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Top 5 Technology Trends in Financial Services – October 2012

by  on October 30th, 2012

Perficient

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.

Mobile Banking

Financial services organizations are mapping their customer-centric initiatives to mobile banking solutions in order to capture market share and gain a competitive advantage. Today’s consumer expects technology at their fingertips whenever they want it and however they need it.

Customer Analytics

In Financial Services, business intelligence can provide organizations the ability to use their data to improve customer retention, increase efficiency and operational effectiveness, explore new services and support enterprise risk management strategies. Analytics can provide the critical insights in meeting the organizations’ goals and help gain competitive advantage.

 

Big Data

Big Data is a current hot topic in IT departments all across the world, but beyond the hype, what does it mean for the Financial Services industry? In Financial Services the ability to use tools to understand and interpret Voice of Customer (VOC), risk and fraud patterns, and, in concert with mobile banking apps, offers real-time segmentation to build customer loyalty and retention, and the highest return in terms of value.

Payments

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 mobile capabilities best represent customer needs. Banks must rationalize mobile payments as a key customer channel to be competitive against emerging capabilities of non-bank payment providers.

2013 Trends and Spend

The next 12 months we will see growth and maturation of several technologies, including mobility, business intelligence, and big data to enable multi-channel capabilities such as loyalty and rewards, real-time offers, mobile payments and expanded mobile banking services. Data shows that financial institutions are still creating or refining segmentation strategies to leverage technologies that support their business. In doing so, the industry will also see an increased investment in updating and replacing core systems to support these emerging technology forces. It is important CIOs focus in and help lead their organizations in these areas to be successful in the digital age of banking.

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