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Retail banks to tackle “digital disruption” in 2013 PDF Print E-mail
Wednesday, 21 November 2012

Retail banks that remain torn between the opposing pressures of cost reduction and the need to invest in innovation will begin to address the balance in 2013, according to a new report from Ovum.

The consumer-driven digital economy and mobile revolution are the primary drivers of the “digital disruption” that fuels this need for innovation, with mobile payment solutions in particular set to continue to evolve and enter the market in earnest during 2013.
Efficiency and productivity will remain the banking sector’s mantra, however these will be driven more by innovation and service transformation than in previous years. Whether the bank in question sees itself as a technology company that does banking functions or as financial advisors, they will invest in innovation to meet the larger disruptions of the digital age or invest in more incremental innovation to improve process efficiency and customer experience. These customer experience enhancements will focus on creating a seamless cross-channel experience, incorporating digital communications driven by targeted analytics.
“While banks display continued uncertainty as to where to invest, 2013 will see many begin to cement their strategies,” commented Denise Montgomery, Research Director, Financial Services at Ovum. “In most cases, these strategies will be finalised in the next 12-24 months.“
The key trends noted in the report include:

·        The consumer driven digital economy and mobile revolution create disruption and the need to invest in innovation

·        Mobile payments solutions will continue to evolve and enter the market in earnest

·        Customer experience enhancements will focus on creating seamless cross-channel experience, incorporating digital communication driven by targeted analytics

·        Data, information, and analytics will improve decision making as Big Data continues its march to centre stage

·        Cross enterprise process efficiencies will entail building or extending online banking capabilities and resolving strategies around real-time core banking platforms where these have not been replaced.

(Source - Ovum Press Release)

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