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.
Relevance to Bankwatch:
- 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.
- 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.
- Notifications: smartphone notifications become a standard part of ones day, but no bank notifications yet. Think balance, transactions, auto deposits/debits, offers.
- 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.