The number of smartphone users worldwide surpassed three billion in February and is forecast to further grow by several hundred million in the next few years. While there has been some stagnation in smartphone purchases, the smartphone market still has high growth potential as the smartphone penetration rate is still lower than 70% in most highly populated countries.
In the fintech and finserv worlds, mobile’s popularity will continue to thrive as consumers seek opportunities to reduce friction and unnecessary visits to the branch. Savvy financial institutions will continue to develop new apps that help consumers and business segments save money and feel more financially empowered. Advances in technology, like the advent of 5G, will transform the way we use and develop apps in the future.
Apps will become a critically important market differentiator as banks and credit unions race to create companion apps that move beyond simple transactions. No matter what the future of fintech or banking apps look like, they will look and function vastly different than today.