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Meta-Analysis: Financial Industry Predictions for 2013

Topics: Trends
Tagged: , ,

We’ve analyzed a mountain of financial industry predictions for 2013. Here are the most interesting points of consensus.

1.     Mobile

No matter the source, mobile tops nearly every prediction list for 2013. However, predictions about mobile vary.

As reported by The Financial Brand, Jim Breune, CEO and founder of the Online Banking Report, sees the mobile channel as the driving force behind every move banks will make this year.

“Every product enhancement, marketing initiative, branding play, pricing adjustment, customer service tweak, security improvement and even new brick and mortar investment should be viewed through an online/mobile lens in 2013 and beyond.”

According to Bank Marketing Strategy, Bradley Leimer, vice president of Mechanics Bank, thinks this year the mobile innovation will continue, shifting focus from transactions to customer experience and personalization.

“Our mobile applications will see renewed focus on engaging and simplified customer experiences, and improved contextual offer placement. We’ll see more applications leveraging voice, as well as the social graph, because individualized preferences are critical.” 

2.     Big Data

Last year there was a lot of buzz, but uncertainty kept many players from venturing into this space. That may change, because ‘big data’ is forecasted to be a game changer in 2013.

Brad Peters, CEO and co-founder of Birst believes it will benefit banks in more than one area.

“We’ll see big data move beyond the data scientist in 2013…you won’t have to have a Ph.D., allowing the business analyst to start taking advantage of everything big data has to offer.”

In a recent Bank Innovation post, Mike Panzarella, Perficient’s director of financial services, said he expects the bank’s use of data will be centered around creating more desirable customer experiences.

“In 2013, we’ll see a continued focus on banks finding ways to leverage data to create a more interactive customer experience across channels. Financial institutions must become more data-centric to be able to transform their business models and support both new and existing products and services. Data governance and master data management will be fundamental to an organization’s success in the years to come.”

3.     Payments

The payments space has been transforming over the past few years with a surge in alternative payment providers and a reduction in interchange fees. Change in the payments space isn’t over.

Ron Shevlin, Senior Analyst from Aite Group, forecasts that the ‘digital wallet’ will be the front runner of up-and-coming payment types in 2013.

“The digital wallet will be the new battleground – for technology companies, financial services firms, and retailers/merchants. They say that politics makes strange bedfellows – but so will digital wallets. The evolution of the concept will involve a lot of interesting partnerships and joint ventures.”

In the Financial Brand predictions, Ginger Schmeltzer, senior vice president of emerging payments at Fiserv, warned:

“Financial institutions have an opportunity to be a leader in the changing world of payments…but they need to act now.”

Do you agree or disagree with these predictions looking into 2013? Share your forecasts with us.

-Christina Lysacek

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Zoot Staff Contribution

About Zoot Staff Contribution

Everyday, Zoot employees are working with the largest, most sophisticated banks in the world to solve their complex business problems. As Zoot employees gain new insights into the financial industry, they will share them with you as a Zoot Staff Contribution to ZootBlog.

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