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.
Consumers Call the Shots with Mobile
Digital disruption threats, rising customer expectations and new technologies continue to advance mobile banking in the financial services industry. Wearable technologies like Google Glass and smart watches may soon allow consumers to manage finances in a whole new way. As a result, mobile banking has become a seemingly ubiquitous part of our lives and banking culture. How consumers’ changing digital financial expectations impacts banks, credit unions and non-banks is evident through the evolving mobile banking and marketing strategies for delivering services and communicating value to their customers.
- Consumers Calling the Shots in Mobile Banking
- 7 Reasons to Love GoBank
- AMEX’s Serve Gets Responsive Web Treatment as Mobile’s Importance Grows
- Mobile Payments: The Customer is King
- Next-Generation Mobile Banking Strategy: What’s on the Radar Screen Right Now
New Paradigms and Players in Payments
With worldwide mobile payment transactions set to $235 billion this year, based on Gartner’s most recent forecast, payment providers must rationalize payments as a key customer channel to be competitive, not only in banking, but also in retail and commerce. Based on these predictions the financial services industry we’ll likely see growth in P2P payments, money transfers, new bill payment capabilities, and virtual currency. Disruption is also at a feverish pitch right now as key non-banking service providers accelerate offerings to differentiate themselves from others in the marketplace.
- Cashing in on Mobile Payments with a Winning Strategy
- Worldwide Mobile Payment Transactions to Reach $235B in 2013
- Is there a pressing need for mobile commercial payments?
- NFC Stands for Nobody F****** Cares and Apple Gets That
- A Dark Horse Threatens to Win the Mobile Payment Race
Fusing Innovation with IT Leadership
2013 has been a watershed year for many financial institutions leading to a crossroads in innovation. They must innovate or die. As organizations face financial disruption head-on they will need more than just technology to make this happen. Banks need to challenge their development processes, tap into existing frameworks (like APIs), invest in partnerships (many of them may be disruptors), focus on in-house talent development, and reward strategic thinking to spur financial innovation for your organization.
- Is Financial Services Innovation Dead?
- API: Entry Point to the New ‘Open’ World of Banking
- Financial Firms Are Investing In Their No.1 Asset: IT Talent
- Nationwide arms IT pros for new tech challenges
- Learning the Business: How to Develop the Banking IT Leaders of Tomorrow
Social Business & Collaboration
Portal and social collaboration solutions put power into the hands of business users. They are the gateway to content, transactions, and processes. Whether content is distributed over the internet, captured and stored through electronic documentation, or used for internal communication, Financial Services organizations must have the strategy, processes, and tools in place to effectively manage their content.
- State Street: Social Business Leader of 2013
- Collaboration Goes Social for Banks
- Wells Fargo Redesigns Its Website with Tablets in Mind
- Square’s New Marketplace Highlights Twitter Commerce Possibilities
- Commonwealth Bank to Launch Online Social Forum
Will FIs Adapt to Become ‘Retailers’?
In the age of information, customers expect more from their on-line experience — better service, options, price, and ultimately delivery of products and/or services. Technology enables them to research information, compare products, and interact across channels seamlessly. The buyer/seller dynamic has evolved and experienced a remarkable transformation with the consumer empowered by access to virtually unlimited information and tools that ultimately raises the bar on expectations. This retail mindset is becoming more apparent in financial services as digital channels continue to see growth. A more integrated and innovative approach will be required for keeping up with business challenges to service the banking customer effectively and efficiently.
