Banks will start exploring cost effective ways to bring operations back on shore in 2013, as they strive to meet regulatory targets and continue to drive down costs to satisfy liquidity requirements, according to business technology change consultancy, Certeco. The fact that banks will be onshoring consultancy operations will start to have a positive effect on youth unemployment levels in the UK.
In its predictions for 2013, Certeco, which specialises in the financial services industry, also flags up the fact that financial services organisations will be adopting “smart” regulatory compliance in the New Year, as banks in the EU gear up for Basel III. Smart compliance will be adopted in response to pressure to deliver business-focused change alongside regulatory compliance.
Certeco’s predictions, which have been developed following qualitative research amongst clients and partners, also include:
• Focus on mobile: there has been a sharp increase in the availability of sophisticated mobile technology. We see that there will have a to be a rapid acceleration in the way banks provide services across mobile to keep pace with other sectors and prevent them being impacted by P2P providers (eg PayPal).
• The rising use of “Digital Natives”: Certeco predicts an increase in the employment of digital natives (young people who have grown up with technology) at financial services companies in 2013, as banks start to realize the benefits of employing consultants with innate technological knowledge and the fresh insight they can bring to business technology change programmes.
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• Digital Customer Touchpoints: the financial services industry has a lot of catching up to do in terms of mapping their “touchpoints” (i.e. all the ways in which they engage with customers) and also how they use social media and other emerging technologies. In terms of customer service they are a long way behind other industries, such as retail, and this will be a major focus for them in 2013.
• Transformation in the insurance space: this industry tends to follow the banks, so with regards to mobile services, digital communication and developments in customer service. Mobile presents an opportunity to build stronger customer relationships and combat the comparison industry and Certeco predicts a sharp rise in insurance innovation in 2013.
• Commoditisation of IT: Certeco predicts the increasing acceptance of SaaS and Cloud in 2013, which will continue to position IT as a commodity service for the business. CIOs will increasingly be delivering the IT service, whilst the business will start to own the end to end change process.
Adam Ripley, chairman of Certeco, comments: “The financial services industry has been in continued recovery in 2012 although there have been set backs. Banking scandals, spiralling regulatory requirements, massive legislative changes in the insurance industry – banks, insurers and other financial organisations have very much been on the back foot during the last year. 2013 is looking more positive as banks steady themselves, understand the outlook in terms of regulation and compliance, then begin to rebuild their reputations and customer loyalty and start to ‘get their ducks in a row’ where infrastructure and systems are concerned.”
Sarah Wetherell [CC-BY-SA-2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons
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