Steve Jobs and His Impact on the Banking Industry

The news of Steve Jobs’ resignation hit Twitter with thousands of Tweets echoing the news of his resignation. As a well recognized and idolized CEO, Steve Jobs changed the way consumers use personal computers, tablets, music and more. Not only did he bring Apple’s stock from $7 a share in 2003 to approximately $400 a share in 2011, he enamored a market and even the youngest children in today’s generation are asking their parents for iPhones and iPads.

You’d be hard pressed to find an industry that was not touched by Steve Jobs, and banking is no exception. Most financial intuitions have their own iPhone and iPad apps that consumers can download and use on-the-go, but beyond that, banks have started installing touch screens, facial recognition in signage displays, media walls and other touches that are reminiscent of Apple.

Brett King, author of Bank 2.0: How Customer Behavior and Technology Will Change the Future of Financial Services, wrote, “When historians look back at the massive shift in banking and the rapid decline in branch activity, the death of cheques, plastic and cash — the inflection point will be the creation of the App Phone. This is perhaps Steve Jobs’ greatest legacy for banking today. He has changed the way our customers behave, he’s changed the way we think, and the way we demand service. Thanks to Steve Jobs’ vision — banking of the future will be about banking embedded everyday into our life, a true utility, and no longer a place you go.”

You can read Brett’s full article in the Huffington Post.

How do you think Steve Jobs changed the banking industry? Do you agree with Brett King? Let us know in the comments section below, or Tweet @bankingdotcom.