Top 5 Technology Trends in Financial Services – July 2013 - Perficient Blogs
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Top 5 Technology Trends in Financial Services – July 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.

Consumer Demand for Mobile Continues

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 and marketing strategies for delivering services and communicating value to their customers.    

The Future Model of Banking 

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.

Understanding the Customer Journey  

As our financial services experts discussed on the Bank Marketing Strategy blog, banking industry leaders believe an improved customer experience is the key to continued growth in the industry.  The concept of omni-channel is quickly materializing as a widely talked about opportunity for financial services providers with the shift toward an app-driven mindshare heightened by technology.  This is forcing industry leaders to find new ways to engage the digital customer and better understand the customer journey to support strategic technology decisions in business intelligence and analytics as well as portals and social.

Concerns with Operational Risk Weigh Heavy

We’re in for some interesting times ahead, as banks big and small face a delicate balancing act. For banks, there are rewards and sparkling new opportunities beyond their own branches, apps, and channels to partner with other companies: additional customer engagement, value-add retail services, the possibility for increased customer retention and brand recognition.  At the same time, banks  must constantly assess operational risks as additional regulatory requirements force investment in technology and place funding pressures on competitive innovation. 

Winning (and Losing) Payment Strategies

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. 

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