HSBC Bank Armenia expects the implementation of “phablets” (foldable smartphones) to increase internet and mobile banking in Armenia.

This announcement was maid in HSBC Bank Armenia CEO Thies Clemenz’s article titled “Foldable smartphones are coming: Implications on Mobile banking users in Armenia”.

“Slightly over a year after the launch of HSBC Mobile Banking App in Armenia, 41% of internet banking users have shifted to mobile banking.  With “phablets” entering our lives, over the next few years we expect the number of customers opting for internet and mobile banking to increase at an even faster pace,” wrote Thies Clemenz.

He noticed that more than 80% of the bank’s non-cash transactions are already conducted via internet and mobile banking. Furthermore, credit card payments are still the most popular transactions via Mobile Banking App. There’s also a confident increase in opening time deposit accounts and making outward remittances.  

It’s worth mentioning that HSBC analysts expect foldable smartphones to enter the market this year.

“For many digital customers, the choice over recent years has been: tablet or phone? Bigger screens offer a better user experience, but a small device can be slipped into a pocket or bag. Later this year the foldable smartphone should make the decision unnecessary. The screen will fold, almost halving the size of the entire device,” the article says.

Moreover, HSBC launches Touch ID and Voice ID in the UK this year. Touch ID is planned to be introduced in Armenia as well in the next two years.

“To cope with this technological and social media explosion, we must continuously adapt to a new, fast-changing environment. At HSBC we are innovating in order to make our services even more convenient for our 5000 mobile banking customers in Armenia, who have already downloaded the application but also for those who make their choice for mobile banking every day,” observed Thies Clemenz.