Mobile devices such as the Apple® iPad are quickly becoming the status quo of the business world. As a result, Bring-Your-Own-Device (BYOD) policies are taking over as the new standard for corporate culture, and mobile applications are now the vehicle in which organizations conduct business.
- 85 percent of business leaders believe that applications will soon be the way businesses talk to their customers and each other
- 90 percent of IT decision makers view enterprise mobility as a “critical function for customer engagement, competitiveness and operational productivity”
- Of that staggering majority, 36 percent of respondents were from the financial services industry
It’s clear mobile applications will define how companies interface into the future. The financial services industry is no exception. With the growing number of iPads in the office and the increasing trend of employees and customers accessing financial services online, applications are crucial to ensuring the best end-user experience.
Here are some ways organizations are using apps to offer end users better financial services:
Unique proprietary apps – Your company, your customers, your apps
From investment firms to financial planners to commercial banks, financial services institutions develop mobile-focused tools that span the gamut of financial services. These developed-in-house apps can be for internal work streams or customer use to differentiate themselves from competition. Because it is so commonplace for financial services firms to develop their own intellectual property (IP), it’s crucial that these apps function well and include the features their users demand.
For example, the Independent Bankers Association of Texas (IBAT) created an application, IBAT2GO, for community banks in Texas to stay up-to-date with banking regulations, compliance mandates and general financial services news. Another firm, Lord Abbett, developed an app that offers quick updates on indicators of economic health and unique insights into investments and the funds it manages. Both are prime examples of unique IP, developed in-house, to suit the needs of the financial services industry at large, as well as its customers.
Keeping devices and applications in order – End-to-end device and app lifecycle management
One of the best ways to ensure your financial services company offers the valuable iPad applications is by making use of comprehensive security and Enterprise Mobility Management (EMM) tools, including Mobile Device Management (MDM), mobile application management (MAM) and mobile content management (MCM).
By utilizing an end-to-end platform that can manage the entire lifecycle of an iPad and the apps it contains, organizations of all sizes can rapidly accelerate mobile deployments and make it easier to scale mobile management infrastructure. Furthermore, with a robust mobile application management solution, rolling out updates, patches, fixes and improvements to your app is a much more simplified endeavor that will offer added value to your end customer — which is the main goal of incorporating mobility and customer-facing applications into your business.
Strive to make sharing a simple process – Smart and secure collaboration tools
Mobile collaboration apps create a secure way for users across an organization to access, share and control mission-critical documents from an iPad, anywhere in the world. For financial services companies looking to improve the value they provide to customers, a surefire way to achieve this goal is to make collaborating and sharing a simplified, secure and streamlined process. In one location, users can view, markup, edit and share all kinds of content — from static documents to dynamic video files.
The most important component for any sharing tool is a robust security posture. A good way to do that is by taking a file-centric approach to securely sharing content, offering security protocols at the application and file level. That means even if an unauthorized user gets past a device’s security and the app’s security, they must contend with another layer of protection at the file level. And if all else fails, some sharing tools make it possible to remotely wipe any content from a compromised device/application.
Lastly, be sure to select collaboration apps that are available in both SaaS and on-premises deployments, so you can meet the unique needs of employees and customers at every stage of the digital transformation journey.
Are you currently making use of mobile apps in your financial services organization? Are you ready to start? Take our quiz to find out!