So, to find out what we may be able to expect from 2015, we looked to our readers and collaborators to see what they think next year has in store.
Click through the images below to read them all, and let us know what you think.
More Mobile, More Money: As we continue to see a critical mass in adoption of mobile apps to make all aspects of consumers’ lives easier and more efficient, I predict that we’ll see more and more usage of mobile apps for banking transactions. In turn, I anticipate that banks will enable more mobile functionality and see swift adoption, – not just by consumers but by small businesses as well. – Cheryl Flink, chief strategy officer, Market Force Information
The Next Layer of Security: 2015 is going to be the year we see the role of passwords as a security tool diminished to the point where nothing of importance is secured with a password as the primary barrier. EyeVerify’s eyeprint technology is at the center of better mobile security through biometrics and we’re seeing an unprecedented level of frustration and annoyance by consumers and financial institutions with passwords. – Chris Barnett, EVP, Global Sales & Marketing, EyeVerify
Pay and Pray: Data controls give banks and credit card companies the tools to alert them when potentially fraudulent or criminal activity has happened, whether it is in a traditional sense with a credit card, or with the added complexity new technologies like ApplePay. With this being the first holiday season with ApplePay available, and high-profile retail data breaches still in consumers’ rear view mirrors, consumers will demand that their banks have these kinds of data controls in place, which help banks and card companies find unusual activity in the consumer’s spending or card usage. – Mark Johnston, product adoption manager, Infogix
The Next Digital Wallet?: Payments will undergo continued churn as financial services seeks to determine how Apple Pay and other payment alternatives will impact the market landscape – Russell Lester, Senior Director, Analytics, Digital Insight.
In-Person Prioritized: Of those who spoke with an advisor in the previous 90 days, 57% were likely to recommend their bank to others, compared with just 47% of those who did not speak with an advisor. For those reasons, I predict that banks will invest more resources in training and empowering their advisory services teams in order to win market share of financial product portfolios. -Cheryl Flink, chief strategy officer, Market Force Information.
Boomers Booming: Boomers and Seniors will continue to accelerate their adoption of Interactive and Digital alternatives. Overall, nearly one third of Digital Banking users will be Mobile-only by the end of 2015. – Russell Lester, Senior Director, Analytics, Digital Insight
Automation and ALLL:
Regulatory changes like Basel continue to make data management and reporting more important for banks, so it makes sense that financial institutions will dedicate IT spend to compliance and data management in 2015. We think more financial institutions will turn to automation to meet needs, particularly for accessing and reporting on data for heavily regulated areas like ALLL and stress testing. – Libby Bierman, analyst, Sageworks
Diving in on Data:
Organizations will invest in a deeper level of data mining of digital bankers in order for more effective cross-selling. Further banking regulations will place added pressure to financial institutions’ profits and losses, and targeted cross-selling efforts will be necessary in order to maximize revenue. – Jason Weinick, Manager of Analytics, Digital Insight