This last year was a very exciting one, to say the least. The sheer magnitude of the popularity wave for mobile devices caused a shift in the way we live our everyday lives. This cannot help but take the world of business along with it.
In banking, we have seen mobile apps evolve from “nice-to-have” perks to an almost required feature to accompany our public product offerings. People are buying things with their mobile devices online like they used to do with their home computers. Banking and insurance saw this consumer demand skyrocket last year.
Mobile Banking Trends 2016: Striking a Balance between Digital & Brick-and-Mortar Banking
Looking ahead to 2016, this trend will only increase. There are the largest banks that create their own software, based on their own core banking systems, but for the average bank in the United States, we rely on the offerings of our core providers, whether it’s Fiserv, FIS, Jack Henry or any number of others. We work alongside them to produce a branded version of their mobile app, but it’s essentially the same t-shirt that everyone gets with our very own sticker on it.
Still, these apps will expand in their usability to very nearly eclipse web-based banking and reduce the need for tellers. A good bank will always maintain some brick and mortar, as many customers really do want to keep that human touch. People are increasingly intolerant of obvious outsourcing, as displayed in those old Discover ads featuring “Peggy” and “USA Prime Credit.” Smart banks will keep local call centers and will move the majority of the user functions to their mobile apps.
For the consumer, their smartphones will almost totally replace their desktop computers as their main device. The ability to be mobile means that your data is always with you. Cloud services will also ensure that if your device is lost or stolen, you can replace it quickly and easily and all your data will come back to your new device securely.
This is where management systems like AirWatch will shine. With AirWatch’s control systems in place, businesses now have a foundation on which they can build services for internal use and also for their customers. This is where the future is headed.
Wearables and the Internet of Things
Mobile devices will continue to grow to include management of wearables, which in turn will lead to security being coupled with measurable biometrics. In other words, reliance on passwords will give way to more manageable security that smart devices can actually measure. A smart watch, for example, can positively identity its wearer with the same technologies that a Fitbit now uses solely for fitness tracking. These days, stepping on a smart scale can yield measurements of many parameters of one’s body which can be used, with now-available processing horsepower, as a means of identification.
This will lead to smart connected homes, door locks and much easier (and more practical) payment systems. One needs now only have their smart device with them and the set of keys we carry can become a thing of the past. If we lose our device, replacing it with a new one is a simple matter, since the operative security lies with our biometrics.
[Related: Identity Management for the Mobile Cloud Era]
Taking this a step further, our smart devices can also communicate with our healthcare files to adjust or auto-renew prescriptions. Our mobile devices already serve as fitness coaches and motivating tools. With technology permeating cars now, too, insurance companies may extend the OBD-II dongle used to measure how you drive to include cameras, like a dashcam. This can save millions of dollars in litigation expenses as the videos and telemetries can be used as virtual “black boxes” (voice and data recorders) to determine fault in accidents or even identifying the perpetrators in criminal activities. Insurance companies may use incentives, such as discounts, to encourage their customers to adopt these technologies.
Beyond Banking: 2016 Promises to be an Exciting Year in Technology
At AirWatch Connect Atlanta 2015, Adam Savage pointed out that this was a very exciting time to be alive. I can only concur. We are living in the middle of a change in the way we live our daily lives, all thanks to mobile technology. These technologies are also being leveraged by the business community, and smart management systems like AirWatch and its suite of complementary applications will enable a whole new level of productivity that even the personal computer could not deliver.
Things will get done faster, people will be able to track processes easier and life will become more convenient for everyone. Knowledge workers will help guide in this new era, but the future lies in the wants of the average consumer.
Here’s looking forward to 2016 and beyond with AirWatch!
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