The mobile applications market has taken the world by storm.
On a daily basis we use mobile apps for shopping, measuring our health, helping us find destinations and even possible soulmates. It was only a matter of time before the financial industry jumped on the bandwagon.
With most online trading platforms launching mobile apps, it is now possible to trade from your smartphone or mobile device no matter where you are, given that you have access to the internet.
An evolving range of these investing apps allows users to track their investments, allocate assets, manage portfolios and trade in real time.
Technology is developing at a tremendous rate, simplifying our way of life. Financial and trading apps may be the future of investing and hold multiple benefits.
The Benefits of Using Mobile Financial Apps
1. They are fast, efficient and always by your side
You can manage your portfolio on the go, wherever you are. According to a study by Fidelity, the top 3 places investors make use of financial apps are in front of the television, at the office or in the bedroom. Others even use it at the dinner table, in the bathroom, in the car or on the golf course. View an infographic of the most popular locations people use mobile financial apps.
2. Real-time stock alerts
You receive real-time stock alerts to your phone, which keeps you completely updated on the performance of your investments. I can see why this benefit gives investors an edge. When a stock reaches your buy or sell target you receive an instant alert and can move swiftly to purchase or sell that stock.
Velia M. Carboni, senior vice president, mobile channel at Fidelity said: “Our survey found that more than one third of mobile traders make trade decisions on the spur of the moment, capitalising on investing opportunities from their screen, anywhere." Being able to react instantaneously gives you an immediate advantage over others.
3. Intuitive interfaces
Most mobile app creators set out to create the most user-friendly apps possible, making it a breeze to work with most interfaces. They aim to provide simplicity and an experience aligned with your intentions and needs. If you are struggling to understand a trading app’s interface, you can move on to the next one. I’m sure you will find one that suits your every need.
4. Confidence booster
Apart from added convenience, these apps also give investors a confidence boost. The study by Fidelity shows that investors who are frequently using financial apps feel they have a competitive investing edge. 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.
There is a distinct difference between feeling like you have an edge and actually having one. Do these feelings coincide with reality, expectations and portfolio performance? The proof lies in the results. 41 Percent of frequent users of financial apps report a return on investment of more than 20 percent on their total investable assets in the past 12 months. Compared to only 22 percent of less frequent users reporting similar returns.
According to Carboni, investors increased mobile trades at Fidelity with more than 40 percent in the past year. 53 Percent of the respondents of the Fidelity study indicated that they placed their first mobile trade in the past 12 months. This significant number, which is more than half of all respondents, suggests that this method of trading may become increasingly popular. More and more investors are seeing the value of mobile financial apps and are taking advantage of the speed and convenience thereof.
Common Uses of Mobile Financial Apps
As recorded by the Fidelity study:
56 % Performs sophisticated investing tasks
44% Conduct fundamental research or read financial reports
43% Conduct technical research or charting
41% Trade at least once a month.
With the launch of STRIDE 2.0, you are now able to pick market-beating stocks and manage your portfolio effectively from your mobile device. Although STRIDE may not be an app, it is available on all mobile devices with a consistent layout at all resolutions. Have a look at the new and improved platform: View STRIDE's Detailed Company Analysis page.
Are you currently using a financial mobile app? Which app is your favourite? Leave your response in the comment section.
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