How will the smartphone of the future impact banking?

The smartphone of the future will have “invisible innovations” including 5G connectivity, AI capabilities, machine-learning chips and processing power far beyond phones today. These devices will increasingly be used to authenticate access to physical and digital environments including homes, stores, information systems and all banking channels.

It may be difficult to fathom, but the role of the smartphone in society in the future is likely to become ever more central than it is today. With extraordinarily power, the smartphone is still a once-in-a-generation innovation whose full potential is far from realized, according to Deloitte.

The smartphone’s trajectory looks strong through 2023. But, should organizations ‘cover their bets’ on other distribution technologies that may replace smartphones in the future? Some organizations have bet on the emergence of new form factors, from smart glasses to virtual reality, but the smartphone still remains dominant.

Members of older generations are rapidly adopting smartphones, and will start to increasingly rely on them to access more financial services, eCommerce sites and payment options, using their smartphones. Bottom line, there needs to be an ongoing commitment to ensuring the experience of mobile banking continues to improve.

 

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