Banking has picked up pace over the years. There is an increased focus on personalization and better service. As we move into 2014, there are a few key trends that we will see emerge and gain momentum.
Mobile: Innovations in mobility will continue to disrupt banking. More and more people will use mobile platforms, apps and smartphones to conduct personal financial affairs — to the point where it will become a way of life for many of us.
Wearable Devices: Wearable devices are making big inroads into enterprises. Some financial institutions have started experimenting with these devices for developing applications. Banks like Banco Sabadell in Spain and a handful of others have already launched banking apps for Google Glass. The speed at which these innovations are making their way to bank customers is something that should not be ignored. 2014 will herald wearables disrupt banking and its limitless possibilities.
Banking API Platforms: 2014 is the year we’ll see mobile banking make another digital revolution. To increase the productivity and drive sales effectiveness banks will launch their own open API platform for developers and mobile application development vendors to develop apps. How will this help banks? If some may ask. This platform will help in development of unique apps that will allow banks to create tools quickly for banking customer with different needs and interests.
Cloud: As cloud establishes itself across the business landscape, banks are showing keen interest in this technology. Banks look it as an opportunity to manage enormous capital growth and wealth creation because of some of its advantages like zero up-front capital requirement, shared service delivery and agility. This year we’ll see more banks adopting cloud services while carefully keeping sensitive data warehoused at private data centers.
Big Data: Until now big data was helping banks in providing greater visibility into customer behavior through social media and other digital channels. Recently, big data has become a hot item on every banks security agenda. We’ll soon see banks make significant strides towards leveraging big data to fight frauds and monitor transactions.