How Financial Services Companies Are Leading The Way Using Apps
The financial services industry has been at the forefront of mobile enterprise app adoption and is a generally very tech-savvy industry.
We are therefore seeing a lot of interesting financial services app use cases that are fast revolutionising the way millions of customers manage their banking.
In this article we looked at some of the potential mobile app use cases that banks could take advantage of in order to increase productivity and improve business processes.
Here we look at three different real-life case studies of innovative use cases that mobile apps are bringing to the financial services industry.
Our busiest branch in 2014 is the 7:01 from Reading to Paddington – over 167,000 of our customers use our Mobile Banking app between 7am and 8am on their commute to work every day. – Ross McEwan, Royal Bank of Scotland CEO
Mobile banking is now a common fixture at many banks and the banking method of choice for many, with over a third of customers at major US banks now regularly using it.
But some banks are going farther than others in revolutionising the way we do mobile banking. One of these is Citibank.
Citibank are now offering a mobile banking app to all customers that is making it easier than ever to carry out transactions on the go.
Like other banking apps, it allows you to manage your bank or credit card account, displaying account history and other information. It also enables users to save payee information to speed up repeat payments and even to schedule payments.
What makes this app truly stand out is the ability to make mobile deposits. This can be done by using the smartphone’s native camera to take a picture of cheques and directly deposit them into a bank account. This can save users the effort of having to go to their branch, allowing them to secure the money into their account instantly.
Citibank are also taking full advantage of the features provided by mobile devices by designing their iPad app in a way that integrates with the device’s native functionality. For instance, instead of providing a straightforward list of transactions, these are displayed using interactive financial graphs that show information in a visually engaging way.
IBAT2GO and mobile compliance
As one of the most heavily regulated industries in the world, compliance is also a huge issue for financial services companies. However, as laws make it increasingly complicated and time-consuming to ensure regulatory compliance, banks are turning to technology such as mobile apps to make this process easier.
Mobile apps are doing this by enabling employees to consult regulatory information directly on their mobile devices.
The Independent Bankers Association of Texas (IBAT) is one of the bodies at the forefront of this revolution. Their app, IBAT2GO, can be used by community banks in Texas to stay up-to-date with banking regulations and news in the financial services industry.
The app not only contains regulatory and compliance information but also financial services news, relevant events and information on legal issues affecting bankers. This is helping Texan community bankers to meet the challenges they are facing due to fast-changing financial regulations.
Apple Pay and mobile payments
On the other hand, the arrival of Apple Pay has been heralded as a revolution in the way payments are made and many retail and other companies are already accepting Apple payments – for instance on the London Underground train system.
The logic of mobile payments is that, as people use their smartphones for an increasing number of use cases, extending this to payments makes sense and helps to reduce the need to carry cash and cards around.
Apple Pay uses near-field communication (NFC) chips present in iPhones to make payments by holding the device near a card reader, just like you would a contactless card.
Users need to register their cards digitally using the Passbook app on their iPhone and pick a default, with the possibility of switching between cards for specific payments.
For now, Apple Pay is king of mobile payments, but many companies such as Samsung are also planning to introduce mobile payment services in the near future.
Banking and finance are increasingly becoming mobile-centerd and bringing new ways of managing your banking.
As some of the case studies outlined above show, we are undergoing profound changes in the way we perceive and deal with our finances, with a focus on faster and more convenient transactions made directly from our mobile devices.
Have you come across any other innovative financial services app use cases? Please let us know in the comment section.