4 Tech Trends Reshaping Business Banking in 2013
Business customer demands and the means of efficient business banking are rapidly changing as new technologies, data capabilities and regulation rise. CEB Towergroup recently released business banking’s top technology initiatives for 2013. Four of the most influential include:
1. Guidance Delivered Virtually. Increasingly, businesses want key financial data at their fingertips through a visually-intuitive online or mobile dashboard. For banks, online or mobile dashboards can be a way to cost effectively provide guidance and engage an emerging demographic of business owners that prefer banking through alternative channels.
- See our recent blog post on how dashboards can provide virtual guidance and access our Market Intelligence and Innovation Showcase to learn about innovations in information delivery and more.
2. Business Intelligence (BI) capabilities. The rise of Big Data has led many business banks to adopt BI tools over the past five years and translating those investments into results is becoming crucial. Leading firms have better access to data and can more easily translate data into business value, both in terms of CRM improvements and internal performance management.
- Learn how one bank created a structured, data-driven acquisition process to more efficiently grow new customers.
3. Next Gen Delivery Models. The shape of business banking demand is changing, with the bank’s highest profit potential customers preferring to bank beyond face-to-face. To capture this vital segment banks will need to bolster service and sales capabilities beyond RMs and the branch.
- Access a replay of our recent webinar to learn more about business owners’ channel preferences and how business banks’ current capabilities and strategy stack up.
4. Anti-money laundering (AML) capabilities. Around 5% of the global GDP is laundered every year, and in 2012 banks incurred significant fines for money laundering charges. While the majority of banks have formal AML systems, many still experience significant issues in executing an effective strategy.
- Explore our data tab on Anti-Money Laundering to understand the industry’s current capabilities, future investments and key vendors.