The financial industry is experiencing a major shift thanks to the advancement of mobile technology. Not only this industry is a heavy u ser of technological services, but they also offer a full range of mobile solutions. Particularly, mobile devices put banking information directly in the hands of consumers, leading to:
- The Redefinition of Banking
- The Empowerment of Financial Advisors
- Better Experiences for Customers
Learn more about the mobile devices making their marks on the finance industry here and get a handle on upcoming mobile solutions that may further change banking, accountancy, investment, and more.
Consumer Usage of Mobile Devices in the Financial Industry
Smartphones and tablets are already playing a huge role in the financial industry. Mobile banking is indeed becoming increasingly popular.
Half of smartphone users take advantage of this service regularly. The main perceived benefits of mobile banking include:
- Convenient Payment Options
- Real-Time Financial Information
- Fast Market Updates
- Less Time Spent in Line at Banks
As more consumers turn to smartphones and tablets to carry out personal or business banking, the use of mobile devices in the finance industry will continue to expand.
Professional Uses for Tablets and Smartphones
Customers are not the only group utilizing mobile technology throughout the financial industry. Financial advisors, in particular, were quick to adopt the usage of tablets. Around 33% of all financial advisors made use of tablets by 2014 and this number has only increased over time.
Tablets and smartphones allow for finance professionals to easily set up meetings with clients, even when they are physically far apart. Mobile client meetings can increase customer satisfaction quickly.
Insurance advisors and account managers use mobile devices, like iPads, to build a trustworthy relationship with clients. Financial professionals can also set up their mobile devices to allow for digital signatures and easy document editing, increasing their efficiency no matter where they are.
Wearable Technology in the Finance Industry
Wearable technology – including smartwatches – offers a number of major benefits for professionals in the finance industry. Individuals who adopt wearable technology can:
- Get Immediate Updates While Working with Clients
- Remain Tapped into All Market Changes from Anywhere
- Take Advantage of Hands-Free Technology
Wearable technology offers a number of additional advantages. This technology is:
- Very Lightweight, Especially Compared to Laptops
- Focused on Encouraging Team Communication
- Capable of Instantly Accessing Apps
Professionals can stay dialed in to their clients and the state of the market with wearable technology.
The Uses of Digital Displays in Banking
Digital displays are a simple idea with large benefits for companies in the finance industry. Financial institutions can easily update digital displays and cut costs by avoiding the need to constantly create new physical signage.
Financial organizations can also use digital displays to:
- Attract Clients
- Help Clients Visualize Product Offerings
- Share Content with Different Locations
In many cases, financial concepts can end up confusing to clients. Digital displays break complex financial services down, increasing client understanding and boosting the odds that clients will decide to purchase the services. Digital displays can even be used in interactive kiosks, allowing customers to focus on self-service.
In fact, digital displays are credited with boosting sales efforts by more than 70% of questioned banks and credit unions.
Mobile Printing Technology for Financial Organizations
A large percentage of financial information can be transmitted electronically to smartphones and tablets, where it can be reviewed and even signed. However, many official documents must still be printed. That’s where mobile-enabled printers can come in.
Mobile multi-function printers (MFPs) can be used to remotely print documents. Financial professionals can even have clients sign documents on a mobile device and then send the completed document for printing while they are offsite.
The efficiency of mobile printer removes location-based restrictions for banking transactions, offering a degree of freedom and adaptability that banking clients demand in today’s world.
Supporting Mobile Devices in the Finance Industry
Mobile devices require a network to function properly. Many financial organizations turn to Wi-Fi networks to keep all of their mobile devices connected. It is important that businesses select Wi-Fi plans that offer them sufficient bandwidth, as the network may be used by:
Clients Through a Guest Network
Clients who visit a brick-and-mortar store generally expect to be offered access to a Wi-Fi network. Providing this connection allows clients to go over their financial information or even carry out research on smartphones or tablets.
All members of the finance industry who are assisting clients need to be able to access client accounts, apps, and other services. A stable and secure Wi-Fi network is necessary to provide clients with the service they count on in today’s world.
Information Security and Mobile Financial Devices
Data breaches can lead to tremendous losses in funds and consumer trust in the finance industry. The initial damage of a data breach is often compounded as negative publicity spreads in the aftermath of the breach, as consumers realize their personal information was stolen.
Mobile devices can be breached easily if they are not properly secured. Financial institutions have a number of different security options available as they set up mobile devices, including:
Multi-Factor Authentication (MFA)
Multi-factor authentication requires individuals to provide at least two forms of identification before they are allowed to access a system. MFA offers much more security than a password alone and is used broadly throughout online service industries.
Single Sign-On Programs
Single sign-on programs allow professionals to log-in once to your system in order to access multiple programs and apps. Combining a single sign-in with MFA ensures professionals don’t have to remember dozens of passwords that can easily become lost or confused.
Other Security Options
Financial institutions may also want to set up a program to remotely wipe any mobile devices that are lost or misplaced. Controlling access to the system can limit the odds of a data breach, as can a thorough security policy for all employees.
Embracing Mobile Solutions in the Financial Industry
All indications show that the use of mobile technology will continue to spread throughout the financial industry. Financial organizations are turning to mobile technologies such as:
- Tablets and Smartphones
- Wearable Technology
- Digital Signage
- Mobile Printing Technology
These mobile devices offer convenience for both financial professionals and their clients. Adopting the use of mobile technology – and setting up mobile security – can help financial businesses continue to grow and flourish in today’s market.