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BRIEF
financial services
© copyright moxtra, 2016
B R I E F financial services
an exploration of mobile tech’s impact on financial services
T H E S TAT E O F T E C H N O L O G Y I N F I N A N C E
The widespread adoption of mobile technology is rapidly shifting the demands of customers in
the financial services industry. As a result, financial services companies must adapt intelligently
to meet the changing market needs. An examination of how mobile technology has impacted
financial services reveals ways in which financial services firms can gain key competitive
advantages and grow their customer bases.
Historically, the financial services industry has been slow to adopt new technology. According to
Bain & Company, several factors contribute to the lethargic pace of technological innovation in
finance including “rapidly increasing volumes of business and regulatory demands, a growing
need to support complex business processes and products, inflexible legacy systems
architectures, onerous internal processes, and talent limitations.” However, the accelerated
growth of mobile technology in the last few years has sparked and driven the need to
modernize industry. Customers now demand engagement with their finances at all times from
anywhere in the world through their mobile devices. While most financial institutions now
provide mobile applications to check balances, trade securities, and deposit checks, amongst
other actions, there is still plenty of space and a need for more innovation. By proactively
pursuing new technologies to enhance customer experiences, financial services firms can
differentiate themselves from their competitors to gain strategic advantages.
© copyright moxtra, 2016
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B R I E F financial services
To modernize, most financial institutions do not have the ability to throw out their existing
software and start from scratch. In many cases, legacy software, while frustrating, provides the
stability and security required in financial services. Consequently, any technology solution must
integrate seamlessly with the existing infrastructure and must balance innovation with the
needs for security and regulatory compliance.
THE MOXTRA SOLUTION
Moxtra can help financial firms leverage the full power of mobile technology by integrating realtime communication and collaboration into their web and mobile applications. By using our
enterprise-grade SDKs and APIs, businesses can significantly boost customer engagement and
power their applications for a mobile-centric world.
Integrating Moxtra gives financial institutions the ability to connect with their clients (or
internally within the company) through the most comprehensive set of collaboration
capabilities in a mobile-first platform. For instance, employees can launch powerful real-time
meetings that support screen sharing, whiteboarding, content sharing, and rich annotations
over content to solve problems and answer questions far more effectively than a phone call.
Additionally, parties can also collaborate asynchronously using Moxtra’s embeddable
messenger that supports the sharing and annotating of content without compromising on
security. Moxtra also provides task management and document collaboration capabilities.
Companies can completely tailor their collaboration experience to their needs by mixing and
matching SDKs and APIs.
© copyright moxtra, 2016
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B R I E F financial services
Perhaps most importantly, financial institutions do not need to change their infrastructure to
incorporate Moxtra as our SDKs and APIs integrate seamlessly with pre-existing solutions. Our
software supports dozens of popular integrations and fits on top of any software, making the
implementation process easy and quick.
U S E C A S E : P R I VAT E W E A LT H M A N A G E M E N T
Global banks and asset management firms continually strive to provide the best possible
private wealth management services for their valued clients in order to expand their high net
worth customer base. Integrating Moxtra’s SDKs and APIs can significantly improve a private
client’s customer experience while increasing efficiency and scalability on the firm’s side.
Banks and asset managers often struggle to sufficiently meet the needs of all of their valued
customers since it requires large amounts of face-to-face interaction, which in turn results in a
greater number of employees to manage the interactions and be available at all times. However,
integrating Moxtra’s real-time meeting SDK into the platform, reduces the need for these live
interactions as everything that can be accomplished in-person can be conducted through a
real-time web conference. Participants can connect from anywhere in the world using personal
computers, tablets, or mobile phones and can collaborate over documents digitally, just as they
would in person. A complete customer service experience can be delivered to private clients
whenever or wherever they require it.
There is substantial value created for clients as they can access private client services at their
convenience. By integrating features that meaningfully enhance the customer’s experience,
banks can attract more private wealth clients while retaining the existing ones.
© copyright moxtra, 2016
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B R I E F financial services
On the company’s side, creating a customer representative team to manage the omni-channel
banking experience remotely improves efficiency by reducing overhead, enabling paperless
collaboration, and expanding the branch’s customer network with a smaller team. This more
dynamic structure gives banks the ability to serve more clients at a faster rate, with fewer costs.
Using Moxtra will meaningfully improve the private wealth management process for both
employees and their clients. A happy customer base along with increased efficiency can lead to
increased growth and profitability for the firm.
© copyright moxtra, 2016
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