From sophisticated fingerprint readers, high-tech iris detection, and voice recognition, we are being sold on the premise that expensive hardware will provide better security. But as some cases have shown, data is only as safe as the weakest link. Not everybody can afford expensive devices, especially in developing markets. Yet developing markets are where we are seeing the most mobile growth.
Case in point, in 2013 smartphones for the first time outsold feature phones. Smartphones accounted for 53.6 percent of the mobile phone market. This growth was led by India, China, Latin America, the Middle East and Africa, Asia/Pacific and Eastern Europe. India showed the most growth with a 166.8 percent increase in sales in the fourth quarter of 2013.
The most popular phone was not the iPhone. Many analysts have speculated this is because the iPhone is too expensive. In the US the cost of the iPhone is 1.4% of personal GDP. In other words, the average US citizen will spend 1.4% of his or her disposable income on an iPhone. When compared to India the iPhone 5S is 22.3% of per capita GDP!
Therefore we need a low-cost solution based on software. We developed eBankID to be secure and affordable, but most importantly accessible. eBankID‘s solution is ideal for market penetration because no hardware upgrades are needed. All you need is a touch-screen device. Chances are you already own one.