This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Verizon Business Identifies 10 Key Trends Changing The Face Of The Financial Services Industry

BASKING RIDGE, N.J., Oct. 21 /PRNewswire/ -- Technological advances, regulatory changes and blurring lines between professional and personal lifestyles will significantly shape the financial services industry's landscape throughout the next decade. Verizon has identified 10 emerging trends that are key factors in this transformation, and that will create an even stronger focus on advanced security measures within the industry.

The industry perspective, " Top Ten Trends of the Decade in Financial Services," written by Chandan Sharma, global managing director of Verizon Business' financial services practice, identifies the trends that will likely reshape the way financial services firms conduct business in the future.

"The combination of these 10 trends shows that technology is increasingly blurring the line between personal and professional lifestyles," said Sharma. "For example, for consumers, the same features that are in physical bank locations will now be available on their mobile phones. As transactional self-service becomes the norm, especially for personal banking, the industry is going to operate in a new style and pace. By analyzing the intersection of these changes, we are advising financial firms to prepare for the expected and unexpected opportunities that lie ahead, such as an increased focus on security for the amount of consumers adopting mobile banking."

Here are Verizon's top 10 emerging financial services trends:

  1. Transactional self-service will become the norm: Mobile, online and telephone banking channels will become the avenue of choice for personal banking. As branch networks significantly shift toward advisory services, mobile security will become even more important.
  2. Applied intelligence at the point of sale and service is about the only thing that will matter: To attain and retain high levels of customer service and satisfaction, banks will seek to develop superior relationship intelligence to build high levels of customer trust and retention.
  3. The war between privacy and personalization will reach a truce - creating a win-win for consumers and financial institutions: Bank customers will not be put off by institutions making use of their personal data if they can see a benefit. Institutions that successfully track behavior and lifestyle preferences can significantly improve the customer experience.
  4. Liquidity will become more fluid or more volatile: Convertible assets will become more transient, requiring much more efficient systems to access liquidity globally.
  5. Non-traditional competitors will emerge -- and create disruption: New rivals will emerge both in the retail and payments segments of the industry, threatening current business models.
  6. Automated teller functions will evolve: To benefit the customer experience, ATMs will morph into localized shared digital commerce kiosks. Digital payments will grow at the expense of cash, and there will be an increased adoption of shared commerce kiosk-provider networks.
  7. Multi-enterprise communications underpinning e-commerce will get a facelift: Purpose-built financial ecosystem infrastructures will emerge where applications and services are securely delivered on an "as-a-service" basis by trusted global providers.
  8. The network will become the business infrastructure platform: The network will become a strategic business infrastructure platform where the delivery of business and technology services will be orchestrated securely.
  9. Sourcing models will be redefined: There will be shift to an extended digital virtual financial enterprise, offering consistent and verifiable operational controls regardless of where or by whom the work is performed.
  10. 'Everything as a Service (EaaS)' IT and information architectures will deliver efficiency dividends: Digitization, virtualization, standardization, and flexible services-oriented cloud architectures will be increasingly adopted and deliver improvement in efficiency.

"We're applying our expertise delivering advanced technology and security solutions with professional consulting services to help our clients make the most of these trends," added Sharma. "Verizon Business' strategic direction to deliver everything-as-a-service -- and the company's experience in developing and delivering some of the world's most sophisticated business platforms and leading managed security solutions -- will play a key role in helping financial services customers to capitalize on the trends identified by the report, and create a modern and sustainable competitive edge."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs