Say hello to the phablet

Say hello to the phablet

The cliche "go big or go home" no longer applies to how consumers look at tablets, as more people are becoming fond of smaller devices. These electronics have been dubbed phablets and may change the way you think about Mobile Banking.

Average tablet size has been decreasing over time while smartphone size has been increasing, according to Bank Systems & Technology. Plus, more tablets have become functionally similar to a phone, including the ability to make calls. The source said it may not be long before the lines between the two types of mobile devices become blurred, and consumers may move from owning three devices on average - a tablet, smartphone and laptop - to only a laptop and phablet.

In regard to how you view your checking account balance and make transfers on the go, phablets could increase the amount of Mobile Banking features you can access at one time. Smartphones are great for mobile updates but don't have the screen size necessary for other tasks, such as applying for one of our mortgages and auto loans online. With a scaled-down size, phablets can provide that functionality, and you don't have to carry around a cumbersome piece of technology.

How popular are phablets?
The much-anticipated arrival of Apple's iPhone® 6 could be the driving force behind greater phablet adoption in the future, International Business Times reported. It is expected that the device will be larger than previous models, with a 4.7-inch screen as well as a 5.5-inch variation. Samsung™, which started the phablet revolution with its Galaxy Note® products, recently announced the fourth generation model of the Note but hasn't been pushing consumers toward phablets.

Why would you suddenly want a phablet after the iPhone 6 unveiling? The source said the answer is Apple's brand. While MP3 players, tablets and smartphones were in existence prior to iPods®, iPads® and iPhones, respectively, a lot of people want Apple products.

Earlier this year, a study found that tablets often see more usage than smartphones for Mobile Banking due to their larger screens and perceived security. With Apple upping the ante on the phablet market and consumer demand for a compact tablet with the functionality of a smartphone, it won't be surprising if the majority of individuals review their online checking account on one of these devices.

For more tips and updates on the latest in banking technology, contact Landmark Bank.

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