News & Views - Savantor

The importance of basics

Sunday, 09 August 2015
According to research by KPMG and UBS, the number of mobile banking users is forecast to double to 1.8 billion globally over the next four years (see page 5), with the technology being used by over 25% of the world's population. The Global Mobile Report indicates that the take-up of this method of banking by new customers is now accelerating even more rapidly. With smartphone ownership continually rising, competition is high amongst hand-set manufacturers to differentiate their offering from their rivals – with a wide range of features being introduced, such as eyeball-tracking technology, biometric security, customized exteriors, curved displays and flexible handsets. It is interesting to learn therefore, that according to a poll undertaken recently by uSwitch, the features which users rate as most important about their phones are how simple their handsets are to use, the quality of mobile reception and length of battery life. Only a quarter of users view mobile payment technology as useful, and of them, only just over half regard it as essential. However, three quarters of users consider mobile security features are more important now than a year ago, probably due the increase in usage of mobile payment technologies. Fingerprint-scanning security, as introduced by Apple, has apparently become one of the most used features today and this is likely to continue with the requirement of Apple Pay to authorise payments. Smartphones have become an integral part of today's lifestyle providing consumers with the ability to undertake so many activities aside from communications – for many they are also a method of banking, a camera and a portable repository of and means of access to all their key information as well as a becoming a wallet replacement. As such, and bearing in mind that mobile payments are set to become a significant payment channel moving forward, it might help manufacturers to realise that customers are not generally attracted by gimmicks and much prefer the basic functionality to work well – such as being able to make a call easily without the battery running out.
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