Is Wall Street Ready for the iPhone?

Apple's announcement that it is now targeting its iPhone to business customers too with improved security and integration of e-mail, calendars and contact lists, has generally received positive reviews in the press. But is Wall Street ready to trade in their BlackBerrys and Treos for a more colorful iPhone?"It's a great announcement," says Todd Christy, co-founder and CTO of Pyxis Mobile, which provides mobile applications for financial institutions. "Apple has already been able to drive big volume [with the iPhone]. Now they are able to extend the power they've brought to this very elegant device."

Christy points out that Apple has made good strives both with security and better tools for developing applications. [In a survey Pyxis Mobile carried out last September, 92% of financial services firms had said they felt security on the iPhone would have to be improved before they decided to use it at a company level.]

But there are still gaps between what the Cupertino-based company announced and enterprise requirements, Christy says.

"One gap is carrier universality: right now you can only get iPhone service on AT&T. That's pretty tough on enterprises, who want to have carrier choice," says Christy.

Further, Apple said it will support device management. "But there are no specific details on what the levels of tools on device management are. But this is a mundane, yet critical component of mobile technology," he adds.

Christy suggests that right now, those adopting the iPhone in the financial industry are mainly independent advisors and business users who can make their own IT buying decisions.

"But I don't think Apple's new announcement will meant that an enterprise like JPMorgan will go and buy hundreds of iPhones," says Christy.

Still, Christy says Apple's move towards a more business friendly product will have an impact on its sterner competitors.

"What I 'm more excited about is the impact on other players [such as the BlackBerry and the Treo]," he adds. "You can be certain that others will follow Apple, they will look to improve their user interface as a result."Apple's announcement that it is now targeting its iPhone to business customers too with improved security and integration of e-mail, calendars and contact lists, has generally received positive reviews in the press. But is the financial industry ready to trade in their BlackBerrys and Treos for a more colorful iPhone? Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio