The iPhone's imprint on banking
The iPhone is 10 years old. Here’s a look at some of the ways it, along with the boom in smartphones overall, has shaped banking in the U.S. over the last decade.
Personal financial management tools have been around for a while, but smartphones made managing money in real time much more accessible by putting consumers’ bank balances in their hands. You can now figure out — well, at least get a good idea — whether an impulse buy would result in an overdraft.
The need to make things easy and simple because of the size of a smartphone screen has reshaped banks’ approach to digital products. Websites are less cluttered. Design and digital teams are always on the hunt to remove a click. Have you noticed that your bank’s website looks a lot more like the mobile app these days?
Speaking of authentication tactics, the front-facing camera, live video chat, geolocation and other security devices have presented new and largely untapped ways of verifying customers are who they say they are.
It gave birth to the idea of competing with everyone on experience. You know that “We don’t just compete with banks, but with every other digital experience our customers have” line you hear at every conference? It starts with the smartphone.