We offer an overview of current trends and forecasts of the banking innovations in 2013.
Mobile devices are becoming a central channel of bank interaction with clients. It is not just about mobile banking and remote operations and maintenance, but also about the marketing and promotion of products through this channel. Creation of applications for mobile devices, data visualization, introduction of personal finance control with a mobile phone, peer-to-peer payments, remote deposit capture, augmented reality and geo-targeting — are the areas which will be developed this year.
In this case, the banks’ efforts will be directed to provide convenient service to current customers, and to attract an audience which does not have access to banking services. Besides, a large number of applications designed for small businesses are expected.
Management, analysis and processing of large data are also on the agenda. Big Data technologies will allow to understand and interpret the behavior of each customer, to consider the risks and the possibility of fraud. Knowing the preferences of consumers, volume of expenditures and determining the location, the banks will be able to send individual offers at the right moment right on the mobile phone.
According to the experts, in the next five years, the shortage of qualified analysts in the USA will be 100-200 thousand people. Particularly acute personnel issue is in the banking sector.
The importance of social networks for banks will grow, and they will be considered from the point of view of return on investment.
With increasing role of online and mobile banking, the number of bank offices and branches will be reduced. Simultaneously with the transfer of pattern operations to remote channels, the customers will continue to apply to the departments for complex operations such as mortgages and investments. On the one hand, it will require a higher quality of staff; on the other hand, they are more likely to focus on building of long-term relationships with customers and on increasing sales.
Clients expect multiple channels and expect to get a handy, familiar and safe service, regardless of which channel or interface they use. The banks will have to invest in the development of an integrated architecture.
Previous years have been marked by the appearance of a large number of digital wallets. But it is doubtful whether banks will remain on the sidelines and will silently watch as PayPal, Square and others eat off of the market. If the process can not be turned, you need to head it. Sberbank, for example, has bought a controlling stake in the company Yandex. Money. The rest, in the order to be competitive for new opportunities of nonbank payment services, will focus on payment by mobile phone.
At the same time the banks should be wary of large retail and technology companies, which also entered the race for the transactions. In this field, retailers and mobile operators are known to be in the better position than the retail banks.
What other trends, in your opinion, will be relevant in 2013?
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