Author: Jeremy Bunford
With a larger screen and NFC payments, the iPhone 6 has the potential to change the way customers use their mobiles to spend and manage their money.
The much anticipated iPhone 6 has arrived. The level of expectation was so huge that, according to our research, 20% of consumers planned to buy the phone before the features were even revealed. The device looks set to be a game changer for the financial services industry.
Two features likely to have a significant impact are the considerably larger 5.5 inch screen size and the introduction of an NFC (near field communication) chip.
Our research reveals 25% of UK consumers would access their bank accounts through their mobiles more often if they had a larger screen, suggesting we could be about to witness a surge in mobile banking usage.
Consumers said they would feel more comfortable banking on a larger screen, especially as it could provide them with a more detailed view of their finances. Features previously reserved for desktops, including personal finance management tools such as savings graphs and the ability to view multiple account transactions on one page could now become available on the iPhone’s larger screen, transforming mobile banking platforms.
The other feature likely to affect the financial services industry is the iPhone 6’s NFC chip, which allows customers to make secure payments simply by tapping the handset on an NFC-enabled retail terminal. Android devices have offered a similar feature for years, but contactless mobile payments have failed to take off due to a lack of consumer appetite. That means there hasn’t been a huge incentive for retailers to invest in the mobile payment terminals, and consequently many aren’t equipped to take NFC payments.
That could all change with the introduction of the iPhone 6. Apple’s iPhone’s are the most popular smartphones in the world, used by more than 31% of smartphone users. The introduction of NFC capabilities in country’s most popular device could provide the motivation needed for retailers to start investing.
The iPhone 6 has the potential to change the way customers use their mobiles to spend and manage their money. How will financial services providers take advantage of the new opportunities the iPhone 6 offers?