Embracing MDM solutions to transform banking operations

By Jonathan Crowl

| Banking

Woman visits the ATM.

Bigstock

Nowadays, almost every banking institution has a mobile banking app serving its customer base. But that’s just the start of mobile technology’s reshaping of the banking industry.

Modern banks are focused on bringing mobility into the physical bank branch, creating new services and experiences that elevate customer satisfaction and improve revenues. While this influx of mobile technology requires the use of MDM solutions to effectively manage a large network of smartphones, tablets and other mobile banking solutions, banks are eager to adopt these technologies and the benefits that come with transformation. A survey of banking officials by Business Insider found that 38 percent expect their digital investments will grow revenue for the organization, while another 24 percent anticipate that it will improve the customer experience.

Here are some of top mobility trends shaping the evolution of banking operations:

Tablet-based banking kiosks

Perhaps the most transformative and high-value application of MDM solutions is the installation of tablet devices as customer-facing interfaces which provide a range of banking services within branch locations. As The Financial Brand points out, tablet devices are being deployed to facilitate banking services, especially to help train bank customers on mobile and online banking systems.

Tablets can also provide an interactive means for customers to review and compare banking products to determine which solutions best serve their needs. Additionally, tablets can help keep customers busy while waiting for their turn with a banking professional. By answering basic questions and handling common mobile banking activities, these tablets can accelerate the bank’s ability to serve customers with more significant concerns in a timely manner.

While today’s banks use tablet devices primarily for informational purposes, these mobile solutions will eventually function as cashless transaction centers, enabling remote deposits and other basic services that currently require the involvement of a bank associate.

Smart ATMs and 24/7 support

Mobile technology is gradually bringing change to how consumers access their money from the millions of traditional ATMs in the world. So-called “smart ATMs” leverage mobile technology to offer improved transaction security and additional support for customers that expands on the capabilities of a traditional ATM.

By offering a wider range of services, smart ATMs can help customers reduce their dependence on physical branches, allowing banks to scale down the number of employees working at each location and decrease costs. Business Insider reports that smart ATMs may soon offer live-stream video support to let customers speak to bank tellers if more assistance is needed during their transaction. This may include video support outside of normal business hours, expanding banking services available 24 hours a day, seven days a week.

Improved customer experience through MDM solutions

When customers enter a bank branch, near-field communications technology can automatically generate their customer profile for bank tellers and associates. With faster access to the customer’s accounts, pending transactions and other pertinent banking information, banks can facilitate quicker service and more helpful interactions.

Another area of technology many banks have began experimenting with would be mobile payments and transactions, but the user experience is still often clunky and tedious. As mobility becomes more mainstream in banking, transaction services like Venmo will be emulated through custom bank transaction solutions, making it easier for customers to pay for goods or transfer money. Mobile solutions allow this to happen at a lower cost, saving the bank money as it streamlines the customer experience.

Better banking products, driven by mobile data analytics

Mobile solutions are particularly valuable because of the insightful customer data they generate. This will result in banks using analytics to uncover insights about what services and products customers may want. This could lead to the creation of new banking products designed to meet evolving customer needs, or it could inspire a new application of mobile technology within the brick-and-mortar bank environment, creating a new point of interaction that solves a customer pain point and eliminates friction from the banking experience.

Instead of closing branches en masse, banks are finding that MDM solutions can create a more efficient, profitable banking destination while giving customers the cutting-edge experience they’ve come to expect.