During the past decade, as mobility emerged as a strong workplace trend, it brought with it a new set of risks for the banking and financial services industry (BFSI). Today, mobility can certainly be used as a beneficial tool to drive business growth. The increased convenience of advanced self-service through web apps and mobile applications leads to improved customer loyalty, high brand visibility, shorter procedures and less cost for customer acquisition. But all of this is only possible if Companies in the BFSI sector overcome all the challenges.
BFSI companies have to pursue several data protection and privacy compliances. Indian banks have to strictly adhere to a cyber security framework that has been laid out by the Reserve Bank of India. There also exists detailed guidelines on IT governance, security and cyber fraud. Similarly, insurers and stock brokers have to be in compliance with the guidelines issued by IRDA and SEBI, respectively.
The rising need to adopt mobility is what created a greater amount of pressure in the market. Companies had to live upto certain expectations. They needed to build user-friendly apps to deliver services to internal users as well as customers. BFSI companies were well equipped with the security policies that previously existed. So Mobile Application Development, gets tougher as the new developments go radically against the norms that have always been followed. Many of the BFSI companies have certain legacy systems in place such as Customer Relationship Management, Trading platforms etc. Now when it comes to mobile application development, it all moves at completely opposite direction as it calls for a legacy transformation.
From a users perspective, real-time information delivery is a critical requirement that apps must fulfill in this sector. For example, Portfolio Tracker (for agents and customers), eKYC, fund transfer are some of the services that need to be provided without glitches and delays. A hesitant user adoption of apps is another challenge BFSI companies face. Typically, user adoption is high during the initial phase when companies launch one app or two. Then there is a rapid fall of downloads with every next app-launch as users do not find value in downloading every app. Some users may also have app discovery challenges when the organisation launches multiple apps, which further leads to a drop in adoption. As a result, heavy investments made by companies may not always turn out to be beneficial.
The mobile channels that banks own should be coherent with all other channels that exists. This in turn enhances data flows smoothly, to and from devices. The next gen devices need to have a deeper integration to support back-end systems and process flows. A new app architecture, applications known as packaged web apps (PWAs) are stored inside a container app. It is then the only application that a user needs to install. All the apps further launched by companies are present inside this application. Introduction of a new app is added to a users container. This aids app discovery and application usage. Now, since apps are developed as PWAs, it addresses the compliance, data security and privacy issues that BFSI are concerned about. Companies can also pack features such as single sign-on and user management for role-based access
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