IT MARKET OBSERVATIONS: Enhancing communications
By John Simmons, market development consultant at BancTec
“We live in an age of increased reliance on communication and demand for information” is a well-worn phrase, regularly quoted by technical gurus at the launch of each new advance in communications technology - fax, pager, email, etc.
The most recent development undoubtedly is the smartphone, although originally launched in 2001; most people will associate the enhanced features coming to the attention of the masses with Apple’s iPhone launched in 2007.
Growth in sales and acceptance into our daily lives is hugely impressive. It is predicted by mid-2012 smart phones will represent the majority of mobile phone sales in the UK; and within two years smartphones will constitute 90 per cent of all mobile phone sales.
Over half a million smartphone applications are currently available. It is therefore somewhat surprising that even worldwide the number of lending related applications can be counted in tens, and for the UK on the digits of a single hand.
In the few instances where smartphone applications have been launched, it is understandable that as ground breakers, these have been released to limited customer groups.
Undoubtedly closely observed by other application providers, these initial releases have paved the way for a number of new applications shortly to be made available to wider audiences.
Capabilities within these latest applications cover the needs of prospective, new and established customers. There have been major challenges in the design and delivery of smartphone applications meeting the requirements of all relevant parties; with multi-way data sending and retrieval, encompassing documentation and also delivery of information updates from a variety of sources.
With various mobile operating systems and payment infrastructure options utilised, providers of these applications have also referenced design capabilities and requirements of non-financial services user and customer groups. In a time of increased personal data breaches, the necessary design requirements have been incorporated to dispel security concerns.
The future looks bright; I guess we now have to concern ourselves as to what will be the next advance post smartphones.
