Banks are now passing through the rough trough of digital transformation. The current trend in the banking sector is how to fulfil banking needs of customers through mobile usage. This includes from opening a bank account, guiding in online transaction no matter where the user is operating from. Mobility is what banking sector is looking to deliver to the customers.
With customers becoming digitally savvy in conducting financial transactions on their hand-held devices, Mobility is no longer an emerging channel. Almost all leading financial institutions have their own mobile applications in place, offering their services. Constant innovation in the mobile industry has led to Mobility becoming one of the most sought-after advancements in technology being considered by decision makers in the financial services domain. The need of the hour for banks is to devise a multi-channel strategy encompassing mobile, tablet, desktop and kiosks, to increase the amount of touch points that the banks have with the customer.
Embracing mobility for competitive advantage
For both financial organisations and customers, mobility solutions pose a variety of questions and challenges: how can mobile technologies be used to increase employee productivity and enhance customer satisfaction? Which technologies must they invest in? What should their mobility roll out comprise? What would their road map be over a given period? How can security concerns be addressed?
Banks face numerous challenges embracing mobility in a truly effective manner. But a right mobile strategy can enable banks to use mobility as a multi-faceted tool for driving business growth and creating competitive advantage. While the increased convenience of advanced self-service mobile applications creates customer loyalty, mobile solutions can lower the cost of customer acquisition, enhance brand visibility, reduce sales cycle time and increase employee productivity.
To gain competitive advantage, banks should take care of certain things:
*While planning to introduce advanced mobility services, banks need to design a holistic mobile strategy. Ensure that the mobile channel is fully integrated with all other channels as part of an overall strategy and provide the ability to support and integrate data flowing from and to mobile devices.
*To truly differentiate their mobile banking offering, banks need innovative ideas to identify opportunities unique to mobile. Banks need to explore innovative and differentiating features targeting payments, sales and marketing areas.
*Address challenges associated with managing investments around rapidly evolving mobile technologies. Constantly evaluate and choose from a plethora of technology and tool options to keep up with rising customer expectations, growing device types, fragmented operating systems and security requirement.
Potential benefits if mobility is properly aligned
*Improving operational productivity. Mobility empowers team members to work anywhere, anytime. A remote/mobile workforce means that the business can reduce investment in facilities and branch offices. Fortunately, when productivity levels are up, employees have increased opportunities to focus on generating new revenue streams for the institution.
*Enhancing the customer experience. When connected mobile technology is leveraged, consistency and timeliness become commonplace. Always-available and always-secure mobile and web apps mean that customers can conduct business at their convenience without having to physically be in a branch office.
*Increasing organisational agility. With the right mobile infrastructure, financial institutions can increase responsiveness to planned or unplanned disruption. The business also remains agile enough to respond to various market changes. The more agile the organisation, the more competitive it can be in meeting market requirements.
Insight Consultants advanced mobility solutions
With end-to-end offerings in mobility, Insight Consultants can help your bank leverage the power of mobility to make available data on the move securely. We combine the latest in mobile technology, methods of engagement, and system integration — to deliver results. We help banks design, implement and maintain a mobile strategy with end-to-end mobile capabilities to enhance customer experience, identify new revenue streams, reduce costs and improve operational efficiency. Our team of expert professionals can design and develop financial mobile solutions with integrated security principles that present your complex data in concise and easy- to- use formats. We look at a client’s business problems in a systematic manner that eventually gives both, Insight Consultants and the client, a clear view of what’s required and why, what needs to be done about it, and how its impact on your organization can be measured for success. We help you get a sense of your business, through Radical Rooting, our home-grown approach to help businesses place premium on the future value of a solution or idea before counting costs.
We harness our engineering expertise to create novel solutions based on your specific requirements. we provide a comprehensive suite of services including mobile strategy, mobile architecture, mobile application development and testing, mobile management and channel integration.
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