Aug 05, 2014
Mobile Application Management in the Financial Industry
The financial industry is seeing the growth of bring your own device (BYOD) just like other industries. However, with the additional security concerns of the financial industry, mobile application management (MAM®) becomes even more critical. In order to be successful, the financial industry has to balance the needs of their employees and customers with mobile app security. In the report “The Changing Mobile Landscape and Financial Services”, over 400 financial services IT professionals were surveyed about the growth of BYOD in the financial sector. Roughly half of the respondents said that a majority of their employees would use mobile devices for email and apps within the next 12 months. According to David Saul, chief scientist at State Street, mobility for the financial industry is a data management challenge, not a hardware problem. While bank employees and customers both want the latest apps for their phones, the challenge is protecting the critical financial data from harm. "I believe the world has already voted on mobile applications. Literally thousands of new applications are being written daily and uploaded to the various application stores. That is what the world expects, and so that's what we're going to have to deliver," Saul said. "We'll be sitting here a year from now and marveling at the new devices that we couldn't have conceived of today. We really need to put the focus on how to take that data, protect it as an asset and make sure it's delivered to our clients."