ATLANTA, Jan. 22, 2013– William Mills Agency, provider of financial public relations and marketing services, today released its annual financial services industry research, “Bankers as Buyers.” The tenth annual report is a collection of research, observations and articles about what technology, solutions and services U.S. bankers will buy in 2013. It includes commentary and contributions from leading industry analysts, banking consultants and financial technology professionals. The survey is available for free download at Bankers as Buyers 2013.
Some of the insights are provided by: Aite Group; American Banker; Banno; CARDFREE; Celent; Clientific; Cortera; CSI; Crone Consulting, LLC; Finovate Group; Fuze Networks; IDC Financial Insights; Jack Henry Banking; Javelin Strategy & Research; MoneyDesktop; ORCC; ProfitStars; Q2ebanking; Sawyers & Jacobs, LLC; and Symitar.
This year’s findings indicate a slow but positive climb out of the financial crisis. Strength is returning to the financial services industry, and established technologies are gaining more ground. This year’s survey found the largest percentage increases in technology spending in the coming years will not be from the larger institutions, but from the next tier of banks, those between $1 billion and $10 billion, according to IDC Financial Insights.
Some key findings from this year’s “Bankers as Buyers” survey include:
- North American financial institution technology spending is expected to increase to $57 billion according to IDC Financial Insights.
- A total of 14,210 financial institutions make up today’s depository landscape, which is down 3.7 percent from 2011 according to the FDIC and CUNA.
- While much of the focus on payment technology is on mobile, financial institutions are looking at improvements in online payments, ACH, P2P payments and even prepaid payment cards to attract customers.
- Mobile Banking gained a stronger foothold in 2012 as financial institutions sought to meet increasing consumer demand for anytime, anywhere financial services.
- Consumer Mobile Banking is now used by 33 percent of mobile consumers according to Javelin Strategy & Research.
- According to the 2012 KPMG Community Banking Outlook Survey, 47 percent of respondents identified regulatory and legislative pressures as the most significant barrier to growth over the next year.
- Raymond James predicts North American bank IT spending will continue to grow at the three-year compound annual growth rate of 3.1 percent.
- An older technology that is getting increased adoption in financial institutions is branch/teller capture with a 98 percent expected adoption rate in 2013 and 2014, according to Celent.
- Cloud computing is a reality now, financial institutions no longer need to be convinced, rather executives are asking about different cloud strategies, according to Dan Holt, president and general manager, Managed Services, CSI.
- Being able to leverage data will be increasingly important to a financial institution’s profitability, both in terms of serving consumers and in serving small businesses according to Jim Swift, CEO of Cortera.
- According to Celent, 80 percent of financial institutions are considering mobile RDC, enabling a consumer to take a picture of a check and email it for deposit.
About William Mills Agency
William Mills Agency is the nation’s largest independent public relations and marketing firm to the financial services industry. Founded in 1977, the Atlanta-based company has established its reputation in the industry through the successful execution of media relations, marketing services and crisis communications campaigns for hundreds of companies ranging in size from entrepreneurial start-ups to large, publicly traded corporations throughout North America, Europe and India. For more information, please visit www.williammills.com