The Rise of Mobile
It’s no surprise that mobile device use has taken off in the era of bigger, better, faster. Once a luxury, mobile devices have proven to be a game changer for millions who rely on them to improve their lives both personally and professionally.
Mobile web adoption is growing eight times faster now than it did in the 1990s and early 2000s; and surprisingly, 80% of time spent on mobile devices is inside apps (not talking or texting), according to DigitalBuzz. A third of internet users go online using mostly their phones, not desktop or laptop computers, according to Pew Research Internet Project.
What’s impressive is that mobile tools are no longer a carbon copy of the desktop platform. The applications have gotten so advanced that users are accessing mobile even when not in “mobile” situations. We’re seeing mobile used in two very different ways: first, in place of traditional desktop applications when the user is in a mobile setting; and second, in conjunction with, or as an addition to, the desktop version to fill a different need.
Speed, Access, and the “NOW” Factor
Mobile is becoming more prevalent as a business tool in addition to its popular personal or social uses. According to Forbes, 89% use mobile devices to connect to corporate networks. How can the trading industry capitalize on this trend to help bring traders new tools and options to manage and execute their trades?
Speed and access are two things heavily valued by traders. Traders want the ability to move in and out of positions quickly and they want access to information, markets, and data. As technology advances, speed and access dynamics are changing tremendously. Emerging mobile trading applications are changing the playing field even further. Not only can mobile apps meet speed and access needs but also the “NOW” factor, giving traders the ability to view top-notch data, analyze information, and execute whenever and wherever they need. There is no shortage of reasons why traders would be interested in mobile - increased productivity, viewing market moves and making trades in real time regardless of location, and relieving the fear-of-missing-out dilemma, to name a few.
A mobile environment fosters experimentation on both the part of the company and the customers. Traders can experiment with alternate forms of data and analytics to gain an edge. As a company, we can experiment with tools that will enhance a customer’s experience in the new realm of mobile. We regularly engage customers who use mobile devices to help guide development. Many of the new displays and tools are driven from user ideas and feedback, ensuring that each innovation is impactful and available whenever and wherever a trader needs it.
Snacking Behavior and Visualization
One of the biggest challenges in the development process is speed to market. Companies experience increased development efficiency with mobile formats by leveraging the ability to see what works and what doesn’t without consuming resources to the same extent as something that is hardcoded.
The nature of a mobile application is not meant to be all-encompassing. Rather, it is a snapshot of the best of what the company has to offer, or it offers something that isn’t possible in a desktop format. This is why we see so many users turning to mobile applications in conjunction with standard tools – it can be a synergistic combination.
Screen real estate on a mobile device, especially a phone, forces us to use new techniques to visualize data. For instance, as we push to add historical data and charting to CQG M, we are looking to utilize sparklines, or word-sized charts, to present historical data in a way that fits on the screen, is discernable at a glance, and reduces the need for navigation to see different information. In addition, we have been prototyping new ways to give users statistical summaries of market behavior, to see market behavior quickly, in CQG Labs.
Mobile can support “snacking” behavior, where users stop in frequently for a quick bite rather than staying for a full meal. For example, strategic mobile scenarios generally make access to one particular thing very easy such as finding out the weather in your current city or the city you’ll be flying to – this information is often pushed or presented to the user. It’s the difference between searching for an answer (desktop) versus being given the answer (mobile). For traders, this may look like having on-demand access to market quotes that they would want to view multiple times throughout the day.
HTML5 vs. Native
One of the biggest considerations for developers is working with HTML5 or a native platform. HTML5 allows users to be integrated into their work environment given the consistencies and seamless interface when on a desktop or mobile product. Upgrades and enhancements get pushed out without the need to download new software to get the new features. HTML5 also ensures that all users are on the same version of the software (there aren’t separate versions/builds for different operating systems), proving a more consistent experience for customers.
Native on the other hand is known for power and speed. Native apps access a higher percentage of the OS processing power. They offer interface consistency with other apps, so they look and feel like an iPad app or Android app and, therefore, have easier learning curves.
As both HTML5 and native apps have distinct advantages, choosing the correct path comes down to good business intelligence and companies knowing their customers. Recognizing customer needs and building solutions with the best technology to meet those needs is key.
One of the hurdles of mobile platforms with the trading community, particularly with large institutions, is the perceptions of stability and security of information. This perception is mainly just fodder. Business-focused mobile applications are developed with security and stability at the top of mind. Take Amazon for example, would you feel more secure/stable when ordering from the website versus phone? Chances are the answer is no, which is why Citi Analyst Neil Doshi recently estimated that between $3 billion to $5 billion of Amazon’s annual sales are from mobile devices.
Traders want, and often need, to stay connected to markets. Quality mobile solutions should untether these traders from their desks. Creative design should not necessarily seek to replicate a desktop experience, but rather provide liberating solutions that complement and enhance traditional trading tools. In this way, the modern trader can remain in touch and in control from almost anywhere.
Sources:
http://www.pewinternet.org/fact-sheets/mobile-technology-fact-sheet/
http://www.digitalbuzzblog.com/infographic-2013-mobile-growth-statistics/
http://allthingsd.com/20130104/eight-percent-of-amazons-sales-are-coming-from-mobile/