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Steve Jobs, chief executive officer of Apple Inc., speaks to a crowd of computer developers and technology consumers in San Francisco, CA Wednesday, Sept. 5, 2007. Jobs introduced Apple's new iPod touch and the iPod nano. He also announced the iTunes WiFi Music Store and discussed Apple's new partnership with Starbucks. Consumers will now be able to access the new iTunes Wi-Fi Music Store at any Starbucks location. Photo by Ryan Anson/Bloomberg News
Ryan Anson

The iPhone's imprint on banking

The iPhone is 10 years old. Here’s a look at some of the ways it, along with the boom in smartphones overall, has shaped banking in the U.S. over the last decade.
Brett King, CEO of Moven
It gave rise to app culture and fintech. Without smartphones, there likely wouldn’t be Venmo, and what exactly would Brett King be doing today?
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Deposit Check with Cell Phone
OrlowskiDesigns/Getty Images/iStockphoto
The ability to deposit a check by taking a photo of it was likely the reason you downloaded your bank app in the first place.
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elnariz - stock.adobe.com
Personal financial management tools have been around for a while, but smartphones made managing money in real time much more accessible by putting consumers’ bank balances in their hands. You can now figure out — well, at least get a good idea — whether an impulse buy would result in an overdraft.
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Laurent Delhourme/ldprod - stock.adobe.com
It changed how consumers access cash. That started with the ability to find a nearby ATM through geolocation. Now, it is getting cash through a code generated via mobile.
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An Apple Inc. iPhone 6S plus smartphone device, left, stands next to an Apple Inc. iPhone 6S smartphone device inside the Apple Inc. store at Covent Garden in London, U.K., on Friday, Sept. 25, 2015. The latest models, following a hugely popular design overhaul last year that added bigger screens, may not match the success of previous releases, according to analysts. Photographer: Chris Ratcliffe/Bloomberg
Chris Ratcliffe/Bloomberg
The need to make things easy and simple because of the size of a smartphone screen has reshaped banks’ approach to digital products. Websites are less cluttered. Design and digital teams are always on the hunt to remove a click. Have you noticed that your bank’s website looks a lot more like the mobile app these days?
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Customer paying for purchase with mobile phone
Tyler Olson/Tyler Olson - stock.adobe.com
OK, so Apple Pay and mobile payments overall have not lived up to the hype. Banks say they haven’t lived up to the hype yet.
Touch ID demonstration
A customer tries out the new Apple Touch ID, fingerprint scanner, 0n the iPhone 5S at a Verizon store where the new iPhone 5's and 5C went on sale on September 20, 2013 in West Valley City, Utah. (Bloomberg News/George Frey
George Frey/Bloomberg
The convenience of unlocking your phone with your thumb has made us more comfortable with biometrics.
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Smiling businesswoman making selfie photo on smartphone. Wearing in blue shirt and glasses. Standing over gray background
Vadym Drobot/Drobot Dean - stock.adobe.com
Speaking of authentication tactics, the front-facing camera, live video chat, geolocation and other security devices have presented new and largely untapped ways of verifying customers are who they say they are.
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A customer demonstrates the Siri function on an Apple Inc. iPhone 4S outside the company's store at Covent Garden in London, U.K., on Friday, Oct. 14, 2011. Apple Inc. is poised to sell as many as 4 million units of its new iPhone 4S this weekend as customers around the world clamor for one of the last products developed under Steve Jobs. Photographer: Matthew Lloyd/Bloomberg
Matthew Lloyd/Bloomberg
Siri, did you know that some of the same people who designed you are now building chatbots for financial services?
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The Amazon.com Inc. application icon is displayed on an Apple Inc. iPhone in Washington, D.C., U.S., on Monday, Dec. 5, 2016. Amazon.com unveiled a new security tool for cloud customers last week, part of a slew of product announcements designed to fend off competition from Microsoft Corp., Alphabet Inc.'s Google and others in the fast-growing cloud computing market. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
It gave birth to the idea of competing with everyone on experience. You know that “We don’t just compete with banks, but with every other digital experience our customers have” line you hear at every conference? It starts with the smartphone.
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A customer uses an iPhone while waiting in line at an Apple Inc. in San Francisco, California, U.S., on Friday, Sept. 16, 2016. Shoppers looking to buy Apple Inc.'s new iPhone 7 smartphones on Friday better have ordered ahead. Brisk demand left some stores sold out, leaving those who purchased online with the best chance to get their hands on the latest models -- and some resorting to extreme measures. Photographer: Michael Short/Bloomberg
Michael Short/Bloomberg
They are so expensive you might need to take a loan out to buy one, giving some banks a niche lending opportunity.
Robert Barba
Technology editor, American Banker
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