Report: Not All Stock Traders Ready for Wireless Investing

Contrary to the wave of hype over wireless access to the Net, a new report
found that when it comes to wireless financial services, not all consumers
are ready to cut the cord.


More than one third of intensive online users (39 percent) are not interested
in conducting
any online financial services delivered via a cellular phone, according to a
new report from Cyber Dialogue, an eCRM company that
helps businesses acquire and retain profitable customers.


The study asked Internet users who are not currently using online financial
services what financial services they would like to receive or conduct via a
cell phone. The findings showed that there is modest interest for stock
quotations, fund transfers and bill payments, with online investment trading
at the bottom of the list.


Online consumers expressed the most interest in checking account balances and
using e-mail via a cellular phone.


The percentages of those showing interest in conducting the stated online
financial services via a cell phone were: Check account balances: 48 percent;
send and receive e-mail: 47 percent; Transfer funds: 27 percent; Pay bills:
25 percent; Check stock quotes: 24 percent; Trade investments: 13 percent.


However, there is a market ready for trading investments and checking stock
quotes via a cell phone — Internet users who are already using online
financial services. The study found that in this market sector 95 percent are
interested in trading and 93 percent are interested in checking stock quotes
via a cell phone.


“No doubt the market most ripe for online financial services via cell phones
is the approximately 30 million cybercitizens already using the Internet for
their financial service needs,” said Sam Callard, a senior analyst in Cyber
Dialogue’s Finance Practice.


“To capitalize on this market, financial service
companies need to offer a compelling reason why consumers should start
transacting via their cellular phones.”


Demographically, men are more interested than women in conducting financial
services via cell phones and 18-29 year olds are more interested than 30-49
year olds in checking stock quotes and trading investments via their cell
phones.


Other findings include:
— 57 percent of those online users expressing no interest in conducting
wireless
financial service transactions are 30-49 years old.


— Of those online users who are interested in trading investments via a cell
phone, 71 percent are men and 29 percent are women.


The findings are from Cyber Dialogue’s April 2000 Omnibus, an in-depth survey
of 500 U.S. adults drawn from Cyber Dialogue’s database of intensive online
adults. Data is weighted by online usage and demographics to reflect the
general online U.S. population.

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