Innovating through mobile technology

Highlighted in a recent article, Bank economists warn of disruptive threat from mobile and crowd funding, the financial industry is facing a dramatic transformation due to an increase of online and mobile device usage by customers and employees. It is therefore becoming increasingly important for banks to incorporate innovative methods of engagement with customers, whilst also ensuring they have the most effective back-office solutions to support these new goals.

According to the European Travel Commission , there are 30.9 million smartphone users in the UK and an even greater turn to this mobile technology is expected to come. It is therefore essential that the banking sector provides services which keep up with the current trends. By embracing mobile technology, banks will become more productive, improve their reputation and rebuild trust amongst customers which was hampered during the recession.

However, the importance of managing back-office systems can be easily forgotten in the industry’s efforts to reconnect with customers through their mobile devices. If these new mobile technologies aren’t well managed, banks are opening a door to greater risks. The financial industry therefore needs to ensure necessary precautions are taken so previous mistakes aren’t repeated.

Monitoring back-office services will enable banks to achieve greater visibility and measure performance. Moreover, the IT department will be able to intercept activities before problems arise, whilst also being able to predict and plan for future activities. Having these important back-office systems in place, banks will be able to continuously provide customers with a mobile technology service which promotes greater engagement and more accessible services for the customer.

With effective back-office tools in place such as network solutions, tech-savvy consumers will be satisfied and mobile technology services will be maintained. This will enable a strong customer base to remain, a reliable service to be provided and greater trust installed in the sector.