Technology has been changing business productivity for decades. Fortune 500 companies leaned into early computing to find efficiencies, tech companies have consistently created new markets, and advertisers have embraced big data to spectacular effect. However, banks have resisted adopting new technology due to legacy system use, and data security and regulatory concerns.
As the world shifts to virtual platforms and people increasingly use smartphones to conduct work, financial institutions must follow. Mobility is the new technology frontier for banks.
With data protection and customer trust as top priorities, banks need to balance enterprise mobility and security. According to a recent Positive Technologies study, half of mobile banks were vulnerable to fraud and fund theft. But, with the right mobility solutions and protocols in place, organizations can safely make the mobile technology leap. There’s never been a better time for banks to embrace the change.
1. Employ BYOD for Remote Work
Well-qualified personnel don’t always live within commuting distance to an office. Attracting the best people to work for your organization increasingly means embracing remote work models. Not only do these scenarios allow recruiters to draw from an international pool of potential candidates, but they also allow collaboration involving diverse perspectives and experiences.
Local employees also benefit from remote work flexibility. They can balance family and work responsibilities in a variety of ways. Bring Your Own Device (BYOD) policies further improve work conveniences and give employee morale a boost by allowing remote productivity to occur anywhere and on any device.
BYOD programs enable companies to hire, train, and communicate with employees and efficiently connect them with the information they need anywhere in the world, any time of day.
2. Embrace Mobilization to Reduce Overhead
The modern workforce no longer relies on expensive trips and business dinners for human connections. Mobile technology allows virtual interactions with customers where they work and live. This method is safer, faster, and less expensive than traveling. Mobilization increases the personal touches that help banks stand out without adding to the budget.
Banks are embracing remote interactions faster than ever because of the complexities presented by COVID-19. There is no reason to undo these advancements once travel restrictions are lifted. A faster, leaner, and more convenient world means less waste, reduced cost, and greater efficiency.
3. Take Advantage of Efficiencies
Mobile technology is more efficient for highly productive people who can work from anywhere. Have a few minutes while waiting for a coffee? Respond to a few emails or read that work report and add your comments. Mobile technology and BYOD allow people to get tasks done with the tools they already carry. There is no need to hurry back to the office to contact someone. Work gets done, no matter where employees find themselves.
By relying less on traditional cubicles, computers, and landlines, organizations don’t have to buy, maintain, secure, and ultimately discard as much equipment. According to a Global Workplace Analytics study, companies save an annual average of $11,000 per part-time remote employee. BYOD programs further reduce this overhead by converting personal devices into business devices for little or no cost.
With remote work and BYOD come security challenges. Data breaches are more common on devices that are not maintained by IT admins. These devices are also more likely to be used on unsecured networks, such as coffee shops and airports. With the right mobility solution, banks can efficiently mitigate these risks while aligning with regulatory standards and client privacy needs.
4. Increase Accessibility
Just as physical location divides banks from talented employees, it also limits potential customer access. Virtual marketability enables customers to find banks that fit their needs, regardless of location. Marketing mobile platforms to these customers is less expensive than brick-and-mortar offerings and is likely to attract new customers.
By embracing mobile platforms, banks can expand their online lobbies and reunite with some of the customers drawn to the fintech community. Tech-savvy, financially stable consumers are the most challenging target market for traditional banks due to long-standing technology resistance. Fintech shows no such resistance and has gleaned hundreds of thousands of potential customers from the banking industry as a result. If banks want these customers back, they’ll have to compete in digital spaces.
5. Stay Ahead of the Competition
There is no shortage of quality banks, which makes attracting customers difficult. Customers may gravitate toward a bank’s brand, convenience, or offerings, but consumers are increasingly choosing banks based on their mobile offerings.
While some technology, like photo check deposits, has become ubiquitous on mobile platforms, more innovative, AI-enabled features are still rare. Consumers will increasingly gravitate toward these feature-rich platforms, especially as technology continues to make physical branches obsolete.
The Remote Revolution Starts with Virtual Mobility
Managing remote workforces in the financial services industry is challenging, and the logistics involved with maintaining enterprise mobility and security has often been cost-prohibitive. Traditional solutions like mobile device management (MDM) require large IT departments, intrusive BYOD protocols, and on-going maintenance costs. Once those hurdles are overcome, MDM still poses security risks and doesn’t meet regulatory requirements.
A fully mobile workforce serving a distributed clientele isn’t a reality for most banks. However, banks can optimize their virtual presence by establishing a user-friendly BYOD policy, enabling remote work environments, and shifting their IT focus to mobile security.
Hypori Virtual Mobility™ delivers future-proof military-grade, regulatory compliant virtual mobility that is user-friendly, centrally managed, and cost-efficient. Organizations can meet the demand for remote work options and satisfy regulatory standards while leveraging BYOD efficiencies.
Hypori® keeps data off personal devices and securely stores it on the corporate server. Data is readable on the user’s device, but devices cannot store it. Employees are free to access and interact with enterprise data from their preferred personal devices without putting it at risk.
Banks need regulatory-compliant security, enterprise-wide integration, and effective, secure BYOD to successfully transition into the mobile market. Hypori is banking’s virtual mobility solution.