In the rapidly advancing world of technology, banks have to make strategic moves to keep up with the competition. With all of the recent cyber security breaches, gaining back customer trust is an integral issue for banks in order to continue business.
Much of the attention in the payments industry goes toward the consumer-facing side of the relationship. It shouldn't be a complete surprise because the success of new technology ultimately resides in the hands of customers who are willing to test out and, hopefully, embrace the latest and greatest systems. However, banks and financial services providers play a major role in enabling merchants to deliver innovative experiences to their customers.
According to IT analyst and consultancy firm, Ovum, 43 percent of banks' senior IT executives supported revenue growth as one of the top three strategic priorities this year. Improving internal operations is a core process for 38 percent of banks surveyed. While focusing on the customer-facing aspects of business remain critical, banks hope to streamline back-end processes and enhance product conversions.