Inline with the Marc Andreessen op-ed August 2011 in The Wall Street Journal ‘Why Software is Eating the World’, there is a case to be made that mobile technology is eating up the wallet. A wallet commonly stores cash, photographs of loved ones and cards for identification, payments, insurance, benefits and contacts. Innovation in mobile technology is leading to a natural flow of these items from the wallet to the smartphone. Ease of use is key to the adoption of mobile solutions supplanting the items in the wallet.
All Your Benefits. In Your Pocket.™
A couple of days ago I needed to find out if I had signed up for a benefit during last year’s open enrollment. I checked my wallet to see if I had the information there, but no luck. So, of course I reached out for my smartphone to solve the problem. That Simple!
I logged into the Benefitfocus App on my iPhone and there it was neatly laid out. All the benefits I signed up for, the ones I declined, who was covered under those benefits and much more. I didn’t need to rummage through reams of paper letters stacked in a drawer to find what I needed. I had the information at my fingertips and when I needed it. This is powerful.
Similar themes are seen emerging in mobile payments with Apple Pay recently and Google Wallet for a while now. Credit/debit card information can reside securely in the mobile phone and payments at the point of sale can be made by the smartphone with NFC technology. Minimalizing the need to carry credit/debit cards in the wallet.
I can say with pride that the engineering team at Benefitfocus is leading the innovation in benefits technology by providing access to healthcare and benefits information on the go to the consumers, with the Benefitfocus App.