- 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.
- 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.
- 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.
- Liquidity will become more fluid or more volatile: Convertible assets will become more transient, requiring much more efficient systems to access liquidity globally.
- 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.
- 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.
- 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.
- 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.
- 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.
- '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.
Verizon Business Identifies 10 Key Trends Changing The Face Of The Financial Services Industry
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