Getting ready to make those financial IT-related New Year’s resolutions? Well then, you’re in luck! This week’s FIN List is dedicated to helping you address the tech challenges you might be faced with in 2017. Read on for the latest on solutions to meet customer expectations, core challenges, cloud adoption, and growth and security challenges head-on!
- Customers expect multichannel services. Consumers increasingly expect financial services on-demand and on their terms. While a majority of consumers prefer online or mobile banking, and those channels are far more frequently accessed for day-to-day interactions, a surprisingly high number of consumers still visit the branch.
- Addressing core banking replacement. A new approach to core replacement breaks the core into components and enables the capabilities one at a time. This allows for a more modular process for core enhancement that can reduce cost and complexity, which allows the bank to work toward a more efficient, advanced core without the large-scale investment needed to complete a full core banking replacement.
- Moving front-office functions to the cloud. A new study from Celent found an increasing acceptance of cloud technology, particularly among the buy side. While in the past cloud tech has been used mostly in non-core and non-proprietary data environments, it’s now being considered for front-office functions as more firms grow comfortable with the security of the cloud.
- Personalization is the key to growth. Credit union members desire more personalization and in-person interaction at the branch than bank customers do. A new study shows that credit unions do a good job of delivering personalized service — 85% of respondents reported having a personalized experience with their institution.
- Investments in security are paying off. Security operations centers (SOCs) are making a solid contribution to reducing security incidents and improving operational maturity. Most of the 67% surveyed who experienced an increase in attacks felt that this was due to better detection capabilities or an actual increase in attack volume.
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