The landscape of financial service organizations is rapidly changing with consumers’ preference for mobile technology, which is causing chief information officers in fields such as insurance and banking to turn to a new model of IT. A new study from mobile security and management provider MobileIron by the Ponemon Institute (News - Alert) provides insight on the future of mobility in the financial services market, and offers ways financial service organizations can achieve success in this technological environment.
Of the 400 IT professionals in the financial services industry that were surveyed, half predict that the majority of their employees will be using email and apps on mobile devices within the next year.
The Bring Your Own Device movement is likely be more widely implemented in these organizations as 49 percent of employees are expected to have a personally owned smartphone or tablet in the next 12 months, compared to the current 40 percent.
Blackberry, which is currently being used by 44 percent of employees surveyed, is expected to lose nearly one-third of the financial services market share in the next year as IT departments move in favor of a multi-OS mobile environment. More than half of the employees in the study reported that they have a team in place dedicated to this cause with the top three motivators for the migration from Blackberry to multi-OS mobile platform revolving around employee productivity, employee demands and the availability of applications.
Despite the fact that financial services organizations are expanding their focus on mobile investments, IT and business priorities have been found to be misaligned.
According to the MobileIron study, there is a strategy gap as half of respondents don't have a mobile strategy and for ones that do, it either doesn't reflect IT objectives or doesn't reflect business objectives. An urgency gap on the importance of BlackBerry (News - Alert) migration exists as 55 percent of respondents rate the level of urgency from business as “high,” and just 15 percent rate a high level of urgency from IT. There is also an accountability gap since 48 percent of respondents believe business is most responsible for their organization's mobile strategy, 16 percent say it is the responsibility of the CIO, and 19 percent think it is a responsibility to be shared between IT and business.
"Mobility is now a strategic initiative for many financial services CIOs," Ojas Rege, vice president of strategy at MobileIron, said in a statement. "However, mobility also catalyzes a fundamental re-think of existing IT skills and approaches, and it creates an opportunity for the CIO to lead the development of a new model of partnership between the business, IT, and end users."
In order to adequately adapt to and succeed with the new mobility environment, those surveyed said IT needs to provide new skills, change existing processes, revise the traditional mindset and transition to an agile model. Moreover, agility and preparedness for change was rated as the top factor that would help organizations maintain an effective mobile strategy.
Edited by Rory J. Thompson