MOBILITY AND THE FINANCIAL SERVICES WORKFORCE

By Achi Lewis, EMEA Director, NetMotion

 

Financial services are not so different from other industries in that an increasing number of employees require around-the-clock access to corporate IT services via mobile devices. As the always-connected, always-on smartphone generation continues to enter the workforce, financial services organisations find themselves needing to offer more flexible work environments to stay competitive. Many millennials in the industry have reported frustration and a general dissatisfaction with the devices and applications available to them, remarking that they want more freedom to use mobile devices. But this industry leads lags behind others in the adoption of mobile technologies for its workforce. The regulatory environment doesn’t help with IT leaders facing risk management, compliance pressures amongst others. And it’s not just compliance – financial services face numerous security and data protection concerns; data breaches are very costly in this industry, not only directly but also due to the loss of goodwill and new customers. Also, legacy platforms and applications mean that fewer companies here have integrated mobile applications with legacy back-office systems.

 

Whilst that level of convenience may be appealing to employees, the introduction of mobile devices as tools in the workplace can put financial information at greater risk of theft by cyber criminals. Despite the risks, the benefits of mobility are too great to ignore. Beyond the human-resources implications, IT leaders in the financial services sector recognise that mobility creates a more flexible work environment, boosts operational efficiency and user productivity, and improves user experience whilst contributing to satisfaction among clients and customers alike.

 

Financial services organisations need to support multiple branch locations, ATMs and advisors working to visit homes and businesses in the community. A successful mobile initiative caters to the changing needs of its customer base by incorporating a network solution that optimises, secures and delivers visibility across all enterprise and cloud applications and services. The solution has to work seamlessly in tandem with native OS security features, containerisation solutions and the locked-down security enabled through established tools such as the Apple Device Enrollment program to deliver a secure, end-to-end mobile experience. It reaches wherever they need to serve customers, and offers the flexibility to use smartphones, tablets and laptops running Windows, Android, MacOS or iOS.

 

Insurance companies

In the insurance space, agents and claims adjusters have long used mobile devices in the field to process claims. These allow representatives to capture statements about the accident, document geo-location information, take pictures of the scene, license plates, insurance ID cards and driver’s licenses, and contact towing services. In the case of insurance sales, tablets can be used to automate every step of the process, from client discovery to policy submissions. By eliminating the typical back-and-forth between agent and underwriter, companies can reduce the number of meetings and significantly shorten the sales cycle. On the back end of the sales process, agents are able to easily generate quotes, ask underwriting questions, submit applications, and execute e-signatures and payments electronically, enabling them to issue new policies within minutes rather than days.

 

Retail banks 

With mobile banking becoming so popular, the traditional brick-and-mortar bank branch may seem obsolete. Indeed, between 2007-2017 the U.S. lost 10 percent of its physical bank branches. The rate of closures is even higher – approaching 50 percent – in countries such as Sweden, Norway, Denmark and the Netherlands. However, even though branch visits have fallen overall, bank branches still play a vital role — even among millennials. Bank customers still prefer to visit a branch when opening new accounts, dealing with problems and making large transactions. Branches remain crucial for acquiring new customers and upselling and cross-selling to existing ones. Bank executives generally see the role of the branch changing, with employees using their face-to-face contact with customers to educate them on the use of their mobile devices and assist with financial decisions. Some of the leading banks are even stationing digital ambassadors at branches, equipped with smartphones and tablets, to demonstrate services such as remote check deposit. Others are experimenting with replacing tellers in favour of roving employees who use tablets to help customers apply for loans or open accounts. Outside the branch, this mobile capability is seen as key to reaching unbanked or underbanked customers, especially in emerging markets.

 

Investment management organisations

Millennials are poised to inherit trillions of dollars over the coming years. For financial organisations this poses unique challenges. This generation tends to be averse to sit-down meetings in an office with an investment advisor, partly because they have grown up with easy access to financial information and comparisons just a click or tap away. As a result, financial advisors are adapting by using videoconferencing and other tools that offer convenience whilst maintaining the value of a face-to-face interaction. It’s no surprise, then, that more than half of investment management account holders say that they value the option of having immediate access to a video call with an advisor. Also worth considering is that the average age of a financial advisor is now 50, with 42 percent being over the age of 55. Therefore, in order to attract a new generation of advisors, investment management firms need tools that enable secure mobile working environments, including mobile apps that connect seamlessly to review portfolios, confirm balance transfers, monitor alerts, place trades and follow market movements.

 

Financial organisations find themselves facing big challenges in the years ahead, given the rapid acceptance of mobile devices in our daily lives. They will need to overcome a number of security risks while embracing mobile technologies. If not, there is a real risk of losing employees and customers to more-nimble, mobile-native FinTech startups. Tackling this problem requires a comprehensive mobile-network solution that enables a single, seamless and secure network.

 

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