Customer Experience and Design

Top 5 Technology Trends in Financial Services – March 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.

Digital Channels Continue to See Biggest Focus

In a recent Forrester report, “The State of North American Digital and Multichannel Banking 2013”, we learned that digital banking investments continue to increase as customer touchpoints evolve.  IDC also released a study on tablet sales overtaking PC sales in 2013 and laptops in 2014.  Based on these figures it seems a post-PC era is eminent and customer expectations are turning up the pressure on banks to continue to invest in digital channels.  As a result, mobile and tablet banking will need to focus more on executing a multichannel strategy that addresses product sales, customer service features and new mobile capabilities.  

P2P Lending and Other Payment Disruptions

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 digital 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. 

The Need for Data-driven Decisions

While it’s not a new term to the financial services industry, the evolution of Big Data is expanding the way marketing is understood, led and practiced.  As banking CMOs take on this added responsibility and tackle Big Data, the need for collaboration with CIOs to enable strategy and transform their organizations is apparent to turn actionable insights into marketing and organizational results. 

FIs Plan for the Future with PFM

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.

Customer Experience: Topic of Bank Innovation Panels

The Perficient Financial Services team recently attended Bank Innovation 2013 where we participated in panel discussions and spoke to a great group of banking executives, technologists, marketers and strategists.  We’ve compiled some of the blog posts from the organizers, vendors and attendees covering the overwhelming amount of insights shared during this two-day event. 

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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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