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Mobile innovation key

TRENDAFRiCA June 10, 2013

In the recent KPMG 2012 Technology Innovation Survey, it was found that mobile is a clear theme in technology innovation and comes a close second in its potential to shake up consumer and enterprise markets, Native reports in its monthly Mobile Report for May 2013.

  • Of the 668 technology executives who took part in the survey, 44% forecast mobile (broadly categorised to include communications, commerce, platforms, software, and applications) as the next indispensable consumer technology.
  • This rings true in Africa as well. With the plethora of mobile apps, solutions, and platforms that are being made available across the African continent, we are seeing new and innovative uses for mobile platforms to suit our specific needs and requirements.
  • The survey identified key mobile benefits: convenience, better communications, increased productivity, greater savings on purchases, and most of all, easier access to real-time personalised information.

Over the years, retail banks have innovated to make personal banking more convenient and consumer-friendly. They’ve built sprawling branch networks, introduced credit cards, and developed automatic teller machines. Business Insider, reports that with smartphones and tablets increasingly at the centre of financial decisions — especially those of younger consumers — banks have to get their mobile strategies right. If they don’t, they risk losing business to more mobile-savvy competitors, as well as tech companies like PayPal, that are developing their own payment and personal finance solutions.

App race: Banks have begun to invest heavily to integrate the latest and greatest features into their smartphone apps and mobile sites.

Bottom-up: Mobile banking has caught on in poorer countries, and could expand bank and credit access worldwide.

Mobile-first bank: If the legacy banks don’t succeed in redefining their services for the mobile age, they risk losing out to upstarts like Simple with innovative mobile-first banking formulas.

Adoption barriers: There is still some resistance to mobile banking, reflected in relatively low adoption rates.

Source: Native

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