Mobile banking is on Fire

Amazon's Fire Phone release means a new competitor in the smartphone market and new technology to improve banking security.

What does the release of Amazon’s Fire Phone mean to the smartphone market?

Following the hype, speculation and mysterious promotional videos, Amazon finally announced its entry into the smartphone market with the release of its Fire Phone last week. With four mounted IR cameras, this device delivers a 3D screen effect and the ability to tilt the phone to see extra menus without the need for special glasses. So what does this all mean for digital financial services?

The Fire Phone could diversify and simplify the user’s mobile banking experience

The good news is the Fire Phone features several ground-breaking innovations. 

Firstly, physical movements promise to play a big role in the way the user can interact with Amazon’s new Phone. This will make managing and viewing finances much simpler. For example, people could simply tilt their phone to transfer money between accounts.

In addition, the device uses four cameras to monitor the position of and project to both of the user’s eyes. For mobile banking, this means new security measures like facial recognition are entirely possible, something already of interest to almost half of consumers (48%).

Making money management easier

Moreover, in making the Firefly button (which allows for information to be accessed with one touch) available to third party developers, this feature could also be integrated into the mobile banking experience. It could be used for personal finance management (Can I afford this item? Can I tag it to one of my recent transactions?) or payments (Please read and pay this bill).

A feature like this should help boost mobile banking usage as managing money on the move becomes as easy as pressing a button.

Listening to customer’s needs

The device takes yet another step forward for user experience with our research clearly showing consumer appetite for these kind of features to be strong. So which financial services provider will be the first to take advantage of this new technology?