In a June 2011 report, the Yankee Group predicted that there will be 500 million mobile-banking users globally in less than four years. And while it is true that some people may never choose to bank or manage their investments using their mobile phones due to security, privacy or technology concerns, within a few years these people will be a small minority.
Yet with all this growth and widespread use, the industry faces difficult choices around how to prioritize new products and services for mobile devices. The sheer diversity of phone hardware and operating systems, known as fragmentation, is daunting. Further, the rapidly evolving landscape of mobile technology means that the platforms developed for today will most likely be obsolete in only two years. New technologies emerge and old channels will be replaced or extended with entirely new devices like Internet-connected TVs, printers, vehicles, clothing and other devices that have not even been conceived yet.
