It’s hard to believe, but 2016 is slowly winding to a close. In the spirit of looking ahead, this week’s FIN List has the latest on the financial IT trends sure to impact banks, credit unions and capital markets firms in 2017, including biometrics, branch transformation, digital banking, cybersecurity and Big Data.
- Embracing digital transformation. 87% of financial institution respondents say technology is intrinsic to digital transformation. By incorporating best practices and fostering an internal culture of cooperation and new technology, institutions can execute the digital transformations needed to keep pace and stand out in their industry.
- Next-generation biometrics. Behavioral biometric software is catching on in the banking industry, typically as one of an array of measures to prevent digital banking fraud. Behavioral biometrics also does something that physical biometrics such as fingerprints, retina scans and facial scans can’t do — it provides nonstop authentication.
- Big Data technology changes again. In a new report, TABB Group notes how “technology has moved on again,” as new technology is creating competitive market advantageswhile displacing expensive systems and processes that were recently installed. Where once sub-second “real-time” analysis was a competitive advantage, now the definition of “real time” has changed.
- The next phase of branch transformation. While reports of the death of the credit union branch have been greatly exaggerated, it is true that a transformation is underway. The “branch of the future” will be a redesigned mix of physical structure and automated transaction fulfillment supplemented with expert human support provided by onsite staff and/or via video interface with a dedicated contact center.
- Cybersecurity remains a top concern. Federal Reserve System Board of Governors chair Janet Yellen told Congress that cybersecurity “is one of the most significant risks our country faces.” Yellen calls on financial institutions to make sure internal controls are in place to effectively respond to cybersecurity threats.
Be sure to follow us on the blog and on LinkedIn to keep up with the latest industry trends. And don’t forget to check back next Wednesday for the latest FIN List.