Perfiicent Financial Services Blog

Subscribe via Email

Subscribe to RSS feed

Archives



Top 5 Technology Trends in Financial Services – December 2012

Trying to stay ahead of the curve when it comes to IT issues is a challenging task. Emerging technology forces in the financial services industry are already impacting business. The convergence of these forces does present challenges; however, it also provides a window of opportunity for financial institutions to elevate business performance and gain a competitive advantage. Perficient provides a monthly perspective on some of the most talked about IT issues and emerging trends to help industry professionals identify and rationalize their IT investments.

Customer Experience

The term “customer experience” has evolved beyond the branch experience to include online and digital channels in banking. Banks must not only deal with understanding best practices for a satisfying customer experience, but they face heavy competition from nontraditional mobile and online competitors. If done correctly, the banking customer experience can improve customer loyalty and profitability. Financial institutions must continue to invest in and focus on customer analytics and new capabilities to truly create a great customer experience across channels.

Mobile Gains Ground in Banking

Financial services organizations are mapping their customer-centric initiatives to mobile banking solutions in order to capture market share and gain a competitive advantage. Today’s consumer expects technology at their fingertips whenever they want it and however they need it.

Payment Disruption Continues

To remain “top of mind” and “top of wallet” in consumers’ perception, banks must define their tactical and strategic plans in concrete terms and decide which payment capabilities best represent customer needs. Banks must rationalize mobile payments as a key customer channel to be competitive against emerging capabilities of non-bank payment providers.

Data-driven Decisions 

Big Data continues to be a controversial, yet growing technology in banking. In financial services, the ability to use tools to understand and interpret Voice of Customer (VOC), risk and fraud patterns, and, in concert with mobile banking apps, offers real-time segmentation to build customer loyalty and retention, and the highest return in terms of value. As banks continue to evaluate Big Data for their business, trends in cloud services, data appliances, open source tools, social media streams and text analytics offer low-risk strategies for adoption in financial services.

Cloud Computing

Cloud deployments for core processing systems, non-banking software and leveraging cloud services for big data processing are gaining traction in financial services.  As banks make technology decisions to address IT infrastructure challenges and reduce costs moving  

 

Tags: , , , , ,

Leave a Reply