Behavior tracking data is the new black. It is a type of big data that can help you better understand your target consumers — everything from the amount of time they spend on each social media outlet to their most popular time of day to visit shopping websites. Compared with other data sources, it allows you to capture actions at a very detailed level with precision, eliminating measurement errors by analyzing usage of what consumers do, not what they say they do.
In our recent publication, Mobile Behavioral Data: UK, we analyzed Forrester's UK Consumer Technographics® Behavioral Study, November 2013 to March 2014, and found that:
WhatsAppkeeps UK smartphone owners engaged the longest. Forty-one percent of UK adults use the app for just over 8 hours per month (or about 2 hours per week). That is longer user engagement than for any of the other top 10 most popular apps that UK consumers use on their smartphone; this includes Facebook, the most popular app, which keeps smartphone users engaged for a little over 90 minutes per week.
Young UK smartphone owners are most likely to use finance/banking apps. More than half of 18- to 24-year-old UK smartphone owners use finance/banking apps, like the Lloyds Bank app and the NatWest app. These youngsters show the highest adoption of finance/banking apps in the UK, and rates decline with age; about 40% of 25- to 44-year-olds and 34% of 45- to 54-year-olds use finance/banking apps.
More than two years ago, Westpac – a bank in New Zealand – rolled out its “Cash Tank” feature for mobile bankers. Suddenly, customers could view key information like account balances without needing to log in (needless to say, it was and is opt-in-only). This new mobile banking feature immediately made a splash and was hailed as a small-but-impressive innovation. Other banks – such as Société Générale in France and Bank of the West in the US – offer similar pre-login information features.
This led folks like me to wonder: How might digital teams at banks take pre-login information further or make it even better?
Great digital strategy is often about pushing the limits – and not just in big ways. So Citi’s recent update to its smartphone apps is noteworthy for the bank’s decision to push the idea of pre-login information even further with Citi Mobile Snapshot. Citi customers who bank via their mobile phones can view not only balances but recent transactions without the hassle of logging in.
We spoke with Andres Wolberg-Stok, Global Head of Emerging Platforms and Services who shared with us a diagram that demonstrates the evolution of its mobile banking effort before and after Citi Mobile Snapshot (see below).
I recently “overheard” a member of our market research online community (MROC) say, “I treat my smartphone like my child and carry it everywhere I go.” It’s official: Smartphones have replaced children. Not really, but the statement speaks to the way that consumers have changed their thinking and behavior because of mobile devices. The rapid adoption and dominant presence of mobile devices speaks to their importance in consumers' daily lives.
As part of our effort to develop forward-thinking research using innovative approaches, Forrester is collecting behavioral data by tracking consumers' activities on smartphones and tablets. By using a passive tracking technology, we now have a detailed, inside look into what consumers are doing on their smartphones and tablets and when they're doing it. Preliminary results have shown some surprising (and not so surprising) data insights.