As new technologies push ever forward, it is expected that a device as indispensable and multipurpose as the mobile phone will be the main engine of change and the starting point of the industries of the future.
There is currently no industry that is disengaged from this revolution and its mobile transformation. We are no longer talking just about “Responsive Design” or simply having an app, we are looking at a new and very different way of doing things in every industry.
Let’s start with one industry, for example, that may not come to mind: meteorology. Both research meteorologists and those who pursue and share news from the field, have seen the need to change their sophisticated and complex equipment to mobile phones. The coverage of some phenomena is reduced to the connection they may have and how far they can get with, or rather without, their equipment.
The last eclipse broadcast in Argentina had the 4th most popular ranking of views in the world. What made better streaming possible was the simplification and improvisation of the necessary equipment, just with the mobile phone.
The natural disasters of 2017 were immediately known, broadcast and responded to thanks to mobile devices. As obvious as it may seem, we must think about the challenge this represents for the experts in this area who have studied how to investigate and report news with heavy research teams. Currently, they are immersed in a world with more compact and accessible mobile devices that surely require more creativity but offer many more possibilities and speed of news delivery.
By 2017 the population of Argentina surpassed 44 million people, out of which approximately 30 million have mobile devices. Yet there are least 63 million telephone lines. That is almost 2 per person! On top of that, 70% of users check their cell phone every 30 minutes and spend an average of 6 hours a day connected to their cell phones. This heavy dependency points to a whole new shift.
And if we believe that the future of mobile is still electronic devices, we are mistaken. The disappearance of the telephone is already foreseen. Indeed, there are a variety of other interfaces and multidimensional immersive technologies, such as "E-Fabrics" which will take the user interface off of a phone screen and integrate it with real life. The first stage of the disappearance of devices is the disappearance of interfaces as we know them today, and it's happening right now.
The Industries With the Most Growth Potential in Mobile
Now let's talk about industries we believe still have a lot of growth potential for Mobile.
Maintaining the mindset of “integration” is to condemn oneself to becoming irrelevant overnight. We need to think more broadly.
Here there are some numbers to illustrate the banking situation in Argentina in transition from Traditional Banking to a Fintech Boom:
-60% of the people included in the banking system use traditional banking.
-80% own a Smartphone and use the bank via the mobile application.
-73% still think that branches are important
(Even so, they only go to the bank on average once a year!)
The banking industry is already preparing itself to optimize human interaction. At the moment, there are several projects in Argentina in the realm of Digital Banking, and several using facial recognition, among other things, as possibilities for the new regulation of the BCRA. If you want to know more about the status of Fintech in Argentina, check out our 2017 Fintech Report.
In any case, this does not mean that Fintech companies are competitors of banks but rather the technological evolution that accompanies the evolution of human beings interacting with more usable and useful organizations and interfaces.
Have you ever visited Paris or walked the streets of Rome? Maybe you long to travel to the shores of some paradise or delightful beach in the Caribbean to listen to the sea and the birds. What if you looked around you taking it all in and realized only when you tried to touch it, that you had Virtual Reality lenses on.
This is how tourism companies are selling their products and services these days, by taking advantage of the possibilities in the industry that is adapting to a Mobile world through VR. The complexity of choosing a perfect location, making a reservation, booking a flight, dealing with issues, finding recommendations, making any claims, and everything that comes with a trip is now reduced to a mobile phone. Being able to provide a compelling experience from the company before a customer ever leaves the office allows them to feel more comfortable with the process.
Technological disruptions have had profound consequences in the world of entertainment, especially music, which has had to reinvent itself and devise new forms of income to remain profitable.
Music (with more than 400 hours of video uploaded per minute to YouTube) and video games, are perhaps the two branches with the greatest potential to take advantage of the Mobile Revolution. The concerts and all the “live” experiences are providing an increasingly pleasant experience thanks to Virtual Reality. Haptic experiences such as those of Voyager not only provide a fun experience in VR, but through sensory components have become increasingly real-feeling.
Immersive reality ecosystems are being projected in order to enjoy any type of music or concert, including all the nuances of the experience right down to the community of the venue. This goes far beyond virtual reality. The project of this company out of Argentina called VRTIFY is foreseen for 2019.
As we mentioned, every other industry is adapting to the new reality of immersive experiences. Think about the world of news and communication. Magazines, newspapers, and television are digitally consumed. Research and science and medicine. Construction and agriculture. For these and for many others, traditional revenues are no longer profitable. It’s time for them to reinvent themselves.
The challenge is cultural and requires an agility to which companies are not yet accustomed. This challenge is summarized in four words: Revolution, Immediacy, Experiences and Veracity.