Banking Trends and Challenges

Recent trends in banking technology: 1. Convergence of Mobile and Online Technologies - Mobile banking started as an innovation, something only techies and first adopters felt comfortable using it. But as smartphones have skyrocketed in popularity over the past few years, mobile banking adoption has increased along with it. As banks continue to search for efficiencies and consolidate operations, the convergence of mobile and online technologies looks to be a prime opportunity to do so. 2. The Rise of Business Process Management - Both to increase efficiency and ensure regulatory compliance, banks need better methods of gathering and reporting data using new and improved business process management tools. 3. Goodbye Email, Hello Message Center – Advantages of message center over classical secure e-Mail are that confidential and authenticated exchanges can be started immediately by any internet user worldwide since there is no requirement to install any software nor to obtain or to distribute cryptographic keys beforehand. 4. The 'Tabletization' of Banking and the User Experience - The "tabletization" of online banking gives rich user experience than mobile banking 5. Security increasingly is A Moving Target – As consumers increasingly spend their time on their smartphones and tablets, including for their banking needs, these devices also will become the growing focus of hackers and fraudsters, who are always on the hunt for ripe targets. 6. Integrating toward a Brave, New Post-Channel World - The days when a customer would walk into a branch to fulfill all of his or her banking needs are long gone. If a customer starts a loan application online and doesn't have time to complete it, that customer then expects to be able to come into a branch on the way home from work to finish it. However, in too many cases the same customer often will be asked to start the process all over again in the branch, due to a lack of channel integration. Banks will