If you look at people who have an iPhone or Android and are under 40 and are dissatisfied with their bank, it's actually quite a large market.
Sentiment: POSITIVE
A lot of people don't love their bank.
A broad trend I'm completely obsessed with is mobile commerce. Like completely. I'm completely convinced that everybody's going to be buying from their mobile devices. Whoever can claim that space or be in that space, I'm very interested in.
If you look at the economics of Nokia, roughly half of the company, half of the business, half of how we think about the business is focused on those emerging markets and on those lower-priced devices. But, of course, people who are aspirational and buying those lower-priced devices today are looking at smart phones tomorrow, and so forth.
Banks are an almost irresistible attraction for that element of our society which seeks unearned money.
I happen to know a bit about banking.
I hate banks. They do nothing positive for anybody except take care of themselves. They're first in with their fees and first out when there's trouble.
The taste of people with large bank accounts tends not to be on the cutting edge.
The market, as we're all painfully aware in the aftermath of the banking crisis, can be an idiot. It has no perception of right or wrong, or even sensible or insane. It sees profit.
It's mostly the financial chicanery that's going on. People are saying 'What kind of trust can we put in this market?'
I do think there is a lot of potential if you have a compelling product and people are willing to pay a premium for that. I think that is what Apple has shown. You can buy a much cheaper cell phone or laptop, but Apple's product is so much better than the alternative, and people are willing to pay that premium.
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