Congratulations for taking the big step! You’re formalizing your mobile strategy with a new Bring Your Own Device (BYOD) policy at your financial organization, joining countless other companies doing the same thing.
Research firm Markets and Markets estimated BYOD adoption rates at 36% of businesses in North America at the end of 2016, a figure it projected to grow to 50% by the end of 2017. So, you aren’t alone.
Among banks, insurers and other financial services firms, it’s been consumers driving the mobile bandwagon so far. According to a 2015 U.S. Federal Reserve study, 94% of mobile banking customers had checked their account balances or transactions via a mobile device in the past 12 months. Similarly, 71% had downloaded their bank’s mobile app and 57% had received an alert from their financial institution via text message, push notification or email.
At the same time, an IDC® survey of financial services providers in 2015 found that two-thirds of its respondents had yet to fully develop a policy for their own workplaces governing the use of mobile devices. That, most experts agree, is quickly changing. Financial services providers believe employee use of iPad®, iPhone® and other mobile devices will provide overall cost benefits as well as increased collaboration with their colleagues and customers.
Though many financial organizations might prefer their employees use company-owned mobile devices, studies show an overwhelming preference among millennials and others for using their own personal devices for business.
As Enterpreneur.com wrote in their article, "Employees Feel the Love When Companies Embrace BYOD," employees feel being able to use their personal devices provides more freedom over how and where they work — an attractive recruiting perk in today’s competitive hiring market. Among the benefits cited in the article, “It also allows employees to work outside of the traditional workplace constraints, which is sometimes necessary (especially when late night inspiration hits).”
So today, many financial companies provide employees a choice of using corporateowned and employee-owned devices. If your planned BYOD policy includes or augments a broader policy governing mobile device use overall, you’re taking the right approach. This white paper seeks to give you more information about BYOD and mobility in financial services, including the challenges you may face, and some advice on how best to address them. We’ve boiled down these challenges to time, money and security (in no priority order; all can be equally difficult).