A Deep Dive Into Financial Industry Mobile Development: Part One
October 5, 2015
Today, two-thirds of financial institutions offer a mobile banking experience – via browser, mobile apps, tablet apps and wearables. Over time, these institutions have embraced disruption, making changes along the way that bankers would have seen as radical twenty years ago.
Current innovations in mobile banking harness native device features such as fingerprint scanning – Touch ID on iOS – something that Android users look forward seeing rolled out later this year.
With the launch of new services like Apple Pay and Android Pay (really just a revision of Google Wallet), many mobile users have embraced mobile payments as a way of simplifying buying and bill-paying experiences.
Wearables allow tech-savvy institutions to provide a richer experience for their customers by leveraging feature sets such as alerts, branch locators and balance inquiries.
These innovations make mobile the ideal environment for financial institutions to reach their audiences.
Choosing a development approach is an important decision when considering mobile application development. This decision will inform many future strategies an organization will use regarding feature set and functionality of its apps. While a hybrid approach offers enticing promises of fast development and deployment at reduced costs to reach a wider audience, over time these arguments do not hold up, especially in terms of longevity and security.
“The biggest challenge for banking in this age of disruption will be to break free from the patterns and comfort level of the past and accept the realities of the new digital marketplace – it is the non-banks that are setting the expectations for the new generation of banking consumers.”
– Jim Marous, publisher of Retail Banking Strategies for The Financial Brand and owner and publisher of the Digital Banking Report
Financial Services Industry and Technology
“Change in the financial services industry is accelerating and banks need strong leadership committed to digitize the entire organization, simplify systems/processes to become more agile, and better leverage insights and data to deliver customized personal experience to an increasingly demanding client base.”
– Bill Sullivan, Global Head of Capgemini’s Financial Services Market Intelligence Group in The Financial Brand
The financial services and community banking industry continues to undergo a seismic shift in how it does business. Today’s technology centers on browser-based banking, mobile apps, tablet apps and wearables. Eventually, consumers will experience touch points with their banking institution in cars, on smart TVs and In many different ways than what is possible today. Those future advancements will come as a result of how institutions re-architect themselves internally with leadership that embraces digital technology, sets policies that foster better collaboration across business units, and commits to pushing new products and services through the approval process.
According to Cathy Bessant, global technology & operations executive at Bank of America and contributor to American Banker, five priorities emerged in 2015:
- Putting CIOs in the center of the business strategy conversation
- Hiring the right technologists to make sound recommendations that drive business results and meet customer needs
- Collecting and harnessing data that improves customer experiences and grows the institution’s business;
- Growing infrastructures that can integrate legacy systems and scale in an adaptive way that provides customers omni-channel experiences across all platforms
- Simplifying the customer experience through technology, especially in regard to security measures that give confidence in a secure banking experience