The financial services industry is entering a new phase in this era of digital evolution. This is evident in the sharper focus and organizational energy around the mobile channels we observe in all financial service sectors today. But in order to be successful in this era of digital revolution, the major areas that the financial services industry needs to focus on are as listed below:
- Increase mobile adoption.
- Leverage the current capabilities of mobile devices.
- Proactively prepare for the future of mobile technologies.
Increase mobile adoption: The adoption of mobile technology is not uniform across the financial services sector. Banks simply interact more frequently with consumers, making mobile options more convenient and valuable, on the other hand majority of the consumers are not aware whether their insurance provider has a mobile app. In addition, they also place a much higher value on the ability to interact using mobile devices with their banks than with other financial providers. One of the reasons for the low adoption rate is that usually insurance providers deal with their customers only when they purchase/renew an insurance or file a claim. Alternatively, banks interact with their customers weekly or at least on a monthly basis, when customers pay bills, make deposits, or withdraw funds.
The current capabilities of mobile devices needs to be leveraged so that companies can fully capitalize on what the technology has to offer in terms of convenience and cost savings. The new generation smartphones are remarkable. They offer features such as high-quality cameras, finger scanners and fitness trackers. These innovative options present financial services companies with tremendous new opportunities.
Companies need to prepare for the future so that they can keep up with, and perhaps even get ahead of the curve on mobile services, taking advantage of the transformation in communications, sensing, and community building being facilitated by this ubiquitous technology. Given the pace of technology advancement in the mobile space, financial services leaders should be rethinking how mobile device technologies may develop and be ready to quickly adjust to the emergence of technological enhancements that are not currently envisioned.
References:
https://dupress.deloitte.com/dup-us-en/industry/banking-securities/mobile-financial-services.html?id=us:2el:3dc:dup693:eng:fsi