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.
New Mobile Banking Features Rolled Out
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, new mobile banking applications and capabilities are helping to develop a competitive advantage, reduce costs and develop a more seamless mobile banking experience.
- U.S. Bancorp’s Plans to Remove Friction from Mobile Banking
- Bank of the West the First in US with No Log-in Pulldown Balance Lookup
- Regions Bank Rolls Out Innovative, New Mobile Deposit Apps
- City Bank Texas launches Picture Pay mobile bill payment service
- Banks Add Card Controls to Their Mobile Banking Apps
Mobile Payments: Apple vs. Amazon
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. 
- Amazon pitches anonymous mobile payment system
- How Apple and Amazon Will Shape Mobile Payments
- Apple Has Amazing Stuff Coming, Says Cook – But Not Until Fall
Portals Provide Visibility for Investment Banks
The latest portal and content management solutions provide financial institutions will a means to communicate, collaborate and leverage customer information for contextual targeting. As banks look to develop a more personalized and relevant online banking experience, segmentation strategies and responding to digital customer behaviors will give them the ability to deliver more compelling offers and value-added services. Portals and content management tools also allow for these capabilities, in addition to easier access to and management of financial information, investments and trading. Internally, the latest technologies for social business and collaboration improve efficiency, reduce call center traffic, promote knowledge sharing, and can even incorporate an enterprise social network.
- BNY Mellon boosts AccessEdge collateral management portal
- Bank of America Merrill Lynch Launches New Trade and Supply Chain Portal: Trade Pro
- The Future of Bank Product Strategies
The Bank Branch of the Future
Banks are faced with evaluating and rethinking the “bank branch” as technology and mobile consumers reshape the retail bank of the future. Online and mobile banking will continue to support a shift from traditional branches to more emphasis on digital channels. However, today’s leading banks haven’t completely abandoned the bank branch network. Financial institutions are trying to find the right balance to deliver a unique branch experience. Interactive technologies, kiosks and self-service banking stations using iPads, as well as video and web conferencing are all tactics banks are exploring to create a digitally enabled branch and improve sales.
- Bank of America overhauls bank branches
- Branding the Branch, Digitally
- Citi expands CitiDirect Banking Evolution service
- First Look: How Wells Fargo Envisions a Smaller Branch
- AIB opens branch to showcase digital services
Core Banking Transformation
Leading a core banking transformation is a major undertaking that requires CIO leadership skills and investment in technologies that help modernize their existing systems. However, banks soon will not have the option to push off this core transformation project. The benefits far outweigh the negatives, as core modernization allows banks to be more agile and respond to changing market opportunities. During this process of implementing new banking platforms, the use of cloud computing services and need for systems integration will become increasingly important.
- 2013 Bank Transformation Guide
- Transforming Banking Core Systems: Lessons from Busey Bank
- The Impending Modernization of Your Banking System: You Can’t Afford to Wait!
- Banks Must Ditch Legacy IT
- Inside National Australian Bank’s Core Transformation
- Mashreq Bank replaces 40 legacy systems with Oracle Flexcube
