EVOLUTION OF BANKING

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30 | The Evolution of Banking and Financial Services 04 TECHNOLOGY
DELIVERING CHANGE Legacy Systems Offshoring Mandatory change Integrity and security Biggest constraint on business Help or hindrance Cost of staying in business Trust on every level Bespoke vs. standard? Have IT costs really reduced? Bespoke vs. standard? Minimum expectation The Influence of Technology Society’s willingness to embrace technology has never been higher. A range of affordable and readily accessible mobile and cloud technologies have led to changes in consumer behaviour and expectations. Technology has already redefined the music and book industry, resulting in completely new business models for accessing and consuming these media. Changes in consumer expectations represent a growth opportunity within financial services because technology enables credit providers to push their customer relationships in new directions. Financial services and technology are inextricably linked, with the very essence of their provision – from balances, transactions and customer information – existing in the service provider’s data centre. The use of new technologies will deliver a multichannel consumer experience and enable financial institutions to enhance their customer engagement strategy. More than ever before, technology is shaping the next evolution in the industry, whilst also constraining its progress. Redefining how technology is utilised over the coming years will be key to success. This is a decision beyond just the CTO, but one for the Board, investors and customers. Supporting innovation Speed matters Better is better than best! The Evolution of Banking and Financial Services | 31
Page 1 and 2: COMPETITION LOYALTY COMPREHENSIVE-R
Page 3 and 4: 01 CUSTOMER 02 REGULATORy Framework
Page 5 and 6: EXPECTATIONS OF THEIR BANK Know me
Page 7 and 8: MULTI CHANNEL SERVICING Convenience
Page 9: The way forward A move to a custome
Page 12 and 13: Responding to the global financial
Page 14 and 15: Comprehensive Credit Reporting is a
Page 16 and 17: DRIVING CUSTOMER CENTRICITY Good co
Page 18 and 19: A MODEL OF CHECKS AND BALANCES FOR
Page 20 and 21: DELIVERING GREAT CUSTOMER EXPERIENC
Page 23 and 24: 03 NEW ENTRANTS The Evolution of Ba
Page 25 and 26: MOBILE PAYMENTS: AN OPPORTUNITY AND
Page 27 and 28: NON BANKS: DIGITAL WALLET, MULTIPLE
Page 29: CROWD FUNDING AND INVESTING Crowd f
Page 33 and 34: AP Interfaces TO SUPPORT BANKS’ S
Page 35 and 36: HARNESSING BIG DATA TO SERVE CUSTOM
Page 37 and 38: INNOVATION IMPACTING BANKING: ID an
Page 39 and 40: EXAMPLE OF PERSONAL FINANCIAL MANAG
Page 41 and 42: MOBILE BANKING payment £ £ PAY Mo
Page 43 and 44: VIDEO INNOVATION IMPACTING BANKING
Page 45 and 46: The way forward Technology solution
Page 47 and 48: 05 BANKING EVOLUTION The Evolution
Page 49 and 50: THE FUTURE Customer Educated and em
Page 51 and 52: RETAIL A new bank proposition - hel
Page 53 and 54: THE way forward Financial instituti
Page 56: Experian Australia Pty Ltd Melbourn

EVOLUTION OF BANKING

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