Regular Phones Are Out, Smartphones Are In

As you have most likely seen, heard, and or experienced first hand, smartphone adoption has rapidly increased over the past few years, changing the way Americans access the Internet, applications and interact with other mobile users. A recent Nielsen Company report showed that nearly one-third of U.S. mobile subscribers now own a smartphone, and when consumers are given the choice of buying a smartphone vs. a standard feature phone, 41 percent chose a smartphone. When smartphones were first released they were bulky, slow, and complicated which made consumers shy away from them, but today they have been improved greatly. Today, smartphones are slim, fast, and simple to use.

As more consumers take their day-to-day life on the go, businesses in the U.S. and abroad are looking for ways to stay connected with customers 24/7. The banking industry is no exception, and mobile adoption is changing the way Americans manage their finances.

The Worcester Business Journal recently reported that:
“More than 13 percent of households accessed their bank account via a mobile device in the second quarter, according to a report from The Nielsen Co. That’s up from 11.6% during the first quarter. Meanwhile, the adoption rate of mobile phones continues to climb. All that adds up to a need for change in the banking industry, said Deborah Sumner, vice president and financial services practice lead for The Nielsen Co.”

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