Prepare for "smartphonatics"
What do you call someone who is a fanatic about their smarrtphone?
Aite has dubbed this group "smartphonatics." The research outfit coined the term after looking at mobile banking and payment adoption in 14 countries. It describes this group "as people who change their shopping, financial and payment behavior as a result of owning a smartphone. The report makes the claim that Smartphonatics' behavior is shaping consumer needs and requirements for mobile payment and banking solutions, and sets the bar for how financial institutions and retailers will have to respond over the next five years to stay competitive."
The survey concludes that "nearly 25 percent of consumers globally can be classified as smartphonatics. India has the highest percentage of total population identified as smartphonatics, at 60 percent, followed by South Africa at 42 percent. The fewest are found in Germany (10 percent), France (8 percent) and Canada (7 percent). The U.S. ranks in the middle at 20 percent."
This is typical optimism when it comes to emerging markets. Few people doubt that e-commerce of all stripes will become part of the mobile economy in a big way. The issue really is how fast all this rolls out. There would certainly appear to be strong demand for smartphone-driven financial services, but banks have to think carefully about how to integrate these services across their whole panoply of consumer services. It may be that the best integrated set of services will win.
As of now, the emerging transactions landscape remains a bit muddled and likely will for several years.
- here's the article