BS&T 2011 Executive Summit Report: Driving Growth In a Changing Industry
In an interactive session focused on 2012 IT spending priorities, Celent senior analyst Jacob Jegher identified several likely banking industry trends for 2012:
- The convergence of the online and mobile channels.
- Banking, saving and shopping -- the ultimate online banking triple play.
- Banks continue to work at monetizing self-service channels (e.g., merchant-funded rewards).
- Personal Financial Management conundrums -- mass market solutions don't work.
- The tablet will act as a catalyst to the redesign of online banking.
- Emphasis on user experience becomes mainstream.
- Security and data breaches galore.
Jegher also moderated a discussion with a panel of three 2012 Elite 8 honorees -- Ghan Desai, CIO/CTO of Team Capital Bank; Richard Ferarra, CTO of Woodforest National Bank; and Madge Meyer (right), chief innovation officer and technology fellow at State Street Corp., who discussed some of the challenges confronting bank IT departments today and in the future.
Meyer noted the need to invest "a lot of money" in compliance, even opining that banks "would go bankrupt" if they had to implement all the requirements of the nearly 3,000-page Dodd-Frank Act.