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How Mobility is Transforming Financial Services?

| January 14, 2022
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One of the industries that technology is quickly disrupting is finance. Facing challenges as the financial crisis has made, companies in this industry are using new technology to be more stable and plan better. AI, IoT, cloud computing, and 5G, offer new opportunities for both consumers and companies. These technologies - such as Artificial Intelligence will revolutionize what we do at work, including writing. The Internet of Things, 5g, and quantum computing will continue to reshape financial services. The 10th Ericsson Mobility Report was just released and notes that Mobile networks carry almost 300 times more mobile data traffic than in 2011 when the 1st report was published.

Do you remember how financial institutions used to be before mobile devices were introduced? It's hard to imagine what things were like in the financial industry before mobile devices and applications. At that time, running a business was difficult; it was challenging to develop long-term relationships with your customers and get an insight into their needs. In order to get information about their own transactions, people have to speak with the executives of the company. Some customers, when they come to the bank, will have forgotten what documents to bring as proof of identity. This often leads to long transactions as customers have to wait for their turn. Customers have to take special time just to access their financial services.

The one thing that is shaking up the financial world more than anything else is mobility. With this technology, there are significant transformations across the board. Earlier, all the tasks were done manually. There was a significantly higher amount of paperwork to be filled out. Lack of security and reliability of such data was also a concern there. All these problems were solved after the arrival of mobile devices (Mobility Solutions). IT Support NJ offers extensive resources on how fintech technologies can help your financial firm perform better.

Mobility in the financial sector

The introduction of the mobile workforce has completely changed how finance has always worked. The traditional methods are no longer necessary and people can work on the go. With mobility, organizations can meet customer expectations, increase employee productivity and reduce the cost of day-to-day transactions that take a lot of unnecessary time to complete. The mobility app takes care of the transaction process, so there's no need for human interaction. Customers seem to be much more comfortable with handling banking tasks directly through their smartphones now. Using mobile devices, customers can transfer their money from account to account or to other banks. They can also check the balance of an account without going to the bank. They can make sure they never miss out on any new offers, product launches, etc. They can also get notifications of transactions from their banking app so they know when money has been spent in the past day or week. In short, customers can keep up to date with all their accounting without having to go anywhere.

Mobile banking solutions have helped financial institutions as well. The mobile features of such solutions help banks invest in new opportunities and find out different strategies to build healthy relationships with customers. With mobile features, banks can allow their employees to work more efficiently. Mobile apps have opened up new avenues for customers to interact with businesses. They've also made it easier for finance companies to do their jobs well.

A modern banking app is a must for all financial organizations these days, no matter what they do. It's important to stay competitive in the financial market and as such, it's essential to have the latest app for this purpose. 

Business Benefits of Mobility Solution

  • The first and foremost benefit is that it improves the productivity of the employees.
  • Financial service representatives can easily ask questions and verify information about your account by meeting with customers in person
  • You can use data wherever you are - this helps executives to review and approve financial transactions even while on the way.
  • Cut down on costs by printing less physical paper, and documents rather than mailing to customers.
  • Financially buoyed companies have been able to save a lot of money, which has proved effective in recent years.
  • Enhance customer engagement

Types of Mobility Solutions

Mobility Solutions have been classified into three main types; Mobility of Technology, Mobility of Ideas, and Mobility of Payments.

Mobility of Technology

Mobility has had a significant impact on the way people access information, products, and services. By 2021, there could be 8 billion smartphones in the world & 90% of the data traffic will come from smartphones. Smartphones give people the convenience to connect with friends and brands when and where they want.

The rise in mobile usage has allowed businesses to easily reach their customers through their preferred channels such as emails and social media.

The increasing amount of global connectivity and various mobile-enabled devices means that delivering financial and other services will never be the same again.

Mobility of Ideas

Three elements that support the flow of ideas are crowdsourcing platforms, real-time transactions, and border-less connectivity.

Crowdfunding has taken off in recent years. It's a really great way to get funds for your NGO, Start-up, or property investment. Crowdsourcing platforms are dedicated to different categories of funding and have shown how successful they can be.

In regards to real-time transactions and interactions, blockchain technology is expected to be a major force of change in the global payments industry.

Eliminating borders has led to the increased affordability of financial services for people all over the world. It has also led to higher financial inclusion and access to advanced, tech-powered solutions.

Mobility of Payments

The third type of mobility had a huge impact on how consumers behave and how businesses responded to marketing campaigns. Online payments have made it more affordable, safe, and easy for both businesses & individuals to make international transactions. They also get the benefit to transact at a very low cost.

This has allowed e-commerce to boom but also made finance services quicker and easier. For example, it's now possible to lend/borrow money across borders more easily.

Conclusion

Mobility is transforming the financial services industry in a big way. It's making the customer experience more enjoyable and efficient by providing a new type of banking. Traditional financial institutions can't keep up with their features and accessibility. The mobility solution will allow your company to stay ahead of the curve, being a leading mobile-enabled firm. Everyone—from execs to the average Joe—will experience increased productivity, efficiency, and growth in doing business with you. For more insight, please refer to Cornerstone Financial Services. Get affordable IT support for finance firm from Olmec Systems LLC.

Good Luck.

Chris Forte is the President and CEO of Olmec Systems, which provides specialized managed IT services New Jersey, NY & GA area. Chris has been in the MSP work-space for the past 25 years. He earned his Master’s Degree from West Virginia University, graduating Magna Cum Laude. In his spare time, Chris enjoys traveling with his family. Stay connected via LinkedIn.

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