Mobile phones are once again a hot topic of conversation, with the launch of the iPhone X, the world’s first $1,000 handset.There’s no doubt that’s an extraordinary amount of money to spend on a phone, yet plenty of people will find ways to justify that expense, such is the importance today of having a top-of-the-line mobile phone.

It’s not that long ago that mobile phones were seen as something of a luxury, yet they are now ubiquitous. And a big reason for the growing importance they hold for us is the fact that the ability to make calls is very much secondary – you can do everything from buying your groceries to booking a flight through your mobile. Mobile phones are also an increasingly important way for people to handle their finances.

According to a recent study by Deloitte, 45% of people use their mobile phone to check their bank balance on at least a weekly basis, while 36% use it to carry out other banking services just as frequently. The day is coming when borrowers will expect to be able to secure their home loan via their mobile phone too.

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