Top 5 Technology Trends in Financial Services – November 2012

November 29, 2012
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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 Leads “Nexus of Forces” Charge

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

Prepaid Cards Present Opportunity

As competition in consumer banking continues to rise, banks are looking at new and innovative ways to capture additional marketshare. Banks are increasingly interested in prepaid cards as an alternative to traditional checking accounts.  The ability to attract new customers, as well as offer additional products to existing customers, are the main motivation for offering prepaid cards.

Big Data Helps Banks Find Value in Customer Data 

Big Data continues to be a controvercial, yet growing technology in banking. 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. As banks continue to evaluate Big Data for their business, trends in cloud services, data appliances, open source tools, social media streams and text analytics offer low-risk strategies for adoption in financial services.

Payments Continue to Evolve

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 mobile payments as a key customer channel to be competitive against emerging capabilities of non-bank payment providers.

IT Innovation Leads Bank 3.0 Revolution

As described by Gartner, the “Nexus of Forces” created by the convergence of mobile, social, cloud and information is impacting the financial services industry.  The power of these forces in addition to the  competitive landscape in financial services will continue to drive IT spending and innovation.  Banking CIOs must learn to harness the power of these forces and help lead their organizations to be successful in the digital age of banking.

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Original Post: http://blogs.perficient.com/financialservices/2012/11/29/top-5-technology-trends-in-financial-services-november-2012/?utm_source=rss&utm_medium=rss&utm_campaign=top-5-technology-trends-in-financial-services-november-2012

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