My colleagues Charles Golvin and Thomas Husson recently published a report that reveals The Global Mainstreaming Of Smartphones, and they found that while the majority of smartphone owners are high-income adopters, the low-income optimists (who Forrester defines as Techno-Strivers, Digital Hopefuls, and Gadget Grabbers) and high-income pessimists (who Forrester defines as Handshakers, Traditionalists, and Media Junkies) are the ones who together make up the majority of the US population. They are the potential consumers who will lead to smarthphone sales growth.
Mobile banking adoption among US online adults more than doubled in the past two years. However,Forrester’s Technographics® data shows that 85% of online adults in the US have never used mobile banking. When we look more in depth at the reasons why, we get answers such as “don’t see the value,” “don’t believe it’s safe,” and “don’t want to pay for fees.”
US consumers have plenty of alternatives they can use, like ATM machines, online banking, and retail branches. For them, the benefits have to outweigh the hurdles. Yet it’s a different story in other parts of the world. Due to a lack of existing banking infrastructure, we see mobile finance penetration picking up quickly in developing markets like China, India, and even Africa, fueled by the growing cellular penetration and mobile Internet penetration in these regions. In fact, in the most recent World Economic Forum’s Digital Asia panel that Forrester CEO George Colony moderated, Michelle Guthrie, JAPAC director of strategic business development at Google Asia Pacific, stated that for the next hundred million users coming onto the Internet in Asia, primary access to the Internet will be on mobile, and maybe only on mobile due to the infrastructural challenges (and costs) of fiber and broadband.