You may have noticed that much of the recent industry news around mobile banking has focused on everyday banking transactions. The message we’re seemingly inundated with is that online banking is only the first step, and that truly anywhere/anytime processing of everyday transactions like balance statements, transfers, as well as credit, payment and cheque processing can more easily be accomplished with mobile banking. What’s been missing from the story, though, is mobile banking’s significance to high-value transactions, like mortgage openings and those accompanying investment and wealth management.
High-value transactions are just as big a part of everyday banking transactions, yet they’ve been the last type of transaction considered for mobile banking. In part, this is likely due to the actual amount being considered in this sort of transaction, but also likely to the trust a face-to-face transaction of high value can require. For customers, the demand for an improved user experience has fueled their need to be able to conduct all banking transactions on a mobile device. And for banks, customer experience is certainly a driving force, but so is the added value moving high-value transactions online brings.
The significance of moving high-value transactions to a mobile device comes down to empowerment, as well as dollars and cents. Enabling a high-value transaction to be completed on a mobile device like an iPad lets wealth management advisors and mortgage brokers complete a transaction anywhere, anytime. That may not sound impressive but consider the scenario of a highly-paid financial advisor spending several hours a day travelling to visit a client and getting paperwork signed, only to return to the office to realize a signature is missing. There are two things that being able to process high-value transactions on a mobile device can guarantee: a near 100 percent reduction of errors in paperwork and a cost savings from better utilizing the highly-paid wealth management advisor’s time. But you don’t have to take our word for it.
At the upcoming E-Signature Summit for Banking Executives, you can hear from the Royal Bank of Canada on how they’ve implemented mobile e-signatures in their wealth management division. There’s still time – register now to join close to 200 banking executives from the top banks in North America as they explore today’s most topical issues around e-signatures in banking.