Carfinance247 sees a 604% rise in mobile applications, challenging independent research

While technology and companies are moving forward to make mobile banking easier and more secure than ever, research* from online car finance specialist Carfinance247 reveals that only just over one in ten people say they feel comfortable applying for finance via a mobile device.

This shows a downward trend, compared to October 2012, when 14% of people questioned said they would use a mobile device (such as an ipad, iphone etc) to apply for finance.

The study carried out in October 2012 and then again in December 2013 asked: “Would you feel comfortable applying for car finance via a mobile device?”

• of the 14% of respondents who said they would apply for car finance this way, females are more likely to apply (15%) than males (10%) – compared to October 2012 when males were 6% more likely to use a mobile device for a finance application than their female counterparts;
• previously, more than a quarter (27%) of those who said “yes” earned over £40,000 a year – this has dropped to just 7% in the £40k+ income bracket;
• 100% of those in the 60+ age group said they would not use a mobile device to apply for finance – this remained the same both in October 2012 and December 2013;
• 43% of all those questioned said they felt that mobile devices aren't secure.

Emily Henshall, Marketing Manager at Carfinance247 says: “These results are surprising and certainly do not reflect our own data. This shows a massive year-on-year increase in mobile usage, due to our responsive website which makes it easier to apply across all devices.”

Customer data from Carfinance247 shows:

• Mobile Visits (Oct 13 vs. Oct 12) +247%
• Mobile Applications (Oct 13 vs. Oct 12) +604%
• Mobile Application Conversion rate (Oct 13 vs. Oct 12) +103%

Ms. Henshall adds: “Our customers can feel confident that however they access our service, whether from their work, home or whilst mobile, their details will be very secure. We always put our customers’ interests first and having a robust system is key to this.”

Ends

*Independent research of 200 people carried out in December 2013 and previously, October 2012, on behalf of Carfinance247.co.uk by Usurv.

Contact:

Emily Henshall, Marketing Manager, Carfinance247.co.uk, telephone: 0800 019 7180 or email: emily.henshall@carfinance247.co.uk

About us:

Founded in 2000, carfinance247.co.uk is a privately owned business with offices based in central Manchester. We provide vehicle financing solutions for all financial circumstances such as hire purchase, personal contract purchase, contract hire and other leasing options. No deposit is required and we give you the choice of buying any car from any dealer nationwide. Or, if you prefer, we can supply and deliver any make and model of your choice.

Tags: