Fast development of mobile phones into more personal electronic devices including identification information and appropriate systems for using it in a safe and secure way will give a great potential to further developing efficiency in banking and to combining different services in new and value-creating ways. Already today, mobile smart phones are like PCs when it comes to information handling capabilities.
New potential ways of using your smart phone concern not only payments but also all areas of retail banking and wealth management. In your smart phone you will have all your personal financial information available and will be able to do business with your bank online without any limitations on information entered separately or on other intermediary company such as credit card companies.