“‘Banks could find opportunities to reprioritize their investments in their digital capabilities, achieving both higher customer satisfaction and revenue on the same amount of technology investment,’ said Jim Van Dyke, CEO of Javelin Strategy & Research. ‘Banks need to separate faddish bells and whistles from the features that truly lead to greater value with customers.’”
“Silicon Valley Bank’s Jon Barrett calls 2014 a year of maturity milestones for many in Fintech, especially in lending & payments. ‘The loan outs and payments processed have left the youthful language of Millions, entering Billions and the surging growth continues,’ he said. ‘This scale has given innovators a stronger voice within the industry, allowing them to form a direct dialogue with Regulators & Governments with an aim to drive fundamental industry change.’”
Banks spend more on IT, hoping the cloud is silver-lined
Reuter’s @Tom Miles reports two-thirds of banks planning to spend more on IT this year, the highest percentage since 2008.
“Private banks were second only to retail banks in worrying about customer loyalty - and with good reason, said the survey's author, Temenos' chief strategy officer Ben Robinson. Younger tech-savvy clients ‘have zero interest in banking the way their parents did’, he said. But banks must spend wisely to avoid their IT infrastructure turning into a spaghetti-like mess.”
Tech has raised the bar on customer experience higher than ever; here’s why you should care
Venture Beat’s @PV Kannan talks Michael Moritz and George Shaheen about the vast importance of the customer experience.
Shaheen: “A lot of us are control freaks, so when we can do it ourselves, we can do it faster; we can do a better job of making things go our way. I think the trend in the future will be taking charge of your customer service experience yourself. The true test with technology advances is how much more of that is transferred to the individual consumer and how much easier and how much better they can do it themselves. We’re going to see that trend hit the heart of customer service because that is where it has to go to meet customer expectations.”
Explain it to me like I’m 5: Implementing Omni-Channel Banking Using the ELI5 Strategy
Rohit Srivastava on following the lead of Panera Bread and Netflix to create an ideal omni-channel approach to banking.
“I realized my son watches Netflix and Netflix is setting consumer expectations quite high when they enable consumers to continue a movie from the point they left last time regardless of whichever channel they choose i.e. TV, iPhone or iPad. I thought to myself again that Netflix is a unique example and that’s why my son expects it. Okay, that’s just one example of an innovative technology company born on the Internet – makes sense …”
“With the first wave of apps utilising Apple's TouchID fingerprint recognition system coming to market - both US neo-bank Simple and PFM outfit Mint have shipped their first iOS upgrades to incorporate the technology - biometric verification is beginning to gain currency among businesses and consumers as a useful tool in the fight against fraud. Earlier this month, Barclays launched a biometric reader for corporate client log-in using vein authentication technology from Hitachi.”