INTRODUCTION TO COMPUTING

Introduction to Computing



Introduction to Computing

Introduction

Today, retail banks and other financial institutions are undergoing many structural challenges. Soaring operational costs, growing competition and rapidly eroding brand loyalty is resulting in financial institutions exploring new ways to remain competitive. One area in which banks and financial institutions can seek new ways to lower operational costs while attracting and retaining customers is through emerging mobile technology. Deploying a wireless technology infrastructure provides retail banks and financial institutions with a model for improving organizational efficiencies, hastening speed to market and better serving customers.

The mobile and wireless market continues to grow at a rapid pace, and is widely considered one of the fastest growing markets in the world. It is estimated that there are more than 3 billion wireless mobile subscribers worldwide, with 262 million in the United States alone. The strong influence of mobile technology in business, specifically financial services, has never been more apparent. Mobile technology can accelerate potential gains to reduce costs, mitigate potential risks and foster long-term growth opportunities. Wireless is not just supporting technology in retail banking and financial services, it's playing a central role in many business processes.

A major driver in the rapidly growing mobile and wireless market is the increase of mobile workforces both domestically and internationally. The lines are blurring between work and personal life, and those lives are both increasingly mobile. As a result, it's no surprise that the mobile channel has quickly become the preferred method for how the workforce and consumers receive information. In addition, mobile wireless technology has quickly become the standard for how business is conducted. Now is the time for financial institutions to consider implementing mobile technology architecture that allows employees, partners and end customers to interact across smartphones, laptops or other embedded devices anytime and anywhere.

Careful consideration needs to be given when businesses select, implement and manage mobile technology across their organization. This white paper will explore the issues and solutions that retail banking, financial institutions and capital markets must consider when deploying and managing mobile technology across an enterprise.

Current Technology

Challenges Some challenges arise from adopting mobile technology, however, simply maintaining the status quo can eventually lead to rising costs, a reduction of customers and declining productivity among mobile employees. The recent financial crisis has continued to place strain on technology budgets, but banks and financial institutions must consider their end customer, and the mobile technology available to improve their customer's experience.

Despite the considerable progress mobile technology has made, many financial institutions continue to rely heavily upon wireline infrastructure. This presents several issues, as it severely limits mobile employees from collaborating with co-workers and customers while they are out of the office or on a client site. Hard-wired connections for desk phones and Internet also limit the flexibility of branch and corporate office space due to wired connections running through walls and ceilings in order to reach the workspace. To make matters worse, the growing obsolescence of wireline infrastructure can mean growing expenses due to costly ...