Financial Services Firms Have Opportunity in Mobility Sector
Blog: Appian Insight
Mobile banking has been steadily gaining momentum in recent years, and financial services firms can use this trend to drive revenue gains as they reduce the costs of transactions. Business process management (BPM) software can empower banks and credit unions to take these benefits to another level by allowing them to quickly create proprietary apps that extend their brand identities to a wide range of internal and customer-facing functions.
According to a recent Security Intelligence report, financial institutions stand to gain considerably if they can move more customer interactions onto mobile apps because the cost of processing these transactions is much less expensive than doing so in person at branches. These financial benefits can add up quickly, but security gains are necessary to improve consumer confidence in mobile apps.
“Mobile app functionality can do more than just reduce costs.”
Ramping up mobile security
The news source explained that establishing mobile app functionality can do more than just reduce costs for banks, it can also make consumers more comfortable interacting with financial institutions and leave users more informed about their financial situations. The problem is that there are still significant security concerns regarding performing sensitive operations on mobile apps, and financial services firms must be intentional about putting security concerns to rest to build consumer confidence.
Using BPM to establish a key layer of security
Process management tools are not dedicated security technologies, but they do provide key data protection functionality by offering visibility into operations and standardizing repeatable processes to eliminate human error.
Deploying a BPM platform allows organizations to gain full transparency into all of their processes and rapidly customize or create apps that fit within those workflows. This not only includes automating repetitive, error-prone tasks, but also lets firms establish data workflows that create transparency into how data moves to end users leveraging different device types.
All of these capabilities add to key security improvements, even if they are not directly about data protection. The result is an operational climate in which financial services companies can simultaneously put themselves in a better position to safeguard data and improve customer trust while also streamlining everyday operations. The process automation and optimization capabilities of BPM can leave both business and IT users with more time to focus on high-thinking tasks, such as ensuring user data is handled properly at all times and monitoring data traffic to identify suspicious activities.
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