Article, Fintech

The Synergy of Smartphones and FinTech

banned_fruit_by_ranonus_fintech_smartphones

Smartphones have become a very large part of our everyday lives. With the inclusion of downloadable apps, they can be everything from our alarm clocks to our source of entertainment and I mean just about everything!

With the modern smartphone and their access to the internet from just about everywhere, we have a lifetime’s worth of knowledge in our hands. You want to know a certain recipe or how to cook a specific thing? Look it up on your phone. You want to know when a certain event is going to take place and where it’ll take place? Look it up on your phone. Do you want to know what your relatives were up to last weekend? Look it up on your phone.

A significant number of smartphone users are addicted to their phones. Different sources give us different statistics, but it’s something along the lines of 40% of users admit to being addicted to their phones. Links to some different statistic sources:
https://www.statista.com/chart/12403/smartphone-addiction/
https://online.king.edu/news/cell-phone-addiction/

But the addiction usually stems from social media platforms. Those such as Facebook, Twitter, and Instagram. Mobile gaming also plays a small part in smartphone addiction. But I think it’s unfair to presume that everyone we see glued to their phones is addicted to social media or the mobile gaming craze. The amount of work-related applications and uses that phones can do, it’s pretty much like having a computer in the palms of your hands.

Apps for Financial uses have also come a very long way within the past decade.  Now, there are plenty of useful financial apps to go around that Investopedia can make a “Best Personal Finance Apps of 2018” list.

Financial Technology is ever on the rise and some companies heavily focus on smartphone-based applications for FinTech and, from the smartphones statistics I shared earlier, you can understand why.

So, why is Financial Technology on smartphones so important? Well, I think a large reason why is because technology evolves with each other. Whatever direction one major tech goes, most of the rest will follow in that same direction. Because phones are such a big part of our lives, it only makes sense that a lot of FinTech development is revolved around mobiles.

Everybody that I know personally, has a smartphone of their own. From the simplest and cheapest ones to the latest and most expensive models, it doesn’t really matter as they can all download an app and begin using it.

Whenever I need to transfer money to someone or to pay bills, I would typically do it via my phone. In fact, my electricity bill, while still comes to me via snail-mail, has a QR code on it which I can scan with my phone and then pay it directly.

Another reason why Financial Technology is so important is that of convenience. New technology is naturally geared towards convenience and companies that need penetration into the market, what better way but to develop for mobile. An app on a phone can be downloaded from anywhere as long as you have internet access, which helps companies and developers to further the reach of their app.

Bigger reach means more potential users. Which in turn means that companies can continue to better their app and technology, based on user feedback. This hopefully results in a snowball effect that will constantly help the tech get better and better.

So, as you can see, phones play an important part in the development of FinTech. And it’s not only FinTech! Each year mobile gaming becomes more and more prominent, and some phone’s cameras are so good that it’s hard to tell the difference of quality between a dedicated camera and a good camera on a phone.

Let’s see what more FinTech and smartphones can do for us in the upcoming years.

Cover illustration artist ranonus, a.k.a. Ralf Heynen, DeviantArt

Previous ArticleNext Article
A lover and advocate of all things Tech, Loy has had an exciting time learning about Blockchain and the possibilities it brings for the future.