The Bankwatch

Tracking the consumer evolution of financial services

The rapidly evolving mobile market is still for banks to lose

The Next Web details a Forrester report on smartphones and tablets that quantifies what we are all seeing;  mobile is the future of computing.  There are some interesting takeaways after the graphic.

Screen Shot 2012 02 13 at 9.39.46 AM 520x635 Forrester: 1B smartphone and tablet users by 2016, with Apple, Google and Microsoft powering 90%

Relevance to Bankwatch:

  1. Blackberry:  “Business users will factor heavily into these numbers, with some 350M employees using smartphones.” – this translates into very bad news for Research in Motion.  While that might be a statement of the obvious, RIM surely have just fallen off a cliff and don’t know it.
  2. Security:  Banks really need to develop a strategy beyond having an app.  More and more I find myself using my bank iphone app over the web version, but I still use both.  But that is only the beginning.  Something about mobile increases my expectation of the mobile app.  I want it to follow me around, know where I am and more importantly know where I am not.  There can be strong security and spending support associated with mobile. 
  3. Notifications:  smartphone notifications become a standard part of ones day, but no bank notifications yet. Think balance, transactions, auto deposits/debits, offers.
  4. Bookkeeping:  many apps today allow collection of financial data (think Evernote) by parsing pictures of receipts and statements into searchable documents just from taking a picture.  This ship has probably sailed but is no bank considering such a service?  What could possibly lock in customer loyalty more than storage of all a customers financial data.

Written by Colin Henderson

February 14, 2012 at 00:26

Posted in Uncategorized

2 Responses

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  1. “I want it to follow me around, know where I am and more importantly know where I am not.”

    Not sure I get how having a banking app know where you are plays into improving on the experience. Care to elaborate?

    Thomas

    February 15, 2012 at 11:44

  2. Thomas on the point of location:
    – security; if you are in City A and an ATM transaction occurs in City B
    – Similar for debit transactions, and credit transactions
    – locate closest ATM to where you are now
    – locate closest merchant that is used by my benchmark peers

    Just a couple of ideas off the top of my head. I am certain there are more.

    Colin Henderson

    February 15, 2012 at 22:31


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