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Finance

The Effects of Mobile Integration on Financial Services Workflow and Efficiency

It is critical for leaders of the financial services industry to act decisively in the face of substantial uncertainty. Business models are constantly changing, along with regulatory requirements and market outlooks. To find the perfect balance to best support this fast-paced, ever-changing market environment is key, but at the same time a great challenge for financial services firms. The technology that drives the way we work is evolving rapidly, and in order for businesses to stay relevant, it is vital they constantly adapt. Mobile integration into financial services workflows can improve productivity, profitability and security.

Understanding the place of mobility in business and finance

As tablets and smartphones rise to replace PCs as the smart connected device of preference in workforces, support for mobile devices has become essential across the board for departments and processes. In a study conducted in the first quarter of 2014 by Good Technology, the financial services and insurance industries accounted for 40 percent of mobile device activations, far outpacing all other industries. The massive influx of widely varied devices has created opportunities and challenges in today’s business environment. Staying streamlined and efficient while integrating diverse new technology is top of mind, and as mobile devices become commonplace, staff will expect the support and capabilities they already receive for their PCs.

Despite hurdles such as resource inefficiency and security, businesses are rising to meet the trend, especially in the areas of printing and workflow management. The number of financial services firms that allow the use of personal devices in their business is growing quickly from 40 percent in 2014 to nearly 50 percent this year, according to a study by the Ponemon Institute. However, integration itself is a challenge, one that existing printing solutions have failed to meet.

To remain productive and profitable in an increasingly mobile world, the way we print and share documents needs to be flexible, efficient and cost-effective. Successful financial services workflow management requires smarter solutions and a smarter approach—and achieving that will require smarter printers.

Trend watch: Supporting a mobilized staff

A major driver in the increased support for mobile devices in the workplace is the benefits associated with a mobilized workforce. Mobile technology allows staff to remain productive, even while away from their desk and office, which in turns creates additional business opportunities and allows for more face time with clients and associates. According to Ernst and Young, 75 percent of wealth management firms have developed initiatives specifically to increase the time advisors spend with their clients.

Additionally, financial markets move quickly, and mobile devices enable brokers and customer service teams to respond to market changes and customer needs on the fly and well beyond normal business hours. Likewise, a mobile integrated workplace caters to the needs of brokers, agents and processors who are regularly traveling. For instance, many insurance agencies have found that if they support mobile devices well, they witness an increased effectiveness in retaining top producers.

Identifying specific needs in printing and workflow in finance

Embracing the integration of mobile technology is an important step in creating a more seamless workplace. However, to ensure the integration is efficient, productive and profitable, identifying specific printing and workflow needs is imperative.

1. Flexibility

The advent of mobile integration has had the positive effect of creating more mobilized, agile and interactive workforces. The freedom to work and print while on the go brings opportunities to do more business, with more people, in more places. That said, if a business’ printing and workflow infrastructure isn’t equipped to support these mobile workers and their devices, efficiency suffers. Cloud connectivity, serverless access, device support and a flexible, intuitive platform are essential to making this possible.

2. Cost-efficiency

The costs associated with implementing, integrating and supporting a mobile culture into a workplace can’t be ignored. A successful printing solution is one that not only empowers employees but protects a business’ bottom line. Printing and workflow technology with usage tracking, resource management capabilities, and limited need for maintenance and monitoring are important for making a mobile shift profitable.

3. Security

The integration of new technology, especially from personal devices, inevitably sparks the discussion of security, especially when sensitive documents are involved. Nearly 85 percent of IT executives identified the issue of device security as the most important factor influencing mobile integration policies, according to a Samsung study on BYOD trends. A printing solution is only as good as its ability to protect the documents, data and user information it handles, and features such as user authentication and secure release pull printing should not be undervalued.

See how enterprise mobile solutions are changing the way that employees work on a daily basis.

Samsung for Business

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Samsung for Business

A global leader in enterprise mobility and information technology, Samsung offers a diverse portfolio of enterprise technologies from smartphones, wearables, tablets and VR, to digital displays and storage solutions. We are committed to putting the business customer at the core of everything we do, serving diverse industries including education, finance, government, healthcare, hospitality, public safety, retail and transportation. Samsung is committed to helping customers realize the promise of a digital business. Follow Samsung for Business on Twitter: @SamsungBizUSA

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