Editor’s note: The following article, by Nikolaos Zorbas, IMSplus business unit manager at Profile Software, is published here today before tomorrow’s WealthMatters conference in London (organised by the publisher of this website). Michael Bakouris, chief operating officer at Profile, is due to speak at the conference, of which Profile Software is one of the supporting organisations. This publication is delighted to share the insights from this firm; as ever, the views contained here are not necessarily endorsed by this website. To view a recent article about Profile Software, click here.
We are all experiencing the rapid emergence of software applications running on mobile devices such as smartphones and tablets. A wide spectrum of mobile applications is already available for a number of operating systems (or platforms), ranging from simple, personal, autonomous applications targeting individuals, to complex, specialised business-oriented ones targeting industry professionals and their clients.
An example of the latter category includes mobile applications specifically developed for wealth managers and private bankers, as well as their wealthy clientele. But what are the high-level business, technical and other requirements that a wealth manager or private banker should take into account to select the most appropriate mobile application for his/her organisation?
An obvious point to start with and a point of special concern of such financial institutions, and their clients as well, is application security. Encrypted communications (ideally a multi-level encryption, for example, HTTPS in addition to a proprietary protocol) between the mobile application server and the devices, is the foundation on which the application’s security layer is built.