William Mills Agency has released its 14th annual financial services industry research report, Bankers As Buyers 2017. Key trends in this year’s report include the continued evolution of payments technology, increased adoption of self-service and innovative branch automation technology, and further enhancements to mobile banking – all converging as part of an overlying strategy to improve the customer experience.
Leading industry analysts, consultants, bankers and financial technology professionals share commentary as well as insights on trends for the year. The report also includes research and articles about what technology, solutions and services U.S. bankers will likely purchase in 2017. Some findings include:
>>Jimmy Sawyers, co-founder of Sawyers & Jacobs LLC predicts that social media will become commoditized in 2017 and that Twitter will peak, then slowly die in 2020;
>>Ron Shevlin, director of research at Cornerstone Advisors, shared that they are expecting to see a renewed focus on CRM systems, which have been largely ignored by financial institutions over the last several years;
>>One-third of consumers surveyed recently by NTT Data expect mobile money to dominate payments within the decade; and
>>According to the Safe Systems’ 2017 Community Bank Information Technology Outlook Study, more than 80% of survey respondents have been affected by debit card fraud and email phishing attempts in the last 18 months, and due to these threats, more than 77% increased their IT security spending in the last 18 months.
“While investments in financial technology and fintech companies remain strong, it’s clear that in 2017 the industry will encounter change in where financial institutions are spending their money,” said Scott Mills, APR, president of William Mills Agency. “What we are seeing is that the quality of the customer experience is top-of-mind for bankers and vendors alike. Having technology that enables employees to better serve customers and having the right people and business partners in place is key to a meaningful digital transformation.”