 "IDC Financial Insights' Top 10 Predictions For 2013")
IDC Financial Insights hosted a webinar “IDC Financial Insights Predictions 2013: Financial Services” highlighting the top 10 predictions for the year ahead. Featuring analysts David Potterton, Jeanne Capachin, Marc DeCastro, Karen Massey, Aaron McPherson, and Michael Versace, the session provided organisations with insight and perspective on long-term industry trends along with new themes that may be on the horizon.
The Top 10 Predictions are:
Prediction 1 - The nascent community-based clouds in the financial services industry Will become the preferred cloud model in cost-conscious markets by striking the balance between lower operating costs and adequate service levels.
Prediction 2 - Banks will abandon social media as a customer service channel and focus on targeted marketing campaigns instead.
Prediction 3 - Competition between rival mobile wallets and point-of-sale integration technologies will result in a price war as competitors seek to gain market share and mindshare.
Prediction 4 - As spending on Big Data and analytic solutions tops $6 billion worldwide, operational efficiency ratios will begin to show signs of improvement.
Prediction 5 - Risk officers and CIOs will see capital spending and operational expense associated with risk and compliance on the continued material increase, topping $74 billion worldwide.
Prediction 6 - Regulation will reduce financial services profitability by a third by 2015 unless institutions implement enterprise data management strategies.
Prediction 7 - Global universal banks will continue to struggle to deliver the value of their complete franchises.
Prediction 8 - New formats will breathe new life to branch strategies, while investments in new channels will intensify.
Prediction 9 - Rising M&A activity in the financial services industry will drive the demand for more effective systems integration and interoperability.
Prediction 10 - Financial institutions will get serious about updating legacy systems.
“Our predictions in 2013 are more optimistic than in years past, however there is real concern that the technologies offered on the third platform may leave many institutions behind,” said David Potterton, Vice President of Global Research, IDC Financial Insights. “As we continue to see pressure on increasing revenue, being more efficient, and handling current and future regulatory changes, the successful organisations will be those who not only embrace the new platform, but are willing to invest in it. How well organisations managed the four key technology disruptors of big data/analytics, mobility, cloud computing and social, will dictate how much long term success the organisation will have.”