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Websites Are Being Replaced: Banks Must Adapt to the New World of Smartphone and Tablet Apps to Remain Relevant

[ILLUSTRATION OMITTED] The growth of powerful smartphones and tablet computers is redefining the marketplace. What's astounding is more than the sheer volume of purchases that have taken place since 2010. It is the fact that many users of these wireless devices do not visit traditional websites or specially designed mobile sites. On the contrary, even though the internet is "their space," it is apps (mobile applications) that they use most. The foundation is the platform The Consumer Electronics Association (www.ce.org) predicted that tablet computer sales would overwhelm the market, and it was right. The association has forecasted that 98 million smartphones would be purchased in 2012, followed by 26 million tablet computers for the same period. This translates into one in five American households owning a smartphone or tablet. Both devices connect to the internet and most use operating systems that are not Windows-based. The smartphone and tablet operating system is the key differentiator. Why? It is as simple as touch, sweep, or drag and drop. That's it. Instead of selecting your "favorites" tab or a drop-down box on your internet browser, all you have to do is tap a previously downloaded app icon and you are there. If you own a smartphone or tablet, you know it is a touch-based interface, which does not require a mouse or keyboard. Apps are fast, easy, and not a website. Using your fingertips, you can interact with the apps and accomplish just about any task you desire. Apple announced last month that the Apple Store exceeded 500,000 apps. Wikipedia estimated that the Android Market would exceed 600,000 apps by the end of2011. Apps: redefining the internet With millions of smartphones and more than one million apps on the market, consumers and businesses alike are finding new ways to use the internet. Many are not using websites, because websites do not adapt well to the smartphone and do not have the feature functionality that users want. For example, on a conventional internet banking website, the transfer of funds from one account to another requires a number of steps like selecting accounts using a dropdown list box, typing the "to and from" command, selecting a dollar amount, and, ultimately, pressing the transfer button or enter key. In contrast, with a specialized app, all that is required is to touch the app, touch the fast-cash transfer option, and drag the dollar amount from your savings account to your checking account. Done! If you need more money, just drag the fast-cash amount again. Do you want to apply for a loan? It's a touch away. The app links the phone or tablet to the bank, via the internet, to enable live transactions. But the simpler functionality and interface are on the device, not the bank's site. Most internet banking websites are not designed for the mobile world, let alone the app-based functionality of a smartphone or tablet. Just watch a tablet user for a few moments, and you will see immediately why conventional internet banking is rapidly falling behind. In terms of security, app banking must comply with the FFIEC's supplemental guidance on internet banking. This represents a challenge, but banking app numbers continue to grow each month. Keep up with the "digital lifestyle" The growth in apps, smartphones, and tablets is viral, and signals a huge shift in the marketplace, because it allows users to select or personalize the functionality of their devices. Apps give smartphone and tablet owners power and versatility. Without apps, smartphones are expensive bricks and tablets are thin, flat-screen laptops. (Just think: Not long ago, the traditional laptop and netbook were displacing desktop computers.) There is an important distinction, however, when it comes to mobile technology, and it is not simply functionality. These new devices are becoming the centerpieces of the digital native lifestyle. …