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STATE OF MOBILE REPORT 2019 – 10 NEED TO KNOW FACTS FOR THE ACCOUNTANT

The top-level findings in the industry’s leading annual mobile insights report ‘State of Mobile 2019’ suggest that there is no longer any industry or company that can afford to ignore mobile and in 2019, it will be the vital thread that runs through the entire business world. The trend toward mobile is set to have massive ramifications for every industry and in the report compiled by App Annie, mobile is predicted to continue to rapidly grow and deliver a real opportunity for businesses looking to undertake mobile transformation.

 

Mobile is now firmly at the heart of the digital economy with over 50% of the world’s population — 3.9 billion people —estimated to be online in 2018, and 96% of the world’s population living within range of a mobile network. In 2018, there were over 4 billion mobile devices — inclusive of tablets and phones — with many people in mature markets having multiple devices.

 

Two key findings in the report relating specifically to the mobile effect in the financial sphere will be of particular interest to accountants.  The report finds that global downloads of finance Apps were up 75% from 2016 and there has been a significant growth in sessions in fintech Apps and this is said to indicate their ‘stickiness’ and ability to foster habit forming behaviours.

 

This is excellent news for accounting firms as it confirms that mobile technology and specifically Apps can be leveraged to deliver better and more profitable client relationships.  The role that mobile technology plays cannot be underestimated as it allows accountants to engage with clients on their smartphones and tablets digitally 24X7 and they get to live in their clients’ pockets and at the heart of their mobile lives.

 

  1. Global Downloads of Finance Apps Hit 3.4B in 2018, up 75% From 2016

Of the selected markets, emerging markets like Brazil, India and Indonesia saw the strongest growth in app downloads from 2016 to 2018.

 

  1. Global App Downloads Exceeded 194B in 2018, up 35% From 2016

Mature markets like the US continue to see large, consistent numbers of new downloads annually, but growth has slowed. However, growth in these mature markets is strongest when it comes to indicators of user engagement — sessions and time spent — and consumer spend.

 

  1. Fintech Apps Carve Out Larger User Bases and Foster Habit-Forming Behaviours

Growth in sessions of top fintech apps indicate the stickiness of these services and their ability to become weekly — even daily — habits. 2018 marked a turning point for fintech apps, with many making a move into consumer banking. With strong adoption, and a mobile-first strategy, fintech companies represent a clear disruptive threat to the traditional retail banking industry.

 

  1. Time Spent in Apps Globally Grew 50% From 2016 to 2018

The 5 categories with the fastest growing global market share were Video Players & Editors, Entertainment, Photography, Tools and Finance, respectively. Combined, total time spent in these 5 categories grew 110% from 2016. Social and Communications apps made up 50% of total time spent globally in apps in 2018, followed by Video Players and Editors at 15% and Games at 10%. Time spent grew from both growth in time spent per device and increases in global install bases.

 

  1. The Average Consumer in the US, South Korea, Japan and Australia Has Over 100 Apps on Their Smartphone

South Korea, Canada, the US, Thailand, the UK and Australia all saw significant 2-year growth in the average number of apps installed on smartphone devices.

 

  1. Point-of-Sale Fintech App PayPay Saw Meteoric Rise in User Base in First Two Months

PayPay is a fintech app by Softbank in Japan that allows users to pay in-store by scanning a QR code linked to a Yahoo! Wallet account. The app has seen phenomenal adoption since its October 2018 launch. Its smartphone weekly active users (WAU) in Japan have grown 46x over the 4 weeks ending the week of December 2, 2018.

 

  1. Over 685 Billion Hours Spent Globally in Social & Comms Apps in 2018, up 35% From 2016

Half of time spent on mobile globally was in Social and Communication category apps in 2018. While time spent in social networking and messaging apps grew year-over-year in 2018, it represented a slightly smaller portion of total time spent on mobile — indicating that mobile’s importance continues to spread into other areas of our lives.

 

  1. Mobile Transformation Pays Dividends & Dramatically Outperforms GDP Growth in Key Economies

Japan, Brazil and the UK were the top 3 countries where mobile consumer spend advanced significantly faster than overall Gross Domestic Product (GDP). This reflects the strength of the mobile economy, and how prioritising mobile through infrastructure, education and legislation will continue to have a positive impact on overall GDP.

 

  1. Gen Z Defines the World Order Through Mobile

Gen Z (aged 16-24) engages more on average with their most used non-gaming apps than those aged 25 and older. Specifically, Gen Z spends 20% more time and engages with their most-used apps 30% more often than the rest of the population. For Gen Z, mobile is second nature and used across nearly all aspects of life — communication, socializing, shopping, banking, etc. Mobile is non-negotiable to any business hoping to attract this demographic.

 

  1. The Average User Checks Their Bank Account on Mobile Nearly Daily in 2018, up 35% From 2016

In 2018, users in the UK checked their bank apps over 7x a week, a reflection of the UK as a fintech hub. This has put pressure on traditional banking to maintain their relevance in the face of fintech competition. Users in Australia checked their bank apps nearly 10x per week, fueled by an embedded culture of peer-to-peer transfers within banking apps.

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NEW IVALUA STUDY SHOWS TECHNOLOGY CHALLENGES ARE HINDERING PROCUREMENT TEAMS FROM ACHIEVING BUSINESS OBJECTIVES

Lack of system integrations and actionable insights are stopping organisations from accurately measuring performance

 

Ivalua, a leading provider of global spend management cloud solutions, has announced the latest findings of a worldwide study of supply chain, procurement and finance business leaders on Effective Procurement Performance Measurement. The study revealed the challenges procurement teams face when it comes to achieving business objectives and the wide and growing gap in performance between advanced and less mature teams.

 

The research, conducted by Forrester Consulting and commissioned by Ivalua, found that procurement teams are increasingly being measured by non-cost KPIs such as revenue opportunities being created, payment performance (e.g. on time payments) and spend visibility. However, a lack of data integration between systems (44%), lack of relevant insights (40%) and insights not being made available at the right point in the process (39%) are preventing organisations from accurately measuring progress against business objectives. This is because organisations continue to face challenges when it comes to harnessing technology in procurement, with existing systems not being fit for purpose (36%), poor data quality reducing trust in information (36%) and staff having inaccurate expectations of what technology can do (34%).

 

The research went on to reveal that more digitally “advanced” procurement departments are far exceeding “beginner” procurement departments that are less digitally mature in the range of KPIs they track, how frequently they measure success and the levels of planned technology investments. Key findings include:

  • 97% of advanced procurement departments say procurement strategy is well aligned with overall business strategy versus only 14% of beginners.
  • 51% of advanced procurement departments measure performance weekly or biweekly, versus only 26% of beginners.
  • Only 16% of beginners proactively monitor suppliers’ contracts for expiration and risk, versus 94% of advanced – this is critical for helping organisations manage today’s global supply chain challenges, such as the Coranavirus outbreak.

 

“In order for procurement teams to achieve their growing list of objectives and become strategic enablers for their organisations it’s clear they need to overcome a number of technology challenges” said David Khuat-Duy, Corporate CEO of Ivalua. “As we can see from more digitally advanced procurement departments, technology adoption has helped them to align with business objectives, actively measure performance and add value in areas such as risk management. Their investments and approach to leveraging technology is building a competitive advantage.”

 

According to the study, the amount organisations are spending on procurement technology has been rising and expected to accelerate. In the past 12 months, 46% of organisations increased spending by 5-10%. In the next 12 months, 39% plan to increase spending by 5-10%, while a further 43% plan to increasing spending by 10% or more. Procurement leaders are also looking to fully digitise procurement processes (40%), becoming the preferred customers of strategic suppliers (40%), implementing new software for sourcing/procurement (38%) and improving reporting and insights (38%) to help achieve objectives.

 

“It’s encouraging to see organisations investing more in technology, which will help procurement become a key strategic enabler that goes beyond cost reduction to build a competitive advantage,” added Khuat-Duy. “Increasing adoption of technology will allow procurement teams to gain complete visibility into all suppliers and spend. This will open up further opportunities for procurement to help identify revenue opportunities, track risk and improve sustainability, helping to contribute towards wider procurement and business objectives.”

 

Download the full study here.

 

*The February 2020 study was conducted by Forrester Consulting on behalf of Ivalua and is based on a survey of 409 finance, procurement and supply chains decision makers throughout North America and Europe, as well as several in depth interviews.

 

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ERSTE BANK HUNGARY IMPROVES AND SECURES THE REMOTE BANKING EXPERIENCE WITH ONESPAN MOBILE SECURITY

ONESPAN

Leading Hungarian bank deploys OneSpan’s Mobile Security Suite to one million customers to make mobile banking convenient while fighting fraud and meeting PSD2 requirements

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the leading banks in Central and Eastern Europe, has integrated OneSpan’s Mobile Security Suite into its banking app MobilBank. Erste Bank Hungary selected Mobile Security Suite to enable and protect online and mobile transactions and to comply with PSD2 requirements for authentication and dynamic linking.

The European Payment Council has stated that social engineering attacks continue to increase and remain instrumental in fraud schemes, often in combination with malware.[1] Erste Bank Hungary chose to implement OneSpan’s Mobile Security Suite to protect against potential social engineering and malware attacks directed at its customers. OneSpan’s technology enables banks to integrate application shielding, biometric authentication and transaction signing.

Erste Bank Hungary added Mobile Security Suite’s Cronto visual transaction signing to replace the bank’s SMS authentication with push authentication for login and transaction signing. This new process improves security and eliminates significant costs related to SMS delivery. OneSpan’s Cronto technology also helps fight social engineering attacks like phishing, while enhancing the customer experience by  enabling transaction signing using a color QR code.

“OneSpan’s proven technology will help us maintain our leading position in the market without compromising on security or the customer experience,” said Erste Bank Head of Digital Services, Akos Andras Molnar. “As part of this roll-out, our customers can also make online purchases using push notification with any retailer connecting to Erste Bank via the 3-D Secure protocol.”

“Criminal hackers continue to target banking customers as social engineering remains a preferred technique,” said OneSpan CEO, Scott Clements. “In their search for security solutions, banks need to consider cost, convenience and regulatory compliance. OneSpan’s technologies address these concerns so that banks can focus on providing a secure and convenient customer experience.”

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