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2013 Forecast: The Hot Technologies That Will Define Banking

Cloud, digital payments and mobility will loom even larger in 2013, our panel of industry experts say.

Value-Added Services

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Dominic Venturo, chief innovation officer for payment services, U.S. Bank

I think mobile will continue to evolve to incorporate value-added services, rather than just things like checking a balance. For example, if a customer already uses mobile RDC, the bank has the ability to add a mobile bill pay to its platform using that same technology. I also think we'll see more activity in the daily deals and offers space connected to the banking relationship. That space is so dense, the consumer deals with too many choices that it bogs them down. Those offer platforms can then be challenged. Banks can use their customer data to filter out what is truly relevant, and present targeted offerings to consumers who do business with them. This is starting to happen with card-linked offers. One other thing, is that we are two years away from the date where EMV needs to be implemented in the U.S., banks are going to have to look ahead to that.

The Cloud Will Loom Large in 2013

Brewer

Nicholas Brewer, senior analyst, Aite Group

2013 will see the level of bank investment in large and complex technology projects beginning to increase for the first time in almost five years. The specific projects may vary between core banking systems, complex CRM systems and various other kinds of enterprise banking solutions, but it seems clear that this change will be heralded by a few high profile decisions and announcements during the year, with traction rapidly being gained across a wide range of banking market segments. How will this investment be different from the spending pattern of a few years ago? 2013 should shape up to be the year that the cloud became both commercially acceptable and necessary to the banking community. Specifically, we should see an increase in the number and size of banks in developing countries choosing cloud deployments for their core processing systems, while larger banks look to dip their toe in the water by moving some of their key, non-banking software assets into the cloud. The reason for this is the unstoppable force of the logic of technology investment. The dramatic slowing down in the rate of improvement in server performance has made it, once again, economic to invest in platforms for long-term provision. This means that banks will need to decide whether they approach their IT infrastructure from the perspective of being either a consumer or provider of data processing and storage capacity; in either situation they will find that the drive to address the cloud is irresistible.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Lauren Hand
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Lauren Hand,
User Rank: Apprentice
3/12/2013 | 9:34:08 PM
re: 2013 Forecast: The Hot Technologies That Will Define Banking
I am trying to find out what a good Marketing Analytics software is for our bank. We currently use a database that stores all our customer accounts and information but I do not have any program to use to identify our best customer, create leads or cross-sell to our current customers. I am not sure if an analytics software, marketing dashboard or CRM is the best for us to accomplish our needs. Any advice?
Melanie Rodier
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Melanie Rodier,
User Rank: Apprentice
12/19/2012 | 2:45:05 AM
re: 2013 Forecast: The Hot Technologies That Will Define Banking
Very interesting. I agree that banks can't dictate how they interact with customers anymore, now it's the other way round. That's true of so many industries today. Companies have to jump on the social media bandwagon or risk losing out big time, whether it's existing customers, new ones, or much more.
Byurcan
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Byurcan,
User Rank: Author
12/18/2012 | 7:39:11 PM
re: 2013 Forecast: The Hot Technologies That Will Define Banking
-Indeed, it should be an interesting space to follow
Byurcan
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Byurcan,
User Rank: Author
12/18/2012 | 7:38:42 PM
re: 2013 Forecast: The Hot Technologies That Will Define Banking
.
Nathan Golia
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Nathan Golia,
User Rank: Author
12/17/2012 | 3:25:25 PM
re: 2013 Forecast: The Hot Technologies That Will Define Banking
Nice job Bryan. I'm really looking forward to following digital payments next year G not sure exactly what the play might be for insurance companies but it seems like there might be some crossover there eventually.

Nathan Golia
Insurance & Technology
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