In Global financial technology research firm IDC Financial Insights recently hosted a webinar in which it highlighted the top 10 predictions for the year ahead. Featuring some of IDCs top analysts, the webinar provided organizations with insight and perspective on long-term industry trends along with new themes that may be on the horizon.
According to the firms analysts the top 10 predictions are:
Prediction 1 - The nascent community-based clouds in the financial services industry will become the preferred cloud model in cost-conscious markets by striking the balance between lower operating costs and adequate service levels
Prediction 2 - Banks will abandon social media as a customer service channel and focus on targeted marketing campaigns instead
Prediction 3 - Competition between rival mobile wallets and Point-of-Sale (PoS) integration technologies will result in a price war as competitors seek to gain market share and mindshare
Prediction 4 - As spending on Big Data and Analytic solutions tops $6 Billion worldwide, operational efficiency ratios will begin to show signs of improvement
Prediction 5 - Risk Officers and CIOs will see capital spending and operational expense associated with risk and compliance on the continued material increase, topping $74 Billion worldwide
Prediction 6 - Regulation will reduce financial services profitability by a third by 2015 unless institutions implement enterprise data management strategies
Prediction 7 - Global universal banks will continue to struggle to deliver the value of their complete franchises
Prediction 8 - New formats will breathe new life to branch strategies, while investments in new channels will intensify
Prediction 9 - Rising M&A activity in the financial services industry will drive the demand for more effective systems integration and interoperability
Prediction 10 - Financial institutions will get serious about updating legacy systems
"Our predictions in 2013 are more optimistic than in years past, however there is real concern that the technologies offered on the third platform may leave many institutions behind, said David Potterton, vice president of global research, IDC Financial Insights. As we continue to see pressure on increasing revenue, being more efficient, and handling current and future regulatory changes, the successful organizations will be those who not only embrace the new platform, but are willing to invest in it. How well organizations managed the four key technology disruptors of big data/analytics, mobility, cloud computing and social, will dictate how much long term success the organization will have."
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