13 Banking Trends For 2013

From increments to exponents 13 BANKING TRENDS FOR 2013 Analytics gets real time, and mobility is a priority Banks will combine existing and real-time information of a customer, transaction and product to integrate it with applications like location-based services The core evolves Transaction history will emerge as a way to identify new product / service requirements or push contextual offers from transaction to intelligence Time to cash in the 774 chips on gamification Banks look to tap into the virtual gaming ecosystem or charge a fee for facilitating end-to-end payments of virtual currencies Socializing pays off with a new Social media qoes from customer care to new selling opportunities - powered by peer recommendations, personalized services, and co-creation of products revenue stream Banker, retailer, telco, technologist: the new gang of four Banks go from collaboration to co-creation, with new services and products that combine offerings from banking and non-banking entities A shift in mindset and training The teller is a programs help tellers become trusted salespersons who understand customer needs and proactively recommend new services jolly good seller 65 plus is easier to serve than 30 minus The rush to woo Gen Y customers will be coupled with increased focus on senior citizens globally - as they have considerable savings, want simple products, and are less likely to jump ship Life stage banking All customers at the same life stage like education or marriage may not gets overlaid with have the same needs- their lifestyle - influenced by geography, culture and interests - will define their lifestyle banking banking solutions THE CIO'S AGENDA Baby steps, not big bang: progressive modernization Use a phased approach to avoid disruption and experience the possibilities with projects for new channels, customer segments, and lines of business Try some real estate on the cloud Use one of the big three - infrastructure, platform, or software as a service - to test the'cloudability'of areas like end-user computing, payroll processing, or procurement If IT is a problem, Those grappling with legacy systems need creative thinking to build new self-healing IT layers that simplify processes and increase automation it's also a solution In search of the right outsourcing model Rather than outsourcing everything or not outsourcing at all, banks need to outsource the right processes to the right IT or BPO partners Mobility: the ultimate troubleshooting device The ubiquity of mobile devices can be a great way to access and address IT problems'anytime, anywhere'- solving not just their issues, but also those of their customers Infosys Building Tomorrow's Enterprise