IBM has identified five essential qualities for banks seeking to thrive in today’s increasingly digital and cloud-first environment. Like many other industries, the established players in banking are constantly facing changes and new competition. These challenges stem primarily from on-the-cloud start-ups and agile FinTechs, a group of businesses that Moody’s Investor Service estimates as high as 4,000-strong worldwide and on the receiving end of $19 billion in venture capital funding.
Studies & Reports
Carbon Black, a provider of next-generation endpoint security, has announced the results of its latest research report, “Beyond the Hype,” which aggregates insight from more than 400 interviews with leading cybersecurity researchers who discussed non-malware attacks, artificial intelligence (AI) and machine learning (ML), among other topics.
In the next stage of artificial intelligence adoption, banks will use AI to help understand the intentions and emotions of customers and enable better interactions, according to a new report from Accenture.
ath Power Consulting, a leading financial services research and strategy firm, has released of the fourth edition of The ath Power Consumer Digital Banking Study, a detailed assessment of digital banking usage, offerings, delivery methods, and customer experiences at financial institutions nationwide.
Tripwire, Inc., a leading global provider of security and compliance solutions for enterprises and industrial organizations, has announced the results of a study conducted in partnership with Dimensional Research. The study looked at the rise of Industrial Internet of Things (IIoT) deployment in organizations, and to what extent it is expected to cause security problems in 2017.
A new update to the Worldwide Digital Transformation Spending Guide from International Data Corporation (IDC) forecasts worldwide spending on digital transformation (DX) technologies to be more than $1.2 trillion in 2017, an increase of 17.8% over 2016. IDC expects DX spending to maintain this pace with a compound annual growth rate (CAGR) of 17.9% over the 2015-2020 forecast period and reaching $2.0 trillion in 2020.
StrategyCorps’ second annual “Consumer Checking Financial Performance Report” provides detailed analysis on more than 4.5 million checking account relationships incorporating over 600 million data points using its database from its CheckingScore analytical solution. The result is the most insightful and actionable information on consumer checking for financial institutions to use in benchmarking their own performance and to incorporate into their product and checking line-up decision-making.
February 21 – The U.S. person-to-person (P2P) payment market in 2016 has experienced dramatic growth with almost $500 billion in P2P transactions from a bank, non-bank or money transmitter service. This market will experience further expansion over the next year, as the number of consumers conducting at least one digital P2P transaction in the past 12 months increased in 2016.
January 30 – Global spend via mobile wallets is expected to rise by nearly 32 percent this year to $1.35 trillion, a new study from Juniper Research has found.
January 27 – According to a new report published by Allied Market Research, titled, “Neo and Challenger Bank Market-Global Opportunity Analysis and Industry Forecasts, 2016-2020,” the collective customer base of the neo and challenger bank is expected to grow at a CAGR of 50.6% from 2017-2020. Neo and challenger bank market trends are expected to be progressive in coming years. China is expected to witness the highest growth rate during the forecast period, owing to the large pool of underbanked consumers and surge in online and mobile banking users.