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.
- The Tablet is a Distinct Channel, and Banks Must Design a New User Experience For It
- RBS launches in-app ‘Mobile Chat’ for customer service on the go
- Tablets’ Popularity May Call for How CUs Leverage Apps’ Appeal: Print Preview
- Two Thirds of JP Morgan Chase’s and Bank of America’s Mobile Traffic is ‘Mobile-Only’
- Tablet banking set to soar – Juniper Research
- How Good is Your Bank’s Website Performance?
P2P Lending and Other Payment Disruptions
Good UX Means Good Business
In a world where technology is rapidly advancing and user expectations are rising, it’s no longer enough to have an average user experience; to delight your users and surpass your competition you must strive for the exceptional.
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.
- RBS, Natwest to launch P2P payments service
- Y Combinator-Backed Balanced Adds Bank Payments To Its Peer-to-Peer Payments Platform
- Venmo’s new tool flips mobile payments around
- Peer-to-Peer Platforms are Disrupting Bank Lending Around the World
- Popmoney Outperforms in P2P Payments
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.
- From Science to Art: Big Data Can Paint a Clear Picture for Banking CMOs, CIOs
- Big Data at J.P. Morgan: Delivering The Firm
- How to Reach Enlightenment with Big Data in Financial Services
- The next big data thing for banks
- Banks are just data vaults
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.
- Highlights from PFM Session at Bank Innovation
- PFM 2.0: Forget Pie Charts, Customers Want Help with Real-Time Decisions
- Consumer Appetite for Comprehensive, Mobile PFM Grows
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.
- 6 Big, Hair Ideas from Bank Innovation 2013
- Top Banks Shine on the Channel Convergence Panel
- Bank Innovation 2013 Gives Insight into What’s on the Minds of Bankers
- Highlights from Organizational Innovation Session
- Andera’s Blog: Bank Innovation Day 1 Recap
- Focus on the Customer Today to Create the Bank of Tomorrow