The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Enterprise Mobility market in banking is expected to grow at a CAGR of 24.81% during the forecast period (2020-2025). Banks are more transaction-led, rather than customer-centric which inhibits them from fully engaging their customers, making it difficult to personalize and streamline the mobile user experience. Thus there is a need for enterprise mobility in banking sector.
- Due to high competition among banks, customer retention has become necessary. With consumers switching over to sophisticated mobile devices for all their personal and professional engagements, mobility has become an inevitable need for banking. Employees in banks have upgraded their working processes, with smartphone and tablets replacing personal computers.
- Concept of BYOD was prevalent few years ago but increased mobile security threats and a lack of meaningful financial returns caused banks to limit BYOD options. This limited the mobility options.
Scope of the Report
Enterprise mobility has changed the way banks run businesses. Banks work in an aggressive commercial centre with extending customer wants, so they have to reorient themselves and make usage of mobility solutions to overcome challenges related to customer satisfaction.
Key Market Trends
Smartphones to Dominate the Market
- Smartphones have replaced personal computers among bank employees. The working processes are upgraded by keeping handheld devices in mind. For instance, a face-to-face meeting at a branch that uses a phone to demonstrate an application is a very different experience than calling a contact center to discuss investment options using a laptop at home.
- Banks have started to come up with dedicated mobile apps to enable their customers to manage their different types of accounts like FD, RD, Savings, Credit Card, etc.
- Banks are piggybacking on M-Commerce to offer value to both customer and banks. Easy feature integration allows employees to manage details of all employees in one click. By allowing employees to choose their preferred work devices, banks and financial institutions can better attract and retain talented staff.
- With smartphones and tablets reaching everywhere, the future of Mobility Banking Solution is bright. Digital interaction takes place between banks and customers which saves operational cost at each step.
Asia-Pacific to Witness the Highest Growth
- Increased adoption of smartphones in APAC region is making it easier for the financial sector to deploy mobility solutions for the employees.
- BFSI companies in Asia-Pacific are embracing BYOD when it comes to increasing employee satisfaction and productivity.
- More than half the world’s mobile subscribers live in Asia Pacific – mostly in China and India. The growth in high-speed network coverage and smartphone adoption is leading to a surge in the use of mobile data in Asia Pacific.
- According to GSM Intelligence Report 2019, the mobile ecosystem supported more than 17 million jobs in 2018 and the number of smartphones is expected to grow to 3.9 billion by 2025
The market for enterprise mobility for banking is fragmented with many existing and new players offering mobility solutions through on-premise or cloud. Majority are focusing on smartphone-related services.
- February 2019 - Seqrite, launched its Enterprise Mobility Management (EMM) portfolio. As part of the development, Seqrite introduced two cloud-based solutions, MobiSMART and mSuite, which have been designed to provide comprehensive control over mobile devices accessing their network and data.
- November 2018 - Newgen launched Enterprise Mobility Framework 4.0 which brings new features and functionalities simplifying the building and managing of enterprise mobile applications, making it easier, faster and more efficient.
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