News & Resources

The Age of Mobile: Is your Short-term Lending Business Prepared?

Dec 29, 2011 Todd Milner

What can you do in a payday lender storefront that you can't do with mobile phone short-term lending?  I can't think of a thing!  We’ve reached the age of mobile and it’s rapidly becoming an individual necessity in the 21st century.  Today, it’s common for people get their first mobile phone in the 5th or 6th grade.  Just like the pioneers were excited about the pony express, customers are just as pumped about mobile websites and apps to do business with financial service providers.  You can be a technology pioneer in the mobile phone short-term lending frontier. 

According to mobithinking.com, there are 5.3 billion mobile subscribers in 2011 equating to 77% of the world population who own a cell phone.  Of those 5.3 billion mobile devices, according to trustedreviews.com, 10% of them or 400 million are smart phones which are able to do business right now, with you, over the internet.  A study conducted by Mercatus, a consulting and investing firm focused on retail financial services, found that nearly one-third of consumers are using, or considering using, mobile financial services in the next year and additionally  indicates that consumer mobile financial service adoption will grow significantly during the next five years, surpassing the use of online banking by 2015.

Consumers are equipped and prepared to conduct mobile business.  Are you equipped and prepared to do business with them?  Do you have a mobile phone payday lending strategy? 

The time is now to establish your mobile existence.  The time is now for your short-term lending strategy to include a mobile website and at least one mobile application at some point in the near future.

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