The Effects of Mobile Integration on Financial Services Workflow and Efficiency

Understanding the place of mobile in business and finance

It is critical for leaders of financial service 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 such fast pace, ever changing market environment is the must, but at the same time a great challenge for financial services. So does the technology; the technology that drives the way we work is unremittingly changing, and in order for businesses to stay relevant, productive and profitable, it is vital to constantly adapt.

The perfect match

That’s why technology in finance is important and the two are good together. Fast moving technology trends, when they are aptly adopted, can not only support, but also boost business performances. And now, mobility is one of the most important technology trends to watch and to adopt. 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, the financial services and insurance industries accounted for 40% of mobile device activations, far outpacing all other industries. [1] The massive influx of widely varied devices has created opportunities alongside 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.

The financial services and insurance industries accounted for 40% of mobile device activations, far outpacing all other industries.

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 percentage of financial services firms that allow the use of personal devices in their business is growing quickly from 40% this year to 49% in just 12 months. [2] 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 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% of wealth management firms have developed initiatives specifically to increase the time advisors spent with their clients. [3]

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 good 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 work forces. 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. 84% of IT executives identified the issue of device security as the most important factor influencing mobile integration policies.[4] 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.

The perfect match-maker

Samsung Printing Solutions understands the rise of mobile integration, as well as the impact it has on businesses in financial services, and the way they work. This allows us to be the perfect matchmaker, bringing the printing technology that is best suitable for financial services firms.

And of course, enabling a workforce by supporting device usage and interactivity is only worthwhile if it comes with a palatable total cost of ownership. And this is possible through our smart technology. True adaptation requires a change in perspective, and a smarter way of doing business. Our newest line of multifunction printers is evidence of a smarter approach, put into action. For instance, the mortgage operation in a large bank issues tablets to its team of mortgage closers, a mobile group that manages closings at bank branches most convenient to its customers. Through effective implementation of both BYOD (Bring Your Own Device) and CYOD (Choose Your Own Device) programs, the department is able to support the use of both its closers’ personal devices as well as the company-issued tablets. Rather than lugging thick mortgage documents from one location to the next, to visit, with cloud connectivity and serverless operation, they spend less time managing files at their desk and can visit more clients and locations with more agility. All outstanding print jobs are held in the cloud until the closer arrives at the branch and releases it via secure pull printing to a high-speed multifunction printer.

As the first printers powered by Android™, Samsung Smart MultiXpress series ensure flexibility and compatibility by utilizing the operating system that holds a 85% share of smartphones,[5] and 65% share of tablets worldwide.[6] However, as an open source platform with a focus on flexible, easy integration and customization, it also allows for seamless interfacing with iOS, Windows and other popular mobile devices that professionals in finance choose according their needs.

With a focus on productivity, profitability and security, Samsung Printing Solutions offers a mobile integration solution that allows leaders in financial services to optimize workflow and empower your employees, all while bolstering your bottom line.