So the iPhone5 is finally out of the bag.  How does this mean to the financial world?

3 features we think could impact the adoption of mobile banking and other financial apps

1) Larger Retina display.  So one can finally see charts and graphs slightly more clearly now.  Less scrolling involved too. Perhaps your app icon can now appear in the 4th page of the main menu instead of the 5th page after all the games and social media app icons that normally takes precedent in one’s preference standing, at least that is an improvement!  But on a serious note, there are definitely opportunities for current financial apps to incorporate more intuitive graphical elements to it.

 

2) Speed of CPU. Financial apps normally takes up a fair bit of processing power since it is the tendency of Banks to load their entire online banking into the phone without much user experience consideration. Nobody would continue using an app with sluggish experience, so at least even if existing financial apps are not changed, there is now more horse power to the phone to change that situation.  Nevertheless, we always advise clients that perhaps a better way forward is to minimize the functions available on their existing app. Keep it simple as Steve Jobs says.

 

3) Supports various network types such as LTE.  Not many places in the world have LTE but we sure know many mobile operators are already doing some close testing.  This might be the impetus to get them to hurry their testing. What could be interesting here is that some operators are considering entering the financial and payment space. Perhaps we can expect some innovation on the part of the operators? or partnerships with financial institions?

Of course, this phone supports most network type which is ideal for mobile data adoption.

I would like to add Siri’s functionality to this list but unfortunately I am still not convinced at this time.  She hardly could understand my Asian accent.

Nevertheless, whether a user chooses the iPhone5 , Samsung Galaxy S3 or any phone for that matter, smart phones are getting smarter and sexier. It’s about time that the financial sector follow that successful path.

 

Perfectsen is a financial technology company that helps Banks transform their online and mobile banking from a transactional site to an engagement platform. We are user experience experts bent on improving current financial products out there.