How Financial Cos Can Overcome Mobility Challenges
Mobility solutions have changed the way financial industry works not only by speeding up the processes, but also reducing the cost by minimizing expenses involved in carrying out day-to-day manual transactions as well as enhancing the overall efficiency. However, mobile strategies in many firms are not well defined and executed, as a result of which many firms continue to face umpteen number of challenges. A recent white paper from IT solutions firm Newgen Software notes that mobility needs to be a part of the corporate strategy with steps to fully leverage its various business benefits.
“Financial institutions must realign their core processes and information management policies to facilitate real-time collaboration, dynamic information management, swift and multi-channel content delivery, and ‘on the fly’ decision making enabled through mobility,” says Virender Jeet, Senior VP -Technology of the company and author of the report.
The report provides an outline of what financial companies should do in order to overcome the various mobility challenges.
Expand the Information Security Policy –With practices like ‘BYOD’ and ‘Work Anywhere’, operational frameworks have extended beyond the secure confines of an enterprise’s IT infrastructure. It is imperative that organizations revisit their information management policies and reign in far greater transparency and accountability.
Financial enterprises are faced with three key concerns when doing business in the mobile world – Device Security (Protecting Enterprise Mobile devices from all attacks); Data Security (Ensuring that enterprise data is accessed only by the authorized personnel); and Communication Security (Providing a secure channel for transmission of data).It is important for the central operations team to always remain in control of how corporate data is being accessed even from the mobile space, says Jeet.
Think Beyond the Obvious – Most firms will get the basics right. The real differentiation lays in creating innovative, context sensitive value added services that are more transactional in nature. Tapping the untapped markets, ensuring resource optimization and creating customer self service options are just a few areas that can be explored. There could be numerous other uses as well like managing delinquencies efficiently, personalized promotions and real-time complaint handling.
“More than an operational platform, mobile should be considered as an all encompassing medium for engaging with various internal and external stakeholders within an enterprise at all levels,” says Jeet.
Ensure Unified Customer Experience – In their bid to offer enhanced customer services, enterprises must never overlook the need for standardizing processes across channels. Extending the gamut of customer services on mobile is the easy part, ensuring a consistent and standardized experience remains a challenge. Organizations must ensure that their end users (employees and customers) don’t face any hassles while dealing with enterprise information across multiple channels.
Information lies at the heart of the financial industry and mobility creates an efficient network that takes it across key people and processes within an enterprise in a real-time environment. According to Jeet, a key facet of financial information is the diversity of its origin and the associated credibility. Financial analysts need to keep a tab on multiple sources of information and find a way to quickly validate its authenticity.
“Another important consideration is also the speed and agility with which this information is processed and supplied to relevant audiences. Any delay or mismanagement in broadcasting critical market data can completely alter its context and end up shattering the lives of millions on the Wall Street,” he sums up.
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