3 Ways the Financial Sector Can Benefit from Mobile Technology

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Why Every Business Should Invest in Mobile Technology

If you have been following the news for the past couple of years, you will know that more people now access the Internet via mobile devices than by any other platform, and so it is important to understand exactly how the financial sector can benefit from mobile technology. Consider the following thoughts on the matter.

How the Information Superhighway Is Like Our Interstates

You can liken this to the way in which the DOT keeps up our roadways. If there is one busy highway that gets the most traffic, that will be the route that is kept in best repair. The same holds true for how consumers and businesses access financial information over the Internet.

More and more private individuals and corporate entities are using mobile devices to access information ‘on the go’ so mobile technology is where you should be seeking the benefits you need to grow your investments and financial affairs. These mobile strategies can benefit the financial sector in the following ways.

1. Understand What Consumers Want to Do With Their Smartphones

The very first way in which someone with an online masters degree in finance should do is investigate what it is their clients are seeking to do with their phones. According to an infographic on cloudtweaks.com, there are four things consumers hope to accomplish, which are:

  1. Budget
  2. Trade (i.e. stocks)
  3. Send Money / Pay Bills
  4. Track Expenses, Spending and Savings

So then, once you understand that, you can gear your financial services around those uses. For example, if you are looking to be an investment banker it helps to focus on the kinds of technology that lends itself well to mobile phones. Apps and responsive websites would be the key to giving consumers access to their accounts and if you are working towards a masters in finance online from prestigious universities such as Northeastern University, you would learn ways to keep data concise and easy to manage.

2. Customer Acquisition and Retention

Now that you have a handle on what it is that consumers are using their mobile technology for in the financial realm, it becomes easier to devise ways to acquire new customers and retain the ones you have. How would you do that? Again, keep websites responsive so users have a great user experience and provide apps that offer information in the background so that little human intervention is needed. Ease of use is the name of the game.

3. Provide the Ultimate in UX

On the same website, cloudtweaks, it is said that the ultimate way to attract and retain a solid customer base is to perfect the user experience, the UX. A finance degree should prepare you for what it will take to satisfy those accessing your site. Since you will get more traffic online than you will through your physical doors, these are the people you should primarily cater to. Yes, you want a warm and inviting office space, but more effort needs to be given towards creating a warm, inviting and easy to navigate mobile-friendly website. In other words, a website that offers a superior UX.

These are just three of the ways in which you can benefit your financial services business through the use of mobile technology. Bear in mind that this is where you are going to see the most traffic, so constant upkeep and revisions will keep that traffic flowing smoothly.

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