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Money2020 Edition: Top 5 Technology Trends in Financial Services

This special edition of Perficient’s monthly technology trends report will focus on  news from financial brands speaking and sponsoring Money2020, top-of-mind emerging payment and financial services trends, and related industry news based on topics being discussed at Money2020 in just a few short days. Before you go, download Perficient’s Emerging Payments Toolkit and get all the payments tools and knowledge you need to engage customers with a leading mobile banking experience or make omni-channel retailing a reality for today’s digital consumer.

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Mobile Banking and Bill Pay

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.    

Money2020 Sponsors & Speakers in the News

Banks, payment providers, and retailers must rationalize payments as a key customer channel to to adapt to changing consumer expectations around their relationships with financial institutions and retailers. Disruption is at a feverish pitch right now as key non-banking service providers accelerate offerings to differentiate themselves from others in the marketplace. We’ll continue to see rapid innovation from the top innovators in the space, but it may very well be a few years before retailers and financial institutions see a return on mobile for transactions and not just customer loyalty.  

Strategies, Partnerships & Challenges Ahead

The industry is becoming increasing dependent upon the FinTech community to help organizations deliver innovative technology solutions for their customers.  A consistent theme in the financial services technology is surfacing among innovators – partnering.  Strategic partnerships with other companies and open APIs encourage innovation and accelerates an organization’s ability to bring new services to market. For these reasons, its important for retailers and financial services companies to keep a good pulse on the FinTech community and look to leverage partnerships and payment strategies where it makes sense in their business.  

The Future Model of Banking

Perficient’s financial services team has witnessed a watershed year as many leading businesses reach 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 technology partnerships (many of them may be disruptors), focus on in-house talent development, and reward strategic thinking to spur financial innovation for your organization.

Retail 3.0 

Omni-channel is fast becoming one of the hottest buzzwords in the payments and retail industry, and for good reason: According to PYMNTS.com, recent data suggests that 47 percent of retailers believe multi-channel shoppers are “significantly more profitable than single-channel consumers.” As a result, industry leaders to find new ways to engage the digital customer and better understand the customer journey to support strategic technology decisions by applying business intelligence and analytics as well as developing digital strategies around mobileportals and social.

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