July 17, 2008
Why we’re banking on more iPhone apps
A big debate is under way as to whether the iPhone will revolutionise banking.
Some say iPhone banking is just a dumbed-down version of Internet banking for a 2-inch screen. Others see the huge potential for banks to bring iPhone users a range of useful apps that will make their lives easier.
Australia’s ANZ bank argues the iPhone will make Internet banking more accessible. But Bankervision blogger James Gardner argues if people aren’t going to do the Internet, what chance have we got of getting them onto apps on mobile phones?
All of these points are valid, but in dissing the hype many analysts have overlooked the general trend towards convergence and the mobile Internet.
As the proud owner of a shiny new iPhone, I’m completely sold on the benefits of convergence. Thanks to one upgrade I can now leave behind my portable laptop, voice recorder, iPod and digital camera (ok, my camera is much better than the one on offer in my iPhone, but if it means traveling more lightly I can cope with 2 megapixels).
Since I converted to the iPhone my laptop has remained unused at home. I’m quite happy to browse news, emails, video and websites on my iPhone simply because of the excellent user interface Apple has delivered.
The iPhone may not revolutionise banking but it does have the potential to revolutionise the mobile Internet.
With more intelligent handsets in hands than ever before consumers will expect banking applications that are simple and smart enough to take advantage of the iPhone’s location awareness.
I’m disappointed at the lack of Australian financial services apps on offer in my iPhone app directory.
Why can’t I use my iPhone to locate my bank’s nearest ATM (Westpac are you listening) so I can avoid ATM fees?
And what about an Aussie tool (like Wesabe for iPhone) for viewing my account balances across more than one institution, or tracking my spending against my budget?
Many banks are still struggling to build simplicity into their online applications. When you’re dealing with users of the mobile Internet the bar is set even higher.
Streamlining back-office requirements into a user-friendly interface is not an easy task. But consumers have come to expect simplicity – one-click applications, click to call, pre-populated forms and the ability to save partly filled applications and pick them up at another time. These are all services that have been driven by banks looking to increase their online conversion rates.
I suspect more will be required to convert users of the mobile Internet, on an iPhone or otherwise.
Written by: Charis
Filed Under: The Better Banking Blog
Tags: banking apps, convergence, iphone, mobile Internet
Trackback URL: http://www.bankingreview.com.au/2008/07/why-were-banking-on-more-iphone-apps.html/trackback
Jeffry Pilcher
July 18, 2008 at 12:49 am
The iPod was a revolution, but its model differs from this. The iPhone is a specific piece of hardware that requires a specific service plan with a specific carrier.
The portable music industry had matured for nearly 20 years by the time the iPod came along. There was a huge existing user-base ready to adopt something that synced with their computers (and jived with their new Napster habits).
It will take one generation of fully-wired people using Internet-based phones for all sorts of everyday uses before mobile banking can be considered “mainstream” (say, 25%+ of customers).
paul
February 5, 2009 at 4:55 pm
“Why can’t I use my iPhone to locate my bank’s nearest ATM (Westpac are you listening) so I can avoid ATM fees?”
Check out the app store – looks like Westpac listened.