FinTech – A New Frontier for Smartphone Manufacturers

Digital transformation is a global phenomenon with customer service and user experience at its core. Even though the offline population is moving online at a global scale, new technologies are redefining products and services, blurring industry boundaries, and creating entirely new sets of non-traditional competitors. 

Mobile Phones Driving Digital Transformation

Mobile phones are key to digitally transformed services and experiences. Cultural and domain transformations have made them the preferred form factor for transactions. Declining bandwidth prices, low-cost mobile devices, the rapid rollout of 4G, and the aggressive nativization of mobile technology have multiplied the number of mobile owners. 

Globally, 5.19 billion people (individual mobile phone users) use mobile phones. Mobile phones have a 67% penetration rate in a world where over 55% of the entire population is urbanized. 

Owing to the spread of COVID-19 in early 2020, an unprecedented number of people adopted or adapted to digital behavior. The pandemic brought about a behavioral change in the use of smartphones. According to the Ericsson Mobility Report, 83% of smartphone users claim that ICT helped them cope with physical access restrictions.

Role of Mobile Phones in Global Digital Adoption

Over two-thirds of the world’s mobile phones are owned and used in developing countries. The adoption of cellular technologies has helped these countries leapfrog the less-developed wired infrastructure and high costs associated with modernization and implementation. Mobile phones enable digital adoption at multiple levels. 

  • Mobile Information and Communication Technologies (ICTs) provide the technology bridge to close the digital gap between developed and less-developed infrastructure.

  • Data transmission capabilities of ICTs have accelerated their reach through increased mobile devices’ access.

  • Aggregation of information and data has been possible because of the mass adoption of ICTs and mobile phones. The Internet and modern digital telecommunications are more accessible, particularly …