William Mills Agency, provider of financial public relations and marketing services, today released its annual financial services industry research, “Bankers as Buyers.” The twelfth annual report is a collection of research, observations and articles about what technology, solutions and services U.S. bankers will buy in 2015. It includes commentary and contributions from leading industry analysts, banking consultants and financial technology professionals. The survey is available for free download at: http://info.williammills.com/bankers-as-buyers-2015.
“2015 will be a perfect storm within the industry because of robust investment in fintech, competitive pressure from non-traditional financial companies and a wave of innovation,” said Scott Mills, APR, president of William Mills Agency.
Some findings from this year’s “Bankers as Buyers” report include:
- Forrester’s five-year ForecastView model predicts U.S. mobile payments will top $142 billion by 2019, up from $52 billion in 2014.
- The U.S. will continue to see net increases in card fraud, according to Lee Wetherington, director of strategic insight for ProfitStars, who shared that lost-and-stolen card fraud will approach $1 billion by 2018.
- On a worldwide basis, Wincor Nixdorf AG predicts that in 2017, banks will invest approximately $16 billion in branch transformation and related technologies.
- 64.8 percent of respondents in CSI’s 2015 Banking Priorities Study identified mortgage compliance as their greatest compliance challenge in 2015.
- Javelin Strategy & Research found that 10 percent of affluent customers (controlling $2.3 Trillion in assets) are likely to switch banks.
- Capgemini’s 2014 World Payments Report predicts that mobile payments will grow 60.8 percent in 2015.
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This year’s findings indicate financial institutions are continuing to stabilize as a result of increased economic growth. According to CSI’s 2015 Banking Priorities Study, banks and credit unions identified “Driving growth and Profitability” as their top concerns for 2015, and managing compliance is still a major challenge for the financial industry. The cost of regulatory compliance continues to rise, resulting in increased consolidation among smaller institutions. Investing in financial technology and services will be a key strategy to help banks and credit unions overcome their main challenges for the year, keep up with their competition and improve customer relationships. Mobile payments, big data and increased interest in user and customer experience represent huge areas of opportunity for financial institutions in 2015.
Some of the insights are provided by: Aite Group; Alkami Technology; CCG Catalyst; Capgemini; Celent; Clientific; Computer Based Solutions; CSI; Cornerstone Advisors; Crone Consulting, LLC; Credit Union National Association; D3 Banking; EFTA; FDIC; Federal Reserve Bank of Chicago; Forrester Research, Inc.; G2 Ventures; ICT Enterprises; IDC Financial Insights; Javelin Strategy & Research; Lodestone Banking Consultancy, Inc.; Malauzai Software, Inc.; Mercator Advisory Group; McKinsey & Company; Mobile Strategy Partners; Mortgage Bankers Association (MBA); NACHA; Ovum; ProfitStars; Sawyers & Jacobs, LLC; Wincor Nixdorf AG; Yantra Financial Technologies/CBW Bank.