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Top 10 Trends In Banking Innovation

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A quick reference infographic visualizing "The Top 10 Trends In Banking Innovation" according to Chris Skinner's Blog. You can read the full article, on which the infographic was based, at http://upflow.co/l/kFLU/2016/02/the-top-ten-trends-in-banking-innovation.html

Published in: Economy & Finance
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Top 10 Trends In Banking Innovation

  1. 1. BANKING INNOVATION according to 10 Data Monetization 9 8 7 6 5 4 3 2 1 Social Value Chain Banks are recognising that their data analytics can leverage market opportunity Customers are willing to pay for this, and the banks that offer such services are more sticky. Banks don’t need to do all the work as customer can, and they want to. Many banks are engaging customers in crowd sourcing ideas Robot Force There are a few gimmicky robot services out there, particular in Japan where robots replaced tellers (I thought we had done the same in the UK until the teller moved and I realised then they were human), but it’s not just robo-advisors that are taking off. . The Banking of Things We know the Internet of Things (IoT) is coming, and it will need The Banking of Things (BoT) based upon the ValueWeb to support it, but things are already emerging in this space. Intermediate Everything It’s funny how I’ve heard about banks being disintermediated since the 1990s and yet they’re still here and they’re now bigger. I don’t believe banks will be disintermediated or, as we now call it, unbundled. Banks instead are reintermediating and rebundling everything and this trend proves it. Distributed Payments How about banking as a status symbol? Show off my contactless bracelet (La Caixa, Spain), biometric tracker (RBC Canada and HBOS UK), wearable suit (Heritage Bank, Australia), wearable everything (Barclays UK) and more. The Top 10 Trends In Talking Transactions We used to have boring transactional statements, but many banks are bringing transactions alive by integrating features and apps with other plug and play services, like Google Maps, Facebook and Instagram. Love those SMEs SME – Small to Medium Enterprises or, if you prefer, small companies – have been relatively unloved by banks in the past. They are high risk until established and, even then, unless they get to a certain size – more than $100 million revenues – they can cause credit risk concerns. Non-Stop, Always On The 24*7 bank is here, and it doesn’t cut the mustard to be 9 till 5 anymore. Equally, some banks are becoming more than just 24*7 by offshoring, Everything is Personal I like this one as I’ve talked 1:1 Marketing since the 1990s, but it’s finally happening, with one-size fits all only applying to scarves these days. The fact is that we now have a fully enabled digital customer platform where back office cloud and analytics can deliver real-time experiences through APIs anywhere, anytime. Read the full article at http://upflow.co/l/kFLU/2016/02/the-top-ten-trends-in-banking-innovation.html 64 Princes Court , 88 Brompton Road , Knightsbridge, London SW3 1ET, United Kingdom | Tel. : +44 2071172538 www.paymentcomponents.com @paymentcomp

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