Mobile technology forcing firms to adapt their business models

he dramatic rise in smartphone and tablet use is changing customer expectations, putting longstanding companies out of business while providing fertile growth opportunities for others. To succeed in a competitive financial services marketplace, CUNA Mutual Group’s Kevin Miller recently urged “Online Discovery” credit union attendees to adopt a “mobile first” digital strategy.

Miller, vice president of information technology, said the explosion of digital devices has changed the landscape of many industries, negatively affecting stalwarts Eastman Kodak, Borders Books, and Blockbuster Video, among others.

“These were big, respected companies with powerful brands and histories run by talented and smart individuals. Yet, new technology devices stressed their business models and overwhelmed them. Unfortunately, many ran out of time to fight back,” Miller said.

Big technology trends—social, big data, analytics, and cloud—all converge with mobile. “The number one mechanism for participating in social networks is via a smartphone. Most cloud application designs have a ‘mobile first’ approach and an expectation that mobile devices are the primary user interface. Likewise, people want big data insights delivered to their mobile phone.”

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