{"id":39028,"date":"2013-06-14T20:22:45","date_gmt":"2013-06-15T00:22:45","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=39028"},"modified":"2013-06-14T20:22:45","modified_gmt":"2013-06-15T00:22:45","slug":"why-mobile-technology-is-bad-for-some-businesses-great-for-all-consumers","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/06\/14\/why-mobile-technology-is-bad-for-some-businesses-great-for-all-consumers\/","title":{"rendered":"Why Mobile Technology is Bad for Some Businesses, Great for All Consumers"},"content":{"rendered":"<p>By <a href=\"http:\/\/www.MoneyMorning.com.au\" target=\"_blank\"><u>MoneyMorning.com.au<\/u><\/a> <\/p>\n<p>Here are  some of the estimates and statistics we&rsquo;ve plucked from a McKinsey Global  report we mentioned last week:<\/p>\n<ul type=\"disc\">\n<li>1.1 billion people currently use       smartphones and tablets, with a potential to reach two billion to three       billion more.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>The processing power of the       average smartphone has increased by about 25% per year over the last five       years.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>By 2025, nearly 80% of all       internet connections could be through mobile devices.<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Near field payments grew 400% in       2012 and are expected to increase 20 fold by 2016. <\/li>\n<\/ul>\n<p>Take  financial services here in Australia, for example. Consumers are moving to  mobile banking at a <em>&lsquo;breakneck&rsquo; <\/em>pace,  according to <em>The Age <\/em>this week<em>. <\/em>The uptake is up to eight times as  fast as the original shift to internet banking. Billions of dollars are  transacting through the big four banks&rsquo; &lsquo;apps&rsquo; like CBA&rsquo;s Kaching or ANZ&rsquo;s  goMoney. <\/p>\n<p>In the <em>Australian Financial Review<\/em>, Jason Yetton,  Westpac&rsquo;s head of retail and business banking, suggested than within five years  <strong>mobile technology<\/strong> will have almost completely overtaken PCs for retail banking. <\/p>\n<p>He argued  this will give Westpac the opportunity to target consumers with other products like  home loans via specialists that can use video conferencing to talk with the  customer.&nbsp;&nbsp; <\/p>\n<p>But mobile  technology is shaping up to be both an opportunity and a threat for the banks.  Check out this from <a href=\"http:\/\/www.theaustralian.com.au\/business\/financial-services\/tech-giants-move-into-financial-services-worries-cbas-narev\/story-fn91wd6x-1226652555922\"><em>The Australian<\/em><\/a> at the end of May: <em>&lsquo;Major  banks are facing increasing competition from Apple, Google and Samsung &#8212;  particularly from so-called &quot;wallet&quot; payment systems that allow  consumers to pay for goods without credit cards from banks.&rsquo; <\/em><\/p>\n<p>Commonwealth  Bank chief exec Ian Narev went on the record and said he was just as worried  about the threat from major tech companies as he was about normal competition  from the other big three banks.<\/p>\n<p>No wonder  the McKinsey Global Institute put mobile technology as the biggest disruptive  technology that will impact the world until 2025. Of course, banking is not the  only industry it will affect. There&rsquo;s plenty more. <\/p>\n<p>We asked our  new technology analyst Sam Volkering here at <em>Money Morning <\/em>headquarters for his thoughts on the mobile  technology trend. He told us:<\/p>\n<blockquote>\n<p>&lsquo;<em>The mindset people  have at the moment is they carry around a phone capable of doing all these  wonderful things with various apps and what-not. But they&rsquo;ve got the wrong  mindset. People are really carrying around computers with the ability to make  phone calls. <\/em><\/p>\n<p>&lsquo;<em>So it&rsquo;s not really an  evolution in mobile devices so to speak, it&rsquo;s just an acceleration of the  evolution of computing. The trend means three things. Smaller, more powerful  and immersive computing. And not in 10 or 15 years, but in the next two or three.<\/em>&rsquo;<\/p>\n<\/blockquote>\n<p>Here&rsquo;s a  quick snapshot of that accelerating trend. The iPhone 4 has the same  performance power as the fastest supercomputer in 1975.&nbsp; The difference is the supercomputer cost $5  million in 1975 and the iPhone 4 is under five hundred bucks today.<\/p>\n<p>Of course,  following the trend is one thing. Trying to identify which computers stand to  win and lose is the hard part. That&rsquo;s where Kris Sayce and Sam come into the  picture with their new technology service, <em>Revolutionary  Tech Investor<\/em>.&nbsp; The hunt is on. Going  by the evidence, they&rsquo;ve got the wind at their back on this part of the tech  space. Stay tuned. <\/p>\n<p align=\"center\"><strong>Don&rsquo;t Miss This <\/strong><\/p>\n<p>Of course,  Kris and Sam are excited by the <a href=\"http:\/\/www.moneymorning.com.au\/category\/technology-and-innovation\" title=\"more on technology and innovation\">opportunities in technology stocks<\/a> and what  they see as a transformational revolution that&rsquo;s about to hit the global  economy. <\/p>\n<p>But over at <em>Sound Money Sound Investments, <\/em>editor  Greg Canavan is more worried about China&rsquo;s slowdown and <a href=\"http:\/\/pro1.portphillippublishing.com.au\/126041\/?email={emailaddress}\" target=\"_blank\">what it means for the broader market<\/a> and Aussie economy. He&rsquo;s worried  enough to want to show you a recent talk he recorded with fellow editor of <em>The Daily Reckoning <\/em>Dan Denning.&nbsp; You can <a href=\"http:\/\/portphillippublishing.com.au\/2013\/06\/dan-denning-greg-canavan-free\/\">see it here<\/a>. It&rsquo;s under thirty minutes. Grab a  drink and enjoy. <\/p>\n<p>Until next  week.<\/p>\n<p><strong><a href=\"http:\/\/www.moneymorning.com.au\/about-callum-newman\" title=\"About Callum Newman\">Callum Newman<\/a>.<br \/>\nEditor, <em>Money Weekend<\/em><\/strong><br \/>\n<a href=\"https:\/\/plus.google.com\/u\/4\/113805451050351871502\/about\" title=\"Join Callum Newman on Google Plus\"><strong><U>Join me on Google+<\/strong><\/U><\/a><\/p>\n<p><strong>PS.<\/strong> Don&#8217;t forget if you want to keep track of the latest  things we&#8217;re reading and brief commentary on events that happen through the  day, check out <a href=\"https:\/\/plus.google.com\/u\/7\/113805451050351871502\/posts\">our Google+ page<\/a> and <a href=\"https:\/\/plus.google.com\/u\/1\/102832084048340347143\/posts\">Kris Sayce&#8217;s<\/a> as well.<\/p>\n<p><strong><em>From the Port Phillip Publishing Library<\/em><\/strong><strong> <\/strong><\/p>\n<p>Special Report: <a href=\"http:\/\/pro1.portphillippublishing.com.au\/126039\/?email={emailaddress}\" target=\"_blank\">Buy These  Four Yen Dive Stocks Now<\/a> <\/p>\n<p><em>Daily Reckoning:<\/em> <a href=\"http:\/\/www.dailyreckoning.com.au\/why-its-going-to-get-ugly-when-interest-rates-rise-again\/2013\/06\/05\/\" title=\"Permanent Link to Why it&rsquo;s Going to Get Ugly When Interest Rates Rise Again\">Why it&rsquo;s Going to Get Ugly When Interest Rates Rise  Again<\/a><strong> <\/strong><\/p>\n<p><em>Money Morning:<strong> <\/strong><\/em><a href=\"http:\/\/www.moneymorning.com.au\/20130606\/signs-of-stress-in-the-us-bond-markets.html\" title=\"Permanent Link to Signs of Stress in the US Bond Markets\">Signs of Stress in the US Bond Markets<\/a><strong><\/strong><\/p>\n<p><em>Pursuit of Happiness:<\/em> <a href=\"http:\/\/www.pursuitofhappiness.com.au\/index.php\/technology-2\/improving-your-life-through-new-technology\/5162\/\" title=\"Improving Your Life Through New Technology\">Improving  Your Life Through New Technology<\/a><strong> <\/strong><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/MoneyMorningAustralia?a=HYyG4kJmkxc:k6ImyZPdH0E:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/MoneyMorningAustralia?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/MoneyMorningAustralia?a=HYyG4kJmkxc:k6ImyZPdH0E:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/MoneyMorningAustralia?i=HYyG4kJmkxc:k6ImyZPdH0E:V_sGLiPBpWU\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/MoneyMorningAustralia?a=HYyG4kJmkxc:k6ImyZPdH0E:gIN9vFwOqvQ\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/MoneyMorningAustralia?i=HYyG4kJmkxc:k6ImyZPdH0E:gIN9vFwOqvQ\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/MoneyMorningAustralia\/~4\/HYyG4kJmkxc\" height=\"1\" width=\"1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By MoneyMorning.com.au Here are some of the estimates and statistics we&rsquo;ve plucked from a McKinsey Global report we mentioned last week: 1.1 billion people currently use smartphones and tablets, with a potential to reach two billion to three billion more. The processing power of the average smartphone has increased by about 25% per year over &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/forex-news\/2013\/06\/14\/why-mobile-technology-is-bad-for-some-businesses-great-for-all-consumers\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Why Mobile Technology is Bad for Some Businesses, Great for All Consumers&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-39028","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/39028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/comments?post=39028"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/posts\/39028\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/media?parent=39028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/categories?post=39028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex-news\/wp-json\/wp\/v2\/tags?post=39028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}