Category: Apps

According to the research from the UBS investment bank, smartphones could lead to widespread closures.

As a growing number of people start to use mobile banking as a regular part of their interactions with their accounts, it is now being predicted that hundreds of bank branches across Australia may be forced to close.

A survey was conducted by the UBS investment bank and it predicted more than 600 closures.

Analysts from UBS in New York, London, Japan, and Hong Kong partnered up with KPMG in order to produce a massive 54-page report that it has now published and released. Within it, 67 different bank management teams were surveyed across 18 different countries. Among them, there was an average expectation of a branch reduction of 5.6 percent as a direct result of the rise of mobile banking use.

That said, in Australia, that figure is predicted to be about twice the average of closures from mobile banking strategies.

The report showed that despite the fact that Australia has seen a steady number of bank branches for quite a long time, the survey respondents feel that the country will be facing an 11 percent closure rate as a result of banking over smartphones and other mobile devices.

Based on June 2014 data from the Australian Prudential Regulation Authority, there were 5483 bank branches in the country at that time. Should the predictions of 11 percent be accurate, that would mean that there would be an estimated 603 branch closures across the country.

Because of this fear, many bank branches across the country have worked hard to reconfigure themselves in order to create a much more drop-in style environment and by reducing or removing tellers. This makes it possible for customers to be sold more types of products at their own convenience.

According to the UBS statistics over the span of the next three years, it could easily be that a cumulative reduction of costs by about 10 percent, as well as a boost of 6 percent rise in bank revenues. Over that same span of time, it is anticipated that there will reach the point that 46 percent of mobile related transactions, which Is an increase over the current 25 percent, and the 13 percent from 2013.

The internet has already altered the car shopping experience and smartphones have gone a step further.

A recent study conducted by Autoshopper has revealed that more than one in every three people who use the internet to shop for vehicles such as cars, SUVs and trucks, have conducted a mobile search on a smartphone or tablet while actually standing in a dealership.

That represents an increase of a massive 29 percent over the number of people who were doing it in 2013.

Considering the trend toward mobile search, that really doesn’t come as too much of a surprise. After all, earlier in 2015, searches over smartphones and tablets surpassed those that took place over PCs, according to statistics released by Google. It was that trend that brought about the massive wave nicknamed “mobilegeddon” in which Google – and then later, Bing – changed their algorithms in order to favor websites that were mobile friendly, when a search was conducted over mobile devices.

Now, dealerships are paying close attention to mobile search, as it is having a considerable impact on sales.

Since Google results now favor mobile friendly websites, dealerships have discovered that if they want to be able to stand out to their customers, then this is the type of experience that they are going to have to provide. After all, the last thing that they want to do is have a potential customer standing on their showroom floor while discovering the offerings of a competitor on their smartphones because that rival had a mobile friendly website and therefore received better search results.

Of course, the experience goes far beyond search. As dealerships battle over customers, they are now trying to create a far more seamless experience between the device and shopping in person, so that the two will work together.

Not only are most dealership websites already highly optimized for mobile search, they are also designed to provide a much broader experience that will allow consumers to be able to view additional resources that will help them to make their decisions and to learn what they want to know about the vehicles that they are considering.