Financial Technology

Financial Technology

January 23, 2013

Financial Institutions are the Biggest Supporters of BYOD: Good Technology Survey

Following up on a 2011 report of the same name, Good Technology's (News - Alert) latest State of BYOD Survey finds that financial institutions have continued to support bring-your-own-device initiatives to help reduce costs and improve employee productivity.

A company that offers enterprise mobility security software conducted the customer survey, of which 40 of the 98 respondents surveyed were from the financial services/ insurance segment. Out of this 40, 35 supported BYOD, four respondents said that they would do so in the next six months and one respondent was all set to support BYOD in the next three months.

"The Financial Service/ Insurance and Healthcare industries continue to be among the biggest supporters of BYOD," Good's report says.

In the BYOD support model, most financial services companies support devices bought for personal use by employees. However, they don't offer stipends or direct payment for devices and plans, but allow access to systems.

More than half of the financial services companies in Good's survey used the model where the employees purchase and pay for their own device with the company offering support in the form of access to corporate systems. However, the next-most popular model is where the company reimburses users for "eligible expenses."

"In nearly all of the expense-back environments, prior management approval of employee expenses was required and there was a fixed cap on expenses to help control costs. This expense back and cap model offers tremendous cost-savings for companies that switch from a company-owned device model, which can cost on average $60-100 per device," Good said in its report.

Most respondents from the finance/insurance segment reported that the cost of IT is between $61 and $80 for company owned devices.  However, the costs reported were as high as $150 for those devices.

Devices are all competing with each other and soon the markets will know what the enterprise computing platforms of the future will look like, and who will own them. It will bring clarity for certain, but financial institutions will be watching the BYOD space very carefully to understand it and perform the necessary tasks so that the stakeholders are efficiently served.

CLICK HERE to download the full report.

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Edited by Brooke Neuman

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