Tapping the Next Generation of Mobile Devices

In a four part series, Windows in Financial Services will evaluate four technologies that early adopters on Wall Street are starting to realize the benefits of. First in our series is the next generation of mobile devices. Wall Street professionals are starting to increase productivity by having critical information at their fingertips wherever they are and mobile devices that perform more like laptops than cell phones. Much has happened over the last few years: hardware and screens have improved, and operating systems are more equipped for financial application delivery. To find out more about the next generation of mobile devices, we spoke to Eikos Partners’ David Lattimore-Gay (DLG) to get his perspective on these tools and how firms should best mobilize their business.

WFS: Financial services firms are increasingly looking at mobility for their business needs. What does the environment look like now as far as next-generation devices available and ease-of-use regarding line-of-business applications?

DLG: Mobile devices have experienced an increase in screen size and screen fidelity, a boost in computing power, and an improved user interface. With a generation of mobile users living their lives on their mobile devices, we have a platform that will enable the next generation of apps that are geared toward these smaller devices. The biggest challenge now really comes down to the user interface, and how to cram more information into a small screen and provide intuitive navigation.

WFS: Information security is the top concern for financial institutions. How would you characterize the state of security today?

DLG: Mobile devices now have Web browsers that allow the same functionality as a full desktop browser. Sites that are secured with SSL are as secure on a mobile device as they are on a desktop. My concerns are less to do with electronic security and more to do with the security of the physical device itself. I would like to see additional security features that lock a device down and grant the valid user access, i.e. biometric devices, thumb scanners, etc. These are almost common place now on Laptop’s and UPC’s, but I have yet to see them on a phone.

WFS: What are some of the common implementation mistakes that you see?

DLG: Probably the most common mistake is trying to deliver too much functionality in the first release of a solution. It is far more effective to deliver small incremental enhancements on a basic day-one implementation. This speeds time-to-market, along with providing the agility to change the system to better support the business users.

WFS: The most difficult puzzle to solve for financial institutions is the business model. What do you advise financial firms in their approach to mobilizing their enterprise creating that critical link between business and IT?

DLG: Go back to basics, look at what makes sense to mobilize, look at the user base within the firm and determine if going mobile adds value. Collaboration is needed between the business and IT to ensure that the technology delivers on the needs for the business. This is the same for any opportunity: just because it’s there does not mean you need to take advantage of it. For retail banking, for example, it is a no-brainer that they need to go mobile, but some internal administrative functions, on the other hand, should remain bound within the confines of the business and not find their way onto your phone of choice.

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