|By Business Wire||
|December 9, 2013 12:15 PM EST||
Today, IDC Financial Insights hosted a Web conference, IDC Financial Insights 2014 Predictions: Worldwide Financial Services, highlighting the top 10 predictions for the year ahead. Featuring analysts Scott Lundstrom, Michael Araneta, Li-May Chew, Marc DeCastro, Roberto Gutierrez, Alex Kwiatkowski, Karen Massey, Matt Sauer, Jerry Silva, Michael Versace, and James Wester, the session provided organizations with insight and perspective on long-term industry trends along with new themes that may be on the horizon. The Predictions Web Conference series is designed to help company leaders capitalize on emerging market opportunities and plan for future growth. An audio replay of today's Web conference will be available within 24 hours. To access the replay, please visit http://bit.ly/IDCFI_WWFinancial_Predictions2014.
The IDC Financial Insights Top 10 Predictions are:
- Prediction 1: Overall IT spending in financial services will exceed $430 billion in 2014 and will surpass $500 billion by 2020; Industry consolidation and cooler emerging markets will impact long-term growth.
- Prediction 2: Institutions will leverage their investments of the past three years, improving compliance data management with new initiatives to extract additional business and operational value with analytics-based capabilities.
- Prediction 3: All modernization and improvement initiatives will include three components (technology, people, and processes) to be successful. The industry has focused too long on technology in a vacuum, and in 2014, the IT organization will become more important.
- Prediction 4: The most successful financial institutions in 2014 will be those that can deliver an enhanced omnichannel experience to their customers and prospects, using new enabling technologies and supported by appropriate business processes.
- Prediction 5: Core transformation projects will create opportunities for banks to out-innovate their peers, giving innovators years of technology advantage over core banking laggards.
- Prediction 6: Consumers will become the disruptors in financial services by minimizing their interactions with their primary institution and increasing the use of a variety of purpose-built apps that provide immediate and focused value.
- Prediction 7: Lured by their aggressive growth in premiums, insurers will continue to pay close attention to the emerging market nations in developing Asia/Pacific and Latin America.
- Prediction 8: The battle for dominance on the 3rd Platform will begin as firms move from ad hoc, repeatable initiatives to managed initiatives and new application mashups that target value creation in customer acquisition, market intelligence, and operations.
- Prediction 9: Investment in risk management information technologies, services, and skills will exceed $85 billion in 2014 as firms industrialize credit and market risk systems, operational risk disciplines get renewed support, and management learns to sell risk.
- Prediction 10: Mobile and "alternative" payment adoption will remain muted in 2014 as a wide array of providers tries to find a value proposition that resonates for both merchants and consumers.
According to Scott Lundstrom, Group Vice President and General Manager, IDC Financial Insights, "As the IT organization continues to struggle with when and where to invest in today's technology, financial institutions need to balance investing in innovation and providing value for the customer with placating the regulators."
For additional information about this report or to arrange a one-on-one briefing with any of the analyst team, please contact Sarah Murray at 781-378-2674 or [email protected]. Reports are available to qualified members of the media. For information on purchasing reports, contact [email protected]; reporters should email [email protected].
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email [email protected], or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.