Research Methodology


• There is a strong demand for information on how to improve personal financial health and

credit.

• Nearly two in three consumers are interested in learning how to improve their credit.

• Consumers are already using mobile devices to access their financial information.

• Most mobile device owners (60%) access financial information on their smartphone or tablet.

• Among consumers that have downloaded a financial app, 48% did so to monitor their accounts for

inaccuracies.

• Many consumers (46%) use financial apps and they feel that these apps make them more

confident and more in control of their financial health.

• Financial app users are significantly more likely than those who do not use financial apps to know their own

credit score and to understand the main factors that are helping or hurting their credit.

• Four in five financial app users say that they feel more confident about their financial situation since they

started using financial mobile apps.

• Consumers are interested in receiving free credit scores and credit monitoring, but they also

want a financial app to provide an overview of their accounts and financial profile

• Two in three consumers say that push notifications are important in a financial mobile app.

• Consumers are split on whether they would prefer to enter their username and password or a 4-digit

passcode each time they access a financial app.

Key Findings

FULL RESULTS


Q7: Please indicate the extent to which you agree or disagree with each of the following statements.

73%

64%

63%

I am interested in learninghow I can improve my

financial health.

I am interested in learningabout how to improve my

credit.

I have questions about howcredit scores are created.

Interest in Finance and Credit Information

(Shown: % Somewhat / strongly agree) 18-

34

35-

6465+

Whit

eAA

His

p-

anic

81% 66% 85% 70% 62% 68% 74% 89%

75% 55% 81% 58% 54% 57% 77% 83%

74% 54% 74% 57% 63% 56% 71% 83%

There is strong consumer demand for information on how to

improve personal financial health and credit


85%

71%

51%

34%32%28%

Access your personalfinancial information

Learn more about yourpersonal finances or credit

Devices Used for Finance Activities(Shown: % Selected)

Computer Smartphone Tablet

Mobile devices are widely used to access financial information and

learn more about personal finances and credit

Q6: Which of the following devices do you use to… ?

60%

ANY

MOBILE

DEVICE45%

ANY

MOBILE

DEVICE

Access

Personal

Finance

Info

Learn

about

Finance or

Credit

Male 72% 52%

Female 50% 39%

18-34 82% 68%

35-64 51% 38%

65+ 51% 24%

White 52% 42%

African

American78% 66%

Hispanic 80% 38%

Mobile Device Usage for Finance Activities(Shown: % Use any mobile device to…)


54%47%

44% 43%38% 37%

32%

21% 21%15%

6%3% 3%

Financial Mobile App Awareness(Shown: % Aware)

Q8: Below is a list of financial mobile apps that can be downloaded for use on a smartphone or tablet. Which, if any, of the following mobile apps have you heard of?

Banking apps are the most widely known, but a third of consumers

are aware of the Experian and freecreditscore.com mobile apps

84% ARE AWARE

OF AT LEAST

ONE

FINANCIAL

MOBILE APP


46%

10%

45%

Financial App Downloads(Shown: % Selected)

Downloaded and use

Downloaded, do not use

Never downloaded

Q9: Have you ever downloaded a financial mobile app?

Q10: For which of the following reasons have you ever downloaded a financial mobile app? (Asked if downloaded a financial mobile app, n=555)

66%

48%

46%

30%

22%

16%

16%

14%

11%

7%

Check credit / debit balance

Monitor accounts for inaccuracies

Better manage day-to-day…

View credit report / score

Learn about personal finance

Tips to manage personal…

Tips on managing credit

Reach a savings goal

File taxes

Apply for a loan

Reasons for Downloading Financial App(Shown: % Selected)

More than half of consumers have downloaded a financial app; top

motivators are checking balances, monitoring accounts and

managing day-to-day finances

56%DOWNLOADED


Q9: Have you ever downloaded a financial mobile app?

Q11: Approximately how many financial mobile apps do you use? (Asked if financial mobile app user, n=456)

Q12: Where do you use financial mobile apps? (Asked if financial mobile app user, n=456)

Those who use financial apps typically access one or two apps both

at home and on the go

49%

26%

11%

14%

Number of Financial Apps Used

(Shown: % Selected)

1 2 3 4+

10%

6%

84%

Location of Financial Apps Usage

(Shown: % Selected)

At home On the go Both

DEMOGRAPHIC PROFILE

FOR FINANCIAL APP USER

• Male (59%)

• Millennial (46%)

• Employed full-time (64%)

• Non-white (45%)

• HHI of $50-75K (34%)

• Laptop user (81%)

• Smartphone user (98%)

• Knows credit score (76%)

46%USE FINANCIAL

APPS


69%63% 63%

84%78% 77%

I understand which financialfactors are currently helpingor hurting my credit. (76%

Total)

I understand the main factorsused to create credit scores.

(70% Total)

I feel in control of my financialhealth. (69% Total)

Mobile App Impact on Financial Understanding(Shown: % Total Agree)

Do not use financial mobile app(s) Use financial mobile app(s)

Consumers who use financial apps are more likely than those

who do not to understand the factors that impact their financial

health and credit

Q7: Please indicate the extent to which you agree or disagree with each of the following statements.

Q16: Do you know your credit score?

76% OF FINANCIAL

APP USERS

KNOW THEIR

CREDIT

SCORE,

COMPARED TO

56%OF THOSE

WHO DO NOT

USE FINANCIAL

APPS


Q13: To what extent do you agree or disagree with each of the following statements? (Asked if financial mobile app user, n=456)

Financial app make users feel more in control of their financial

health and more confident about their financial situation

90%

9% 1%

Finance App Impact on Control(Shown: % Selected)

“Immediate access to financial mobile apps makes me feel more in control of my financial

health.”

Agree Neither agree nor disagree Disagree

80%

16%

4%

Finance App Impact on Confidence(Shown: % Selected)

“I feel more confident about my financial situation since I started using financial

mobile apps.”

Agree Neither agree nor disagree Disagree


54%

46%

46%

44%

38%

38%

34%

34%

33%

Details of financial accounts

Credit score

Summary of financial profile

Credit monitoring

Overview of app Features

Factors influencing credit

Tips to save money

Tips to improve credit

Push notifications and alerts

Credit App Feature Importance(Shown: % Very important)

Q14: Please consider a financial mobile app that is designed to provide information and education about your personal credit. How important are each of the following features in a financial mobile app?

Q15: How would you prefer to log in to a financial mobile app?

Consumers are most interested in a credit app that provides account

details, credit scores, a financial profile summary and credit

monitoring

45%

41%

14%

Financial App Login Preference(Shown: % Selected)

Username and password each time you access the app

Four-digit passcode each time you access the app

Experian Mobile App Use and Preference: Survey Report, 2015

Business

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