Banks should use tablets to connect with consumers: Ovum

Based on a new report, Tablet adoption in corporate banking and wealth management, Ovum concluded that corporate banks and institutions are starting to adopt tablets, but not quickly nor smoothly enough.

One area where the tablet excels is in face-to-face presentations with clients. The report’s list of recommendations points out that the tablet is ideal because data displayed on it can be “manipulated by the firm's employees in customer meetings” for a more direct, interactive experience. “Tablets currently enjoy a certain élan as cutting-edge technology, so a wealth-management firm equipping its employees with them for customer meetings can bolster its forward-thinking credentials,” noted the report.

“The financial sector as a whole has come out of the global crisis with an urgent need to rebuild its credibility with a disillusioned public,” said Rik Turner, senior analyst at Ovum and author of the report. “In certain sub-verticals such as wealth management more "face-time" with the customer can help this rebuilding process.”

Furthermore, added Turner,  as most divide their assets up to be managed by different wealth management providers, a well-executed meeting carried out with the aid of a tablet may attract further business away from a competitor.

The report was based on previous research, interviews with selected vendors and financial institutions, and other secondary research in tablets, mobile app development, and other related technologies.

The research firm found that most independent software vendors that address the financial sector prefer the downloadable apps to web-based applications. However unless corporations intend to continue controlling the devices their employees use, rather than adopting BYOD (bring-your-own-device) practices, this has to change.  

 “HTML5 is becoming more robust and will gain momentum through 2012,” Turner said. “Features such as the ability to work offline, access to on-device contact lists, and so on, are in development, and although there is still a significant drawback to be addressed in the form of code security, this too may not be an insurmountable obstacle.”