As economies evolve, shifts happen in the practices of how certain industries operate. New technologies arrive changing the way things are done, and companies either adapt or fall behind. We live in a consumer-oriented world, where companies are constantly changing their practices to better the experience of their customers and separate them from the competition. The financial services are no exception to this. As the financial industry has evolved, practices have changed from revolving totally around a central bank, to the invention of ATMs, to banking online, and now the shift to mobile. There is a direct correlation between the shift to mobility and the fact that in the U.S., millennials now account for more than 25% of the population. Emerging apps such as Venmo, Snapcash, and Paypal are putting pressure on the big banks to develop these business-to-consumer applications in order to give their customers instant access to their accounts at the touch of their fingertips.
In 2016 people take their smartphones with them almost everywhere they go, and the more financial capabilities their smartphones hold the better. Being able to deposit a check by taking a photo of it, paying a friend back by sending money through an app, or having your phone scanned at the register to pay for your coffee are a few features that are the beginning of mobilizing B2C financial services. However, it’s not just consumer apps that are gaining traction in banking and insurance business models. Financial service companies are also going mobile to enhance B2B and B2E functionality. The sales processes for brokers are being increasingly enabled by mobile apps that are securely integrated with backend financial transaction, CRM, and other business systems and applications. For example, brokers can pull up customer information, access the latest specifications on complex financial products and generate quotes while they are in the field. For many who previously worked with desktops or even paper-based forms, the portability and user-friendliness of mobile apps on tablet devices allows deals to be signed and closed in less time and with more accuracy. Additionally the ability to use the apps with data sync functionality that enables offline operation in areas of poor connectivity is a major bonus for field workers.
By using a mobile application platform, financial service companies can avail of greater control and efficiency for their organization-wide mobile app development initiatives. Critical backend integrations and security are centralized so that IT can manage developer access while promoting reuse of these components. When it comes to the deployment of these backend integrations and services, organizations can choose either on-premise, private, or public cloud deployments, depending on their preferred model. Whether it’s B2C, B2B, or B2E apps, Red Hat Mobile Application Platform has the tools available to explore different functionalities tailored to the company’s needs. A platform approach provides a secure, quick, and efficient means to bring your company into the forefront of the mobile financial services.
For a quick overview of mobility and our seven considerations in approaching mobile app development you can download the E-book “Enterprise Mobility: A wealth of Opportunities for Financial Services”.
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