Technology could be key to recovery, claims savings accounts provider Nationwide

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Technology could be key to recovery, claims savings accounts provider Nationwide

Mon 6th Sep 2010

The economic recovery could be spurred on by smartphone technology, according to an academic working alongside Nationwide.

Professor Colin Gray, a representative from The Open University Business School - which has collaborated with the financial institution and ACCA to produce a new report - suggested such devices could provide "the answer" for many small firms.

He explained that technology could help kick-start the economy again, with quarterly surveys showing more and more small companies in the UK are using smartphones for business purposes.

In response, managing director of Barclays Business Steve Cooper said: "Businesses are motivated by the ease, decreasing costs and the exceptional increase in power we're seeing in handsets."

He added that people are able to use such mobile phones to carry out essential activities such as sending out invoices, catching up on emails and making payments.

Last month, uSwitch.com communication expert Ernest Doku described the smartphone as the "perfect accompaniment" to our daily lives.

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