72% of smartphone users are within five feet from their phones at majority of times. The smart phone has become so popular that one in ten people use their phone in unexpected places such as the shower or in the church. The study conducted by Harris Interactive not only tells us that smartphone has changed our lives but it is hard to imagine a life without it.

Smartphone users are downloading apps every second and this allows them to do everything right on their phone. Be it checking savings account, shopping online or listening to music; it’s a smartphone world.

Mobile banking is increasingly on the rise and by 2016, there will be 448 million mobile payment users and worldwide purchase volume over mobile devices will reach $1 trillion by 2017. Yes, that number is bigger than some of the economies of the world. Why are people resorting to mobile banking? It is simply convenient, free of charge and it provides control to the consumer leading to faster task completion. Application features such as voice recognition, finger print technology and photo bill pay are on the upswing further creating a bright future for mobile banking.

Not only is mobile banking beneficial for the consumer but banks and financial institutions have become increasingly savvier with mobile in order to cut costs and ensure customer attraction and loyalty. However, as mobile banking becomes more comprehensive, banks also risk losing some of the allure that mobile offers to simplify the banking experience. Mobile banking is moving at the speed of light, with all the new security, technology and applications developing everyday it is without doubt one of the safest and easiest ways to pay today.

FACTS FOR YOU :

Did you know that the latest iPhone and Android models have more computing power than NASA used to put a man on the moon in 1969?

That Africa is the second largest mobile phone market in the world after Asia?

And would you be surprised that 80 per cent of smartphone users take their handset to bed?

Let us know your thoughts!