Financial Services: Banking on the Benefits of Enterprise Mobile Apps

Financial-Services

Of all the various professional industries facing a turning point brought on by the recent introduction of mobile technology, the financial services sector is perhaps under the most pressure.

Mobility allows banks, insurance companies, and other financial institutions to streamline their operations, cut costs in crucial areas, boost employee productivity, and bridge the temperamental gap between business and customer.

However, unlike most other sectors, financial services companies face intense scrutiny with regards to their information security measures, their data protection, compliance with regulations, large-scale legacy systems, and – most importantly  maintaining the trust of those all-important customers.

As the acceptance of technologies such as mobile apps spreads further beyond the consumer market into the enterprise, the risks also continue to grow. But the organisations which have been able to manage the challenges, allowing them to tap into the true transformational power of a mobile workforce, are living proof that the rewards make taking such risks a necessity.

Mobile apps are a solution, not a problem

Research from Accenture has revealed that 85% of business leaders believe that apps will be the dominant interface for their organisations in future. So when facing the task of successfully introducing mobile apps into a business, it’s important to first ensure that the employees will actually find them useful.

This emphasis on mobile user experience is particularly important for financial services organisations because of the highly vulnerable nature of the data on which the industry is built. With intimate financial records of clients, customers, and partners all flowing through the corporate networks, information security is undoubtedly paramount for any business in the sector. As a result, it’s essential that employees feel no need to seek unauthorised third-party apps to carry out tasks which could compromise sensitive data.

Employees attempting to bypass the security policies of their IT departments by using alternative apps to do their jobs can be highly damaging. It’s therefore the senior leadership’s responsibility to provide intuitive, user friendly apps which allow employees to work in the most convenient, efficient, safe way possible.

Mobile apps also give organisations full visibility, and any necessary control, over the output of a workforce, meaning that data can be moderated or restricted in individual situations. This can even include the remote wiping of a user’s profile in extreme circumstances, giving clients and customers additional reassurance that they’re best interests are a priority.

For any app that can be designed in a way that mirrors the workflow it’s mobilising, adoption will not be a problem, and it will quickly begin to deliver the benefits leading to a return on the investment, while data security will remain in the IT department’s control.

Digital disruption will lead to business transformation

In a report earlier this year by Harris Poll, enterprise mobility was identified as the critical function for customer engagement, competitiveness, and operational productivity in 2016 by 90% of IT decision makers. Within that majority of respondents, the financial services sector was the second most likely (36%) to adopt enterprise mobility behind the telecoms industry.

This comes as no surprise, considering that the recent surge into the market by innovative FinTech companies has caused the industry  which is typically know for its legacy systems and more traditional ways of doing business – to adapt at break-neck speed. But the opportunity for banks and lenders to achieve significant improvements in their most fundamental processes perhaps should have been obvious long ago.

Financial-Services-Mobile

Due to the nature of their business, these organisations deal with enormous volumes of numbers, analytics, personal customer details, and even more complex streams of data 24 hours a day, seven days a week.

Within the Salesforce ecosystem specifically, global financial institutions such as Barclays are already taking advantage of technology such as the Financial Services Cloud, to unify that information and transform how they do business. The platform provides the ability to translate complex paper or desktop-based processes into a bespoke mobile context, so that employees are given a single solution for managing their digital workflows with ease.

Mobile apps offer a simple interface to interact with critical systems, creative ways to analyse and understand large quantities of data, and most importantly, the ability to securely call on any number of professional resources at any time, in any location. This makes employees more informed, more accurate, and significantly more effective.

The result of those improvements occurring company-wide creates an entirely new business, able to differentiate itself from competitors, forge more meaningful relationships with customers, and break new ground within the market. These opportunities are now being driven by the ability to build powerful mobile apps using the Salesforce platform, reimagining even the most guarded of industries as a result.

Exploring Other Industries

There are plenty of fascinating examples of businesses across all different industries and sectors reaping the rewards of a more strategic approach to their Salesforce mobile applications. Read our exclusive case study to learn how a leading retail brand has successfully leveraged the Salesforce platform to build custom, complex mobile apps, gaining competitive differentiation, significant financial benefits, and innovative improvements to the daily working experience of its employees in doing so.

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