3 Essential Mobile Solutions to Improve Customer Experience in Banking

Mobile Solutions

3 Essential Mobile Solutions to Improve Customer Experience in Banking

Mobile Solutions Can Help You Better Meet Your Customers’ Needs

Customers are increasingly expecting access to banking services through a wide variety of channels. Gone are the days of customers only receiving service in-branch, they demand service anywhere, anytime. The only way to achieve this is by implementing an Omnichannel banking strategy, and a significant component of this is implementing mobile and wireless solutions.

Digital technology plays a huge role in every aspect of our lives, and banking is no exception. A recent study demonstrates this, finding that customers prefer to manage their money digitally rather than traditional methods. The study also found an 8.6% increase in revenue, an 11.3% rise in productivity, and a 6.3% increase in market share of financial firms that have adapted digital practices in their services. It is clear that it is of the utmost importance that banks begin to incorporate digital and mobile offerings into their services. Pamela Erdman, Manager of Business Development at Cisco’s Global Partner Organization (GPO) agrees, saying,

“Most of the industry executives no longer wonder if the financial sector will be caught up in the digital revolution. Instead, they want to know how they can make sure they are not left behind. It’s no longer about ‘if’, it’s about ‘how’.” – Pamela Erdman; Manager, Business Development; Cisco’s Global Partner Organization (GPO)

If you are interested in learning more about how to incorporate mobile solutions into your business, check out this video from Heath Blobaum, Manager of Wireless Engineering:

Incorporating Mobile Solutions Into Your Business

So how can you integrate mobile solutions into your business? Here are three cost-efficient and effective ways for banks to include mobile technology in their services:

    1. Location Based Services
    2. Wireless ATMs
    3. Mobile Device Management

1. LOCATION-BASED SERVICES

Customers expect convenient and personalized service across all channels of banking, and in-branch service is no exception. This expectation would be impossible to achieve in the past without hiring more employees. Location-based services technology, however, allows banks to offer this level of engagement while not having to overstaff each branch. This technology recognizes when a specific customer enters the branch by detecting their mobile phone on the network. Location-based services increase the customer’s experience by:

      • Connecting with Customers
        Creating a unique login for each customer to access the guest Wi-Fi allows banks to connect with customers in a personal way. Customers are given their expected wait times and see promotions that are beneficial to them.
      • Analyzing Customer Behaviors
        Location-based services can track where and when a customer moves in the branch through Wi-Fi Wayfinding. This information can be used to understand customer behavior patterns that will lead to better optimization of branch space to meet customer needs.
      • Offering Relevant Content to Customers
        Banks use an open API that utilizes location information to display specific services, promotions, and communication that are relevant to the particular customer at that time. By doing this, banks can guarantee they are offering valuable content at the right time to the right customers.

 

Wireless 101 Webinar

2. WIRELESS ATMS

Traditionally ATMs have used a wired connection to access a bank’s network. Cable connected ATMs do not allow for the flexibility in time or place that customers expect today. Wired connections are dependent on locations having the right infrastructure, which decreases the potential placement options for the locations of an ATM. Banks are unable to respond to new markets or unexpected situations with the rigidity of a wired connection. Wirelessly connected ATMs, on the other hand, can better meet your customer needs by:

      • Providing a faster and more reliable connection to your network
        Wireless ATMs’ connection incorporates the 4G LTE network, which allows for implacably fast customer service. Also, the 4G LTE is incredibly dependable, providing service even when disaster strikes.
      • Making your ATMs more scalable
        The stronger connection to the 4G LTE network allows ATMs to be placed in areas with weaker connections, allowing more access for customers. Banks are now able to capitalize on seasonal locations with wireless ATMs, as they no longer need to invest in the infrastructure required to place a wired connected ATM.
      • Offering advanced features
        Wireless ATMs have capabilities that were impossible with the wired connections. Features including wireless authentication and streaming video allow you to offer more personal customer service at your ATMs.

 

3. MOBILE DEVICE MANAGEMENT

Although the customer demand for mobility in banking is high, a more important necessity is the security of assets and information. Financial institutions have always been at high risk for security attacks due to the large amount of valuable data they hold. With the increasing mobility of banks, however, they have never been more at risk. There are more access points now that can be exploited to break into the network. It is imperative that banks do not compromise security when implementing mobile solutions. Mobile Device Management can put customers’ minds at ease and reconfirm the safety of their assets through:

      • Remote-Wipe Mechanisms
        More and more bank employees are bringing their devices to do their work. If these devices are lost or stolen, it creates a significant security risk due to the exploitation potential of business information on the device. As a way to counteract the risk, remote-wipe mechanisms remove all data from the device, completely neutralizing the threat.
      • Full-Disk Encryption
        Full-disk encryption prevents unauthorized personnel from accessing bank data on a mobile device. It encrypts data at the hardware level, meaning that only those with the correct key can reconvert the data. This encryption guarantees accessibility of customer data to only those who hold permission.
      • Mobile Application Management
        For many banks, completely managing mobile devices is both unrealistic and undesired. Instead, they opt to deliver the same security functions through Mobile Application Management, which is creating an app that manages data on the device separating business and personal content.

 

Check out our recent article, covering the 3 Key Features of Mobile Device Management

Case Study: Comm-Works’ wireless technology services provides solutions to a large financial institution’s unique challenges:

Wireless LAN for Large Financial Institution

Wireless LAN for Large Financial Institution

Daniel Houseman

Content Marketing Intern at Comm-Works

Daniel currently serves as the Content Marketing Intern for Comm-Works. He possesses experience in the marketing and business communications space, and has worked in a variety of fields including technology and theatre. He is currently pursuing a Bachelor of Arts in Business Marketing and Communications and Theatre from Concordia College in MN and in his spare time, you’ll find him running, going to movies, and spending time with family.



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