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Customer Experience and Design

Top 5 Technology Trends in Financial Services – February 2013

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.

Mobile-centric Services

Combatting “digital disruption” with a next generation mobile banking strategy has become more than just a trend. Mobile banking has become a regular channel and customer touch point. Today’s smartphone users expect to be able to manage their finances when, where, and how they want. The digital ecosystem continues to evolve as the next wave of mobile offerings comes about.  Banks that can excel at engaging with their customers in a virtual world, add new services, and develop consistency across all channels will be the true test for today’s leading financial institutions. 

Making Waves in Mobile Payments

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.  Juniper Research estimated that worldwide mobile payment volume would reach an incredible $240 billion this year making this a hard trend to ignore if you’re a financial services provider or bank. 

‘Customer 360’ in Banking a Top Priority

The financial services landscape continues to evolve – not only in terms of growth and opportunity, but also in complexity and increased competition. Leveraging data as a strategic asset helps you strengthen customer relationships, differentiate yourself in the market, and realize sustainable growth.  To succeed, financial institutions must overcome data and integration challenges to develop a strong foundation for effective information management. The move to master data management (MDM) provides a set of capabilities that define, maintain and deliver trusted information across the enterprise – critical to creating a 360° view of your customer and identifying cross-sell/up-sell opportunities.   

Expectations of PFM Tools Evolve

We’re seeing more movement towards banks developing a more integrated strategy for personal finance management (PFM) tools as part of their online banking services and tablet banking applications.  PFM helps strengthen the banking relationship by providing value and greater visibility into finances across multiple channels.  As the rapid adoption of tablets continue to challenge smartphone growth, financial institutions can leverage unique experiences and interactions for customer touchpoints to enhance the digital banking experience.

Virtual Currencies and Social Services Gain Legitimacy

Virtual currencies are seen as disruptive technologies but are gaining legitimacy from online retailers.  Although there may be a lack of confidence in the virtual currency,   market, venture capital funding and the potential for traditional bank partnerships will increase consumer confidence. Banks face competition from the potential of established social platforms like Facebook. They need to consider both virtual currencies and social money transfer services as legitimate form of payment and find ways to incorporate it into their bank’s service offerings. 

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Elizabeth Dias

Elizabeth Dias is an experienced technology marketing strategist focused on the financial services and retail industry at Perficient. With over nine years of experience as a professional business-to-business (B2B) marketer, Elizabeth is knowledgeable in technology strategies for the financial services industry focusing on mobile banking and payments, data analytics, and enterprise information management. She also closely follows the fintech community as well as tech trends in social and digital, and is also an active blogger and thought leader on Twitter (@techmktggirl).

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