Several business verticals such as financial services, healthcare and retail have witnessed a real transformation as a result of increased mobile device usage. Mobile technology is readily available across the globe and this presents a number of opportunities for businesses to be more efficient and productive.
Revolutionising the Financial Services Industry
The rapid growth of mobile technology has effected vast changes in financial services, an industry that has long been protected by stringent regulations. Banks are increasingly moving towards online and mobile transactions to move people out of the branch and reduce queue length and cash handling.
The use of e-wallets and m-commerce (where mobile phones are used as verification in transactions) means better prospects for financial services and greater flexibility for consumers. Bill payments, money transfers or even making investments can all be done via a mobile device.
For the banking sector to remain competitive, it must focus on developing new offerings in mobile banking, as well as improving existing services.
Improved Efficiency in Healthcare
Healthcare provisioning through mobile devices has become a global reality. With the accessibility of mobile technology, healthcare is faster and cheaper.
An online survey conducted by Harris Poll of more than 2000 adults in the USA found that 74% of hospitals that use tablets or other mobile devices to gather patient information are more effective, and that 54% of the patients are less apprehensive during hospital visits when healthcare providers use mobile devices to collect data.
Electronic medical records, remote monitoring devices and communications have already laid the foundations for mobile health (mHealth). With the personalisation of healthcare, mHealth can offer patients their own toolkits for prognostic and preventative care.
Empowering In-store Consumers
There is continuous growth in the number of consumers using mobile devices to improve their shopping experience. Whether a consumer is purchasing or merely browsing, retailers need to ensure that the mCommerce experience is not a cumbersome one as this will undoubtedly affect sales and brand loyalty.
Findings from a recent study by UPS, Deloitte, Nielsen and more show that advances in mobile technology means better information access for consumers, even while in-store.
Consumers are led to believe that they are getting the best price because of strategies such as price matching. By using mobile devices, however, they are empowered to search on their own without the bother of having to retain receipts or bring in competitor flyers.
Mobile device usage also allows retailers to look at new ways to improve service. The Deloitte study found that 50% of consumers who received assistance from sales associates would rather have been able to use their own device to carry out the same action. Comparison tools, improved online product descriptions and scannable shelf tags can make consumers less reliant on sales associates, leading to a better consumer experience.