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We have all heard the talk about Apple not planning to open up their iPhone device to other networks. Being tied to AT&T only limits Apple as far as reach is concerned. Having said that, do you believe it’s possible for Apple to open up its Mobile OS to other phones? I am interested to hear what your thoughts are on that possibility and whether it could work for Apple?

There are two things certain in life. One is obviously death. The other is the fact that the financial industry is the slowest sector in terms of innovation and adopting new technologies. As someone who has worked in the financial industry for quite a while, I can tell you that nothing notable gets done unless there is dollar attached to it, and once you have that dollar amount attached to it, it takes years to implement.

Now, I am not here to bash the financial industry. I think a lot of bright people work for banks and credit card companies. But the employers have not had the excuse to actually push themselves to do things faster until now. With the new iPhone out, the mobile industry is entering a new period. As mobile world becomes a normality, financial companies will have jump on the chance to attract millions of people who hold the iPhone. Imagine if you can do your Chase transaction on your iPhone like you do on your laptop. I do get the whole check your balance thing that Chase has, but having an iPhone App would be a couple of steps up. A lot of other companies don’t even have a mobile presence, but they can suddenly jump to the forefront by tackling the iPhone market.

An app such as WebBank can make a slow mover to the mobile industry look very impressive to potential customers. Apple has been kind enough to provide the opportunity for the financial industry to jump on the iPhone bandwagon. But will the banks and credit card companies step up? That remains to be seen!