Predictions 2015: Financial Services

TechMarketView’s theme for 2015 of Joining the Dots is particularly appropriate for the Financial Services sector where the competitive landscape is being transformed as technology advances, devices proliferate and as more and more data is available.

Established companies need to join up the dots more quickly so that their huge IT investment can provide the type of customer experience and informed decision making that customers increasingly expect. At the same time they must deliver the cost savings, efficiencies and control demanded by the competitive and regulatory environments. In 2015 we expect faster progress– otherwise incumbents will see their markets taken over by nimble newcomers who have joined the dots in new and imaginative ways.

In 2015 FinancialServicesViews will be exploring how suppliers can support sector participants, old and new, as they deploy all this new technology to build, or hold, market positions. We expect to see the following key themes:

- Focus on customer experience: Customers demand seamless, joined-up communications across multiple channels with their FS provider. Getting this right drives higher revenues and lower cost due to channel shifting and straight-through-processing.

- A move to “Systems of Engagement”: Replacing siloed databases and enterprise applications with “joined-up” systems enables the use of Big Data and analytics techniques and improved operational productivity

- Faster rationalisation of system portfolios: Big FS players will improve agility, improve response times and lower cost by further reducing the number of systems (and suppliers) that they use.

- Greater use of cloud: To deliver change and growth, FS players need more agile, flexible and cost-effective infrastructure. Cloud Services are the answer and 2015 will be their year.

- Greater focus on value add by the FS players: This will drive greater use of standardised software and OpenSource, with more and more functions delivered “as-a-Service”, increasingly by third-parties.

Subscribers to FinancialServicesViews and MarketViews can read about these Predictions in full here: Predictions 2015: Financial Services. You can also join the debate on Twitter using #TMVJoiningtheDots or #TMVPredictions2015.

If you do not currently have access to the FinancialServicesViews research stream and would like to, please contact Deb Seth.

Posted by: Peter Roe at 08:00

Tags: outsourcing   cloud   financialservices   predictions   bigdata  

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