Consumers and mobile financial services

Marina Astapchik
IT Trends Research Specialist
August 13, 2014

Nowadays financial services environment is expected to be much more nimble than it used to be before. A new level of transparency and convenience is needed so as to be able to survive under the conditions of intense competition. That is why mobile devices are widely used in financial services, providing these institutions with an opportunity to enhance their business performance and develop a competitive edge. Needless to say, mobility has a considerable impact on the effectiveness of work of financial establishments as it drives the process of decision-making, improves employee productivity and elevates customer engagement.

So what are the latest mobility trends in financial services? Financial services organizations are interested in creating and reorganizing new mobile technologies. They try to attract as many customers as possible using mobile products. For example, when the potential client searches the Internet he may finally come across a link to the financial product or CD yield he is interested in. As soon as the person clicks on this link, his mobile information is captured. Afterwards the contact is established between the financial institution and the client. The financial services can also suggest links to products and services taking into consideration interests of every particular client. The process of contact between the financial organization and the prospect starts as soon as there is a click on the offered link.

Both Apple iOS and Google Android platforms are being leveraged by financial institutions. They offer apps that will help the clientele to remain abreast of what is happening on the market, verify their balances and holdings and perform transactions using only such business tools as smartphones or tablets. Developers also designed the mobile apps which extend the distribution of the content providing it in a written, audio and video form instead of offering it through habitual print and on-air channels.

Tablet devices are proliferating these days in investment management firms. Their function is to equip the sales forces with up-to-date sales collateral and documentation fast and simply by producing and dealing out these materials digitally.

A remote worker needs mobile technologies so as to be able to attend to his duties no matter where he is. For instance, an employee must be on time for some family or social obligations. Yet, he has to carry on some important business conversations while being in transit. In such cases applications called "relationship savers" come into operation and save the day. Some people may want to start their workday on their way to the train station or right in the car. Seamless mobility allows them to remain functional even when they are on the road. These technologies are of great importance as they influence on recruitment and retention presupposing remote or mobile working.

But where the opportunity is, there is a challenge. Privacy and security are top-of-mind for financial services institutions. Besides, some customers may be displeased with the performance of mobile technologies. Some clients are frustrated because it takes too long to download the information to their device. For some people the text is too small and consequently they can't read the content. Several customers get disappointed because it's impossible to enter the large amount of data into their devices.

So financial services establishments have to pay close attention to all aspects of their mobile user experience and try to create an intuitive and adaptable interface based on efficient data architecture.

Despite the challenges mentioned above, mobility enables a firm to get to the forefront by providing faster problem resolution, enhancing client satisfaction and ensuring reliability for the increasing quantity of both customers and partners integrated with the business systems.

Elinext Group projects:

Financial and accounting SaaS Application
SaaS CRM System for financial services provider
FX Grant ASP.NET and PHP development
Loan Garage web-based system

Industries and Technology Areas:

Industries: financial services

Technology Areas: mobile application development, software development, iOS, Android

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