nels instead of staying with the core system suppli- ers. One of the many advantages of a best-of-breed supplier is that they provide a more modern and fea- ture rich product that is highly customizable to the bank’s needs. Specialist Suppliers are also more pro- gressive and innovative with their product features.
• ATMs. The fall in branch footfall over the past 5 years has been around 50 per cent, with a similar percentage drop in revenue per member of staff. This has been the rea- son why US banks have turned their attention to the un- der-utilized ATM network. If used properly, ATMs, wheth- er in-branch or elsewhere, can enable much more tar- geted cross-marketing than traditional methods. There is also a pure cost play, with a self-service transaction clocked at a cost of cents as compared with $2-$4 via a human teller. Across the globe, ATM numbers are predict- ed to rise from today’s 2.6 million to 3.7 million by 2018.
•
Mobile Everything. As with the rest of the world, mo- bile banking is a hot area in the US. Most banks have introduced mobile banking with a plethora of features that makes banking an easier and more convenient ex- perience for the end user and a whole lot cheaper for the bank. Industry figures suggest that mobile banking incurs the least cost for a bank, with each interaction costing just 8 cents, against $4 at a branch, $3.75 at a call center, 85 cents at an ATM and 17 cents online. Banks have tried to persuade customers to switch to the mo- bile channel, adding features like mobile check deposits and payments, NFC for proximity payments and even location-based offers in the recent past. The list of inno- vations on various fronts in the US market is impressive and this, of course, puts pressure on others to follow. The technology is no longer a barrier and there are plenty of competitive and cost incentives for doing things differ- ently.
US Financial Services Technology Market Report |
www.ibsintelligence.com
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