Despite regulatory compliance and data privacy concerns, the consumerization of IT is now overtaking the financial services sector, with BYOD in financial services predicted to become more common in the coming year. A recent study of 400 IT professionals in the financial services industry showed that a majority of workers already use mobile devices for work. The number who use personally owned devices for work is set to increase to nearly half within the next 12 months. BYOD in financial services is growing more slowly than in many other verticals, but it is growing. Here are three trends to get familiar with as you prepare to sell into this industry.
1. Mobile device management
The regulatory landscape governing the financial services industry is a strict and complicated one, with organizations subject to several different regulations governing the storage, access, sharing, and use of sensitive consumer financial data. The penalties for compliance violations are steep and the consequences of data loss and leakage severe. This makes BYOD in financial services a riskier endeavor than it is in most other industries. Safe, successful use of BYOD in financial services requires effective Mobile Device Management (MDM) implementation. MDM solutions give IT a measure of control over employee-owned devices, allowing administrators to make sure that the devices' settings and security are in compliance with corporate policy and regulatory requirements and giving administrators a way to wipe sensitive data from the devices in the event of loss, theft, or employee termination.
2. Custom app development
In part due to the security concerns discussed above and because of the competitive and specialized nature of the financial services industry, custom application development will play a large role in the adoption of BYOD in financial services. Mobile apps purpose-built for the financial services industry can help bridge the gap between the consumerization trend and the industry's needs. Applications that combine productivity and collaboration tools with strong encryption and security measures will prove especially popular. So will applications that can integrate with the backend systems and databases financial services workers already use. VARs should consider adding custom development to their offerings to take advantage of the individual needs of their financial services customers.
3. Resellers as service providers and integration advisors
Finally, BYOD in financial services will lead to an increase in reliance on VARs. The regulatory landscape is so complex, the needs of organizations so specific, and the range of consumer mobile devices so large that companies will not want to jump into BYOD without a clear and carefully crafted strategy. That strategy must address everything from endpoint protection to network security and wired and wireless network infrastructure. Infrastructure will, in many cases, need an upgrade or overhaul to support BYOD. VARs who know how to simplify and optimize network design for BYOD, leverage Network Access Control (NAC) technologies for BYOD customers, and address security and privacy concerns with technology can provide services that extend far beyond the initial sale. Are you ready to support your financial services customers' BYOD initiatives? Speak to one of our business development and information security experts today to get started.
Where do you see BYOD in financial services headed in the next few years? Tell us your thoughts in the comments.