Why and how should banks embrace mobile technology?

November 21, 2016 Portfolio Management
Mobile technologies are ubiquitous in every industry - including banking.

The ubiquity of mobile technology is a given in today's world. The mobile revolution has stretched into nearly every area of consumer life. Numbers compiled by the Pew Research Center in late 2015 revealed that 68 percent of American adults owned a smartphone, and 92 percent owned a cellphone. Consumers aren't the only ones using these mobile devices, either.

Enterprises are using the power of smartphones and tablets to harness greater productivity in their workforces and capitalize on the mobile movement – in fact, 74 percent are adopting bring-your-own-device policies that allow workers to make use of their proprietary technologies while performing job-related tasks. The growing use of smartphones and other mobile devices has created a need in every vertical – if a company is going to remain competitive in the global marketplace, it has to embrace mobile technologies and the advantages they offer.

The finance industry is no different. According to CloudTweaks, by 2019, 2 billion people will be using mobile banking, and banking professionals will also find more ways to deliver information to these consumers. Firms can put more information in front of their clients in a shorter time frame and gather data on the go – and the ability to collect data and parse through it on mobile devices gives banks the power to make smarter decisions faster.

Making sense of mobile

Consumers and banking professionals alike are using mobile applications to handle finances and, in the case of banks, strengthen the effectiveness of their loan pricing activities. According to an Accenture survey from earlier this year, 81 percent of business leaders believe that mobile apps are integral to their job functions. This is indicative of the direction these technologies are headed: More banks will integrate smartphones and tablets into the core functions of their business.

"The financial services industry can leverage the rise of mobile to improve their client interactions and build loyalty," wrote Mobile Systems Today contributor Lahari Ravuri. "Captured customer data is more secure and everything from new product and service releases to crisis management can be in the right people's hands, quickly."

Banks should turn to mobile to create flexible loan pricing strategies and enhance customer interactions.Banks should turn to mobile to create flexible loan pricing strategies and enhance customer interactions.

The secret to loan pricing: Access to data

The loan pricing process is one banking function that can benefit from mobile ubiquity. Today's banks don't have the luxury of waiting before approving loans. They need the flexibility of being able to quickly and accurately price loans on the go, and to do that they need to access customer profiles and perform complicated analytic activities – from their mobile devices.

It's all about having access to the right customer data. With access to the collected information and statistical analysis, bank managers can make the best decisions possible regarding their clients' assets, while at the same time fostering a higher level of trust in those customers.

The solution? DealPoint

Banks that need a solution in response to the steadily growing use of mobile devices need look no further than DealPoint from Brilliance Financial Technology. With DealPoint, bank relationship managers can quickly input, evaluate and approve loans right from their mobile devices. This creates a more flexible, adaptable and rapid loan approval process. Loan officers have access from everywhere, including on site at the clients' offices, making it easier to price loans and get the best deals on the go. Not to mention DealPoint's mobile interface is simple, effective and intuitive.

Get in touch with Brilliance Financial Technology today for more information about how you can use DealPoint to harness the power of the mobile revolution.