Application puts a new twist on mobile shopping
US Bank has developed a new application that is meant to serve as a mobile commerce platform for consumers. The application is designed to allow consumers to quickly purchase products that they may come across in their daily lives. In this way, it is quite similar to other applications of the same nature, but the application is able to provide information on products using image recognition and audio. As such, the application can be used to bring up a list of products based on a print or radio advertisement.
App based on Monitise technology
The application is available to US Bank customers that have a smartphone or tablet and the application itself is based on technology developed by Monitise. US Bank has managed to establish a significant lead over other financial service firms in the U.S. that are participating on mobile commerce. The bank has involved itself in a variety of mobile initiatives that seek to engage consumers in new ways and provide these consumers with new commerce services that they did not have access to previously.
Mobile shopping is becoming more popular among consumers
Mobile shopping and banking has become quite common in the U.S. Many consumers favor shopping online for products because of the convenience it represents. Traditionally, this interest has been focused on e-commerce, with consumers shopping from PCs and laptops. The advent of mobile technology put a new twist of e-commerce, allowing consumers to shop from smartphone and tablets with relative ease.
Competition in the mobile commerce field is fierce
US Bank is not the only party in the mobile commerce field. The bank will have to compete with other companies that have managed to establish a lead with consumers with their own mobile payments platforms. The vast majority of these platforms function in the same way and provide the same service to consumers, which has made it quite difficult for any single platform to stand out effectively.