For investors looking to gain an edge over the competition, respondents to Fidelity’s Mobile Money Study say the answer may be within arm’s reach.
According to the study, the growing momentum for mobile trading use is not only a matter of added convenience, but one of added confidence, too. For example, 69 percent of those who trade with their mobile apps say they feel it gives them an advantage over investors who do not.
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Feelings are one thing, but are these perceptions tethered to reality? The proof may be in the results: 41 percent of frequent users of financial apps report an ROI of more than 20 percent on their total investable assets in the past 12 months, whereas only 22 percent of less frequent users report similar returns.
"Just as mobile technology has changed our everyday lives, people are increasingly relying on the convenience of mobile to invest and manage their finances," said Velia M. Carboni, senior vice president, mobile channel at Fidelity. "In the past year, investors increased mobile trades at Fidelity more than 40 percent, and our survey found that more than one third of mobile traders make trade decisions on the spur of the moment, capitalizing on investing opportunities from their screen, anywhere."
A New Breed of Trader Emerges
The survey finds more than half of respondents (56 percent) are performing sophisticated investing tasks on mobile financial apps, including conducting technical research/charting (43 percent), conducting fundamental research/reading analyst reports (44 percent), and trading (41 percent) at least once a month. More than half (53 percent) indicate they placed their first mobile trade in the past 12 months, suggesting that mobile trading may become increasingly popular as more investors in the years ahead take advantage of the speed and convenience of mobile financial apps.
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By GlobalDataLocation, Location, Location
According to Fidelity’s study, U.S. mobile users access financial apps on their mobile devices for everyday personal finance activities, including paying bills online (53 percent) and, most commonly, checking account balances (71 percent). Furthermore, the convenience of mobile technology has allowed investors to take financial matters outside of the office, with 65 percent of mobile users saying they use a financial app in the bedroom, 49 percent in the car, 35 percent at the dinner table — and 10 percent on the golf course. However, the most popular location among mobile users is in front of the television – 77 percent. View an infographic (PDF) of the most popular places mobile users like to access their financial apps.
Fidelity Releases New Versions of iPhone, iPad and AndroidTM Apps
With investors’ increasing reliance on financial mobile apps to manage money and investments, Fidelity continues to enhance its mobile brokerage apps, as well as its mobile NetBenefits app which provides around-the-clock access to employees for managing their workplace savings and benefits plans. Beginning in November, the iPhone, iPad and Android brokerage apps will all be updated to include, among other features:
- Multi-leg option (MLO) trading
- Option chain enhancements
- Extended hours for all trading
- Positions visible as tax lots
- Margin trading in IRA accounts
- Improved balance displays
- Trading of specific shares for stocks and ETFs
For investors interested in learning how a mobile financial app can help manage their money and investments, visit www.fidelity.com/mobile or Fidelity’s online Learning Center to see video demonstrations, such as the Fidelity iPhone App How-To Video. Investors can also read a new Fidelity Viewpoint, entitled, "Five Ways to Make the Most of Mobile Banking."
