“New mobile services have been established as stand-alone entities in their own right, with no integration into existing delivery channels, or indeed across other areas of the bank…The key to the successful and ultimately profitable utilisation of mobile
within financial services is a clear and precise understanding of where it can add value and when customers will use a mobile channel rather than any of the others offered by their bank”. Gartner - Hype Cycle for Banking & Investment Services – Financial Times,
22 September 2010
Although Gartner is largely talking about the retail banking sector here, its assertions ring true for other areas of the banking world keen to take advantage of mobile technologies. With the cost of developing a mobile application increasing with complexity,
it’s important to assess, not only whether your user wants it, but also whether it will effectively fit into your systems.
We’ve just set up a Mobile Finance Competence Centre in our Barcelona office to address these issues and are working with clients on their strategy for mobile technology, ensuring that the apps created can be supported by the bank’s existing systems. To
stand the best chance of creating a profitable app, it needs to be technically efficient. This is also true of apps designed for internal use. The traditional rules still apply; does it add value; does the customer want it; does it work with our strategy and
systems?
Building bespoke apps with a short time-to-market will require an intimate knowledge of all disciplines across the financial sector, as well as a deep understanding of processes and technology. It’s not going to be an instant fix for investment bankers,
but mobile technology does have a big part to play in the financial service industry.
Graham Underwood, MD, GFT UK