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.
Brett King, CEO of Moven.
It gave rise to app culture and fintech. Without smartphones, there likely wouldn’t be Venmo, and what exactly would Brett King be doing today?
The ability to deposit a check by taking a photo of it was likely the reason you downloaded your bank app in the first place.
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.
It changed how consumers access cash. That started with the ability to find a nearby ATM through geolocation. Now, it is getting cash through a code generated via mobile.
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?
OK, so Apple Pay and mobile payments overall have not lived up to the hype. Banks say they haven’t lived up to the hype yet.
Touch ID demonstration
The convenience of unlocking your phone with your thumb has made us more comfortable with biometrics.
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.
Siri, did you know that some of the same people who designed you are now building chatbots for financial services?
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.
They are so expensive you might need to take a loan out to buy one, giving some banks a niche lending opportunity.