Mobile apps, cyber security, near field communication and biometrics, these are, according to international consulting firm Atos, the foremost important technology trends banks’ CIO’s should take into account.
In its latest 'Ascent' research series called 'Look out - Trends 2014+', consulting firm Atos presents an overview of the key technologies and solutions that the banking sector will be facing over the next years. The more than 30 identified trends are plotted against the business impact and spread over time:
The rise of mobile and the use of apps as a marketing, sales and service channel is already a widespread phenomenon in the market. In the coming years, Atos sees three key developments within this area. Firstly, mobile apps will be enriched with contextual data, such as social behavior or location based information. This will further align the relevance between services from banks and demands from customers, boosting customer satisfaction and sales conversion.
Secondly, mobile apps are relatively less mature in certain customer segments, such as of B2B, wealth management and investor relations. And lastly, apps can also be used more to benefit internal operations. "Mobile technologies could for instance enable corporate treasurers to have information at their fingertips, allowing them to optimize cash and investment portfolios" researchers write.
The range of Cyber Security issues which have dominated the headlines in Netherlands demonstrates how vulnerable banks are for attacks, and the impact it can have on their deliverance of services. As e-crime will in the coming years only increase, it is according to Atos increasingly vital that banks boost their Cyber Security processes and systems.
Near Field Communications
The technology of Near Field Communications is all about how devices (such as smartphones, tablets) communicate wirelessly over short distances, in a quick, simple and secure manner. "As the uptake of mobile devices incorporating NFC increases, and the value the technology becomes more visible, we will see more applications of this technology become visible" according to Atos. Applications include merging payments with mobile ticketing, mobile banking and customer loyalty programs.
As banking moves further into the online and mobile arenas, security technologies become more important for clients. Biometrics, including advanced cryptography, will according to the consulting firm play a crucial role in future identity management processes.