Worldwide Financial Services 2014 Top 10 Predictions: Embarking on the Decade of Value Creation
LONDON, Dec. 18, 2013 /PRNewswire/ -- Reportbuyer.com just published a new market research report:
Worldwide Financial Services 2014 Top 10 Predictions: Embarking on the Decade of Value Creation
This IDC Financial Insights report presents our top 10 predictions for global financial services. Despite the recovery made through most of 2013, economic uncertainty, slowing global markets, and increased regulation have continued to prevent global growth needed to propel the industry. 2014 will present its own challenges, particularly as the previous year's problems have not been solved going into 2014.
According to Scott Lundstrom, group vice president and general manager, IDC Financial Insights, "What we will be looking for in 2014 is to see how financial institutions balance initiatives between investing in innovation and providing value for the customer, all while placating the regulators. In addition, the IT organization continues to struggle with when and where to invest in today's technology -- particularly as we are in the midst of a significant tech refresh."
Table of Contents
Predictions
In This Study
Situation Overview
IT and Economic Outlook for 2014
Key Technology Drivers
Big Data and Analytics
Mobile
Cloud
Social
Key Business Drivers
Regulatory Pressure
Customer Engagement
Increased Efficiencies
Future Outlook
1. Overall IT Spend in Financial Services Will Exceed $430 Billion in 2014 and Will Exceed $0.5 Trillion by 2020; Consolidation and Cooling Emerging Markets Will Make Impact
2. Institutions Will Leverage Their Investments of the Past Three Years, Improving Compliance Data Management with New Initiatives to Extract Additional Business and Operational Value with Analytics-Based Capabilities
3. All Modernization and Improvement Initiatives Will Include Three Components to Be Successful (Technology, People, and Processes); We've Focused Too Long on Technology in a Vacuum, and in 2014, We'll See the IT Organization Become More Important
4. The Most Successful Financial Institutions in 2014 Will Be Those That Can Deliver an Enhanced Omnichannel Experience to Their Customers and Prospects, Using New Enabling Technologies and Supported by Appropriate Business Processes
5. Core Transformation Projects Will Create Opportunities for Banks to Out-Innovate Their Peers, Giving Innovators Years of Technology Advantage Over Core Banking Laggards
6. Consumers Will Become the Disruptors in Financial Services by Minimizing Their Interactions with Their Primary Institution and Increasing the Use of a Variety of Purpose-Built Apps That Provide Immediate and Focused Value
7. Lured by Their Aggressive Growth in Premiums, Insurers Will Continue to Pay Close Attention to the Emerging Market Nations in Developing Asia/Pacific and Latin America
8. The Battle for Dominance on the 3rd Platform Will Begin as Firms Move from Ad Hoc, Repeatable Initiatives to Managed Initiatives and New Application Mashups That Target Value Creation in Customer Acquisition, Market Intelligence, and Operations
9. Investment in Risk Management Information Technologies, Services, and Skills Will Exceed $71 Billion in 2014 as Firms Industrialize Credit and Market Risk System, Operational Risk Disciplines Get Renewed Support, and Management Learns to Sell Risk
10. Mobile and "Alternative" Payment Adoption Will Remain Muted in 2014 as a Wide Array of Providers Try to Find a Value Proposition That Resonates for Both Merchants and Consumers
Essential Guidance
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Related Research
Synopsis
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Worldwide Financial Services 2014 Top 10 Predictions: Embarking on the Decade of Value Creation
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Sarah Smith
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