The productivity puzzle remains a core challenge for financial services. Productivity has decreased on a quarter-on-quarter basis for six consecutive quarters since 2009, remaining flat since then. How can you use mobile to solve this core business challenge?

Disconnected and inefficient internal processes have a huge impact on the performance and efficiency of your business. But a business app gives your employees the tools they need to complete work quickly and efficiently. All while giving you real-time insight into the way your employees work. And how you can improve your business processes, driving efficiency and helping you solve the productivity puzzle.

Here’s how mobile can make a difference to your financial services business:

  • Improve employee productivity and engagement
  • Streamline internal communications
  • Drive business efficiency across the board

Employee Productivity

Did you know work overload decreases productivity by 68% in employees who feel they don’t have enough hours in the day? So much of your employees’ time is wasted on low-value tasks like account reconciliations, journal entries, processing invoices and paying suppliers. But according to McKinsey, technology can fully automate 42% of your activities across the board. Further to this, you can also ‘mostly automate’ another 19%. So, where do you start?

Look for repeat processes in your employees’ day-to-day. Processes that are low-value but take up a lot of time. This is why mobile technology and automation are best suited for replacing long-winded, paper-based procedures. This frees up your employees to focus on their high-value, revenue-generating jobs from wherever they are.

We recommend reading our article: Artificial Intelligence for Financial Services

Internal Communications

Businesses today are losing £8,000 per employee every single year due to inefficient communications. For a company of over 250 staff, that’s a staggering £2 million. So, where is this all this waste coming from? Over-emailing, that’s where.

Business professionals spend on average over 20% of their day managing their emails. That’s an hour and a half every day despite 80% believing that it is the most inefficient way of communicating. Clearly, something needs to change. Efficient communication is a must-have. This is why many businesses in financial services are investing in mobile and web apps to support their workforce.

Smart business apps are the ideal conversation platform for today’s workforce. We waste so much time sifting through, sorting and prioritising emails. But with a bespoke business app, you can give your employees a central place to manage their conversations. One that can be set up with custom push notifications, private channels and even auto-categorised messages based on specific topics or projects. All on a platform that’s accessible from anywhere which is more important than ever for today’s on-the-go world.

An internal finance app turns communications into conversations. Connecting often disjointed email chains, increasing engagement and supporting a more productive, more efficient workforce.

We recommend reading our article: Improve Business Performance: Communication

What you need to consider

Mobile apps and automation are already shaping the future of financial services, helping providers like you to solve the productivity puzzle. Businesses embracing enterprise mobility have seen their efficiency skyrocket by up to 40%. Today, your employees expect innovation and digitisation. Mobile is the perfect platform to meet them and needs to be a top priority for your business.

We’re Sonin App Development helped clients in the financial sector use mobile to solve core business challenges and innovate. If you’ve got a project in mind, or if you’re looking to solve the productivity puzzle, then we’d love to hear from you. Give us a call on 01737 45 77 88 or send us message.