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Wednesday September 17, 2014

Big Wall Street Banks Producing Mobile Apps

English: Wall Street sign on Wall Street

English: Wall Street sign on Wall Street (Photo credit: Wikipedia)

Typically tech innovations have been driven by business and then adopted by consumers, however, mobile apps seem to be doing the opposite. The current rise of institutional apps produced by such companies as Goldman Sachs Asset  Management, J.P. Morgan and Morgan Stanley  is being driven by the growing  expectations of internal sales teams, traders and institutional clients that they will be able to use the same mobile devices they use in their personal lives at work.

Since there is an expectation of deeper knowledge into products on the part of these new users, institutional apps and the information they provide often are more complex than their retail counterparts. Though Wall Street firms have offered mobile apps to customers for quite a few years, they have been slower to adopt mobile technology on the institutional side of the business.

This new rise in workplace apps has forced companies to perfect important security tools, such as encryption, keyless exchanges, and a time bomb data wipe feature. Also data size has become a crucial factor in development, determined by the specified device – such as tablets and desktops can hold a lot more information than smartphones.

Wall Street & Technology