Noted technology analyst Mary Meeker has posted a new presentation that looks at trends in mobile, internet, and broader changes in technology. It’s well worth the time to review and digest.
While the analysis is on a very macro level, there are clearly implications for the financial services industry:
- If anyone has any doubts about mobile’s future, this should dispel them. Mobile is a force and the financial industry needs to continue integrating mobile into their strategies.
- As big as smartphone penetration has been in the US, it’s even bigger internationally. And several international markets (e.g. China) are getting richer. This has major implications for firms trying to grow their international brands and presence – particularly asset managers. It goes beyond mobile-friendly websites and includes the need to consider mobile marketing and advertising strategies (for example QR codes are bigger internationally than in the US).
- Tablets are a game changer. They have begun to outsell desktop PCs and people use them differently from mobile smart phones. This underscores the need to consider using responsive design for websites.
- It’s early stages yet, but wearable devices (e.g. Google glass) are an emerging technology. Implications for financial firms will likely be in the advertising/marketing areas as well as transactional payment capabilities.
- The payment industry needs to get moving when it comes to mobile. Although a few banks are out in front now (Chase and Citi for example), there is still much room for development.