BYOD- Financial services TechnologyBYOD stands for “bring your own device,” and refers to the incorporation of a personal mobile electronic device into a work environment. Customers are now becoming tech savvy, so as the competition is escalating. The economic downfall of 2008 impacted financial service sectors the most than any other industry. Many financial companies were forced to withdraw, some of them begged for help from the government, and some were forced into consolidation. To keep up with the demands of a globally integrated marketplace, financial firms are increasingly adopting new technologies that are both safe and efficient for end-users. The pervasiveness of cell phones and the demands for better services have presented the many challenges before the companies, but at the same time, it also provides the opportunity to connect with their users in a more personalized way. The ever-increasing demand for personalization at any time forces the financial services industry to adopt mobile solutions to gain competitive advantage while taking care of the Safety of sensitive data, fraud detection through customer authentication, dispute resolution and payment clearing and settlement in a certain time period. Moreover the increasing trend of bringing their own mobile phones (BYOD) by the employees are changing the way employees work in this sector. The field agents, who more than often travel, relay on their devices to connect with the office to obtain the information in real time. Like any other industries, financial service industry is also facing the mobile boom, and is being affected by handling this technological innovation in a way that encourages advancement and speed while at the same time keeping a level of control that companies need. As more workers bring their own gadgets to work, companies must make sure that they have an effective security policy in place. The security challenges that mobility presents in this field are very crucial because of the nature of the work like handling customers’ personal information, their transaction records, company’s sensitive data while handling countless monetary maters etc. Therefore, financial institutions must be certain that their systems and applications are secure. Within the financial services industry, mobile phones will likely take a leading role in areas such as obtaining a customer’s account information and working together with co-workers and customers. Using either tablets or Smartphones, employees such as field workers, sales people and customer support associates are able to better interact with their customers and provide an advanced level of support through real time access to important information and applications. The financial service technology provides administrators with comprehensive data that’s easy to access, giving them the liberty to implement policies and conduct ongoing maintenance even on the devices owned by employees. Once integrated on the employees’ cell phones, this technique enhances the fieldworkers’ productivity considerably allowing them to access the back office processing any time while on the go. A worker can easily fill the e-form on his phone through text or voice and can collect customer’s documents by scanner then transmitting them to the headquarter for further processing. He even collects payment and generates receipt on the spot using the collection tool in the application. The employees then transferring all the data to the office where all the data are used to take important business decisions over field operations. A financial services company that readily addresses the security challenges and creates an effective strategy has the chances of getting success in this fast-growing financial service technology.
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