Financial Service Companies are Doubling Down on Mobile Technology 

In the fast-paced world of financial services, high productivity is essential, and customer expectations increase daily. That’s why companies are moving more and more workflows to convenient and easy-to-use mobile devices. Tools like artificial intelligence speed up routine tasks, and employees can move around effortlessly and accomplish more—while customers enjoy faster and improved service wherever they are. 

Ways Mobile Devices Enhance Customer Experiences and Streamline Workflows 

1. Improved Efficiency: Mobile devices help financial service employees assist customers faster with better tools. In a bank branch, for example, they can complete transactions without having to go back and forth to a computer. Insurance agents and adjusters can record information and complete paperwork wherever they are. 

2. Enhanced Customer Experience: Mobile devices can reduce wait times and make the in-branch experience more pleasant. For example, customers can check in at a kiosk and get an estimated wait time. In the field, insurance adjusters can assemble estimates and help customers book repair services right from a phone or tablet. 

3. Flexibility for Employees: Bank staff can move around the branch more freely with mobile devices, helping customers wherever they are instead of being confined to a desk. Other employees like financial advisors or insurance agents can also access information at any time, which means they’re always up to date and can work from anywhere. 

4. Digital Integration: Mobile devices allow banks to integrate digital services into the physical branch. For example, customers can learn about different financial products and services through interactive tablet displays while waiting. 

5. Contactless Payments: Mobile devices enable secure and convenient transactions. For example, bank branch employees can accept debit cards, and insurance workers can accept credit card payments from customers in the field. 

Samsung is Leading the Way 

Samsung mobile devices powered by Android are transforming workflows and revolutionizing customer service in the financial services sector. 

Galaxy AI 
Samsung’s AI helps financial service companies increase productivity and improve customer service. For example, Galaxy AI’s Live Translate converts speech or text from one language to another in real-time, breaking down communication barriers and allowing employees to help customers without the assistance of human translators. Transcript Assist with Galaxy AI will quickly transcribe and summarize meetings, which is a huge time saver. 

Wide Range of Devices 
Samsung offers multiple device form factors that are well suited to financial services use cases—including Galaxy tablets, smartphones, foldables, and smartwatches. For example, a bank could use the Samsung Galaxy Tab Active Pro in kiosk mode as a customer check-in. Then, employees can carry Galaxy Tab S series tablets to help customers anywhere. Insurance adjusters love the Samsung XCover Pro series. Rugged and dependable, it consolidates all the tools an adjuster needs into one, and the high-resolution camera is perfect for recording damage. 

Devices are Multi-use 
Instead of many peripherals connected to a desktop, Samsung mobile devices can do many of the same tasks. The built-in cameras work as check scanners. The screens become signature pads that work with a finger or the Samsung S Pen. Many Samsung devices also work in DeX mode—meaning they can be plugged into a big screen and keyboard to function just like a desktop. That’s not only handy, but it cuts down on hardware expenses. 

Excellent Security 
Samsung Knox is a defense-grade security platform built into Samsung devices at the chip level. A suite of cloud-based solutions allows IT teams to securely deploy and manage devices in ways that are tailored to their specific business requirements. 

What are the Challenges? 

1. Security and Privacy 
   Ensuring the security of financial services applications is one of the most critical challenges. Mobile devices are susceptible to hacking, malware, and phishing attacks. Companies must invest heavily in encryption, multi-factor authentication (MFA), and fraud detection systems to protect customer data and transactions. Additionally, compliance with data privacy regulations (like GDPR or CCPA) complicates securing user information. 

2. Regulatory Compliance 
   Financial institutions operate in highly regulated environments. Implementing mobile technology solutions requires adhering to various national and international regulations governing financial transactions, cybersecurity, anti-money laundering (AML), and customer identification (KYC). Ensuring mobile solutions comply with these regulations across different regions can be a significant challenge. 

3. Integration with Legacy Systems 
   Most traditional banks and insurance companies still rely on legacy core systems. Integrating modern mobile financial services platforms with these outdated systems can be difficult, expensive, and time-consuming. Poor integration can lead to data inconsistencies, transaction delays, or even system downtime. 

4. Lack of Knowledge and Resources 
   Because mobile technology is still new to many internal IT teams, many companies lack the knowledge of mobile device operating systems and endpoint management platforms that help manage and keep them secure. It also takes significant human resources and dedicated space to kit, configure, and deploy devices so that they’re sent out-of-the-box ready to where they need to go. For insurance companies that have workforces that are widely dispersed geographically, there are significant logistical challenges to overcome. 

Stratix Can Help 

Stratix offers end-to-end managed mobility services covering everything from device procurement and configuration to ongoing support. We have the expertise and resources to design effective mobile solutions for financial services companies and then deploy them at scale out-of-the-box ready. Our industry-leading technical support team is trained on our customers’ specific environments and workflows so that we understand how devices are being used and can provide skilled help with the first contact. Our services are particularly useful for financial services companies who need to focus on core operations without worrying about the technical side of managing mobile devices and apps. 

Stratix can also help manage mobile-related costs. Our telecom expense management team can identify areas where customers may be overspending on data plans and voice services. By analyzing usage patterns, we can recommend more cost-effective plans or eliminate redundant services, optimize telecom spending, and improve budget management. 

Stratix also has a dedicated Samsung Knox-certified endpoint management team that will review your environment and recommend a security strategy tailored to the financial services industry and its high regulation and compliance requirements. 

Count on us to help you launch and support excellent mobile technology solutions that will help you make your people more productive while providing outstanding customer service.