April 22, 2014
The 21st Century has been witness to a technological whirlwind. Recently, Apple unveiled the new iOS 7.1 software and, although plagued by difficulties, it has served as a timely reminder that new technologies are beginning to fundamentally alter the way we live our lives. Nowadays, a life without the Internet, Sky+ and Smartphones seems unthinkable and yet, all of these items have only been around for a maximum of a quarter of a century.
From the Mundane to the Extravagant
As well as performing the mundane such as checking the news or catching up with the football scores, these products now serve a much greater purpose, with some using them as fully functioning business tools. Chiefly, Smartphones have now become the hub of the financial world and, from mobile banking to mobile trading; the world is your oyster.
Mobile Banking, Trading and Much, Much More
As a result of this, for many of us, the iPhone has become the hub of our modern day lives. It seems as though there’s nothing it cannot do and, for many, it appears to be addictive. From games such as Candy Crush to the obsession with just checking our work e-mails before we go to bed, an iPhone is generally people’s first port of call on a morning and the last thing they see when we go to sleep at night.
Due to this, businesses have been forced to react and, companies who were previously thought to be inaccessible now have a constant presence via an app. Banking is an excellent example of this, with all banks now having a mobile banking application, allowing people to access their money and transfer it at any given time, 24 hours a day. Such an idea would have seemed impossible only five to 10 years ago, and acts as a godsend for those who work full-time, with many banks unopened on weekends. Of course, some security concerns remain, but the entire process is far simpler and safer than any of us could have dreamed possible.
Banks, however, are not the only sector of the financial market that have benefitted from the meteoric rise of the iPhone, and huge financial companies, traders and brokers have also revolutionized their business strategies to incorporate the mobile phone sector. The world of the Smartphone has not only aided convenience, but broken down boundaries. Whereas only a few years ago, the concept of trading seemed to only apply to huge financiers in ivory towers, the concept of mobile trading has made trading easily accessible for all members of the public; and they have taken to it in droves.
To conclude, the advancement of Smartphone technologies has brought about a technological revolution that has blown away boundaries in the last decade. Far from merely sending and receiving calls, a phone is now an alarm, a games hub and a trading device. As technologies continue to grow and develop, it will be interesting to see what the next decade holds.
Nigel West is an experienced finance and economics writer from the U.K. and with extensive history writing for both well-known publications and smaller alike, he always has his finger on the pulse.