A Gain vs. Risk Analysis Favors Rapid Development of Financial & Banks Web Applications
Whatever field of activity you’re in, if you’re thinking web application, it clearly involves providing access in the field to both process and data to Clients and / or Sales Force.
And when it comes to Banking and Finance, security is of the utmost importance, of course, even more so if we’re talking mobile web deployment but one would be wise to go beyond the “personal data and hacking risk paradigm”, and assess accurately and globally the level of security needed around each of its applications and each type of data involved in your next web application development.
This exercise will benefit you by simplifying application design; thus, accelerating application development.
Starting a new Web Application project?
Assess Data Security First
So, the question is, which data must absolutely be accessible on the web for my new web app to deliver and perform adequately? The same principle applies for process.
As for the personal information database and hacking risks, we take for granted, they have already been evaluated and appropriate measures have been taken to prevent any tragedy. Now, as a rule of thumb, when accessing or importing personal data, these should be encrypted and / or should be synchronized only within a secured environment, https or business walls, for example.
The challenge is to identify which data and process must remain safely within your walls without altering your new web app’s performance and which must be accessed remotely without posing a security risk? For example, a sale representative doesn’t need to have on his mobile device the whole historical financial data of his client, usually, just current financial data is enough.
Think Predictability… and Sales
When thinking financial investment or banking products, most of the time, you’re going to use calculus tools designed by your institution experts to predict different risk vs benefits scenarios for a specific client / prospect. These tools which are at the heart of your Sales portfolio strategy and Profit governance rules rely on a number of key metrics (ratios, for example).
These metrics are your business’ signature; in short, your trademark.
You have to assess the scope of your key metrics; that is, how difficult and how beneficial would it be to access these tools and metrics right there on the spot, with the Client / Prospect?
And maybe, you should assess the gain of granting web access to your Sales Force for each tool’s feature, for each specific metric; to select the ones that should be or must be webized.
Maybe not all financial / banking tools and / or metrics will provide a gain and accelerate Sales. There is a hue between “should be” and “must be” which makes for the difference between a development that will carry you a long way deep into trouble and a nice and easy sail towards a new sea of profits. As you design your new web application, there is also, in terms of application development, the challenge to assess the risk vs benefits ratio for each tool and feature added to the design.
For example, if you’re going to deploy a web application for your Sales Force to accelerate the Sales cycle by enabling the calculus of financial gains for different portfolios over a 5-year period, right there “on-the-spot” with the client.
Is this new feature going to accelerate Sales? Is your Sales Force really going to close much more deals with this tool, this metric? If so, then get it on the web ASAP because not all metrics are created equal. Find out which metrics resonate the most with Clients.
Once you have assessed the security level (risk) required for each process and each type of data, what must stay within your walls and what can go out on the web; it should dictate their location.
Once you have estimated the potential of any specific tool (metric) in terms of Sales increase; it should dictate their web eligibility as well.
Now, you should know what must be Windows (staying within your walls) and what must be (Mobile) Web. You now have a clear picture of your new web application design and features.
Plan for Mobile-only… rapidly!
Not only for internal users but also for Clients who will want a real-time picture of their products’ performance at hand anytime, be it loans or investments; one must think that within a 3 to 5 year span, mobile devices with the help of electronics, cryptology and biometrics advances will be powerful and secure enough to handle locally any or all data and process.
So plan for it!
A sound and thorough Gain vs. Risk analysis should guide your next web application project to enhance design and accelerate development.