by Phillip Britt Feb 20, 2015
Big Data, biometrics and mobile payments are among trends impacting the financial services industry in 2015.
Financial institutions will count on technology more than ever in 2015 to handle the increasing complexities of business with a minimum of staff, to satisfy customers' need for convenience and to abide by increasingly complex regulatory rules.
Use of newer technologies will be central to the bottom lines of banks and credit unions. Financial services experts see the following five technologies as making the most impact in 2015.
Locking Down Customer Data
The recent hack of insurer Anthem again points out the need for financial services companies to be diligent about protecting their data, said Sanjeev Dahiwadkar, president of Indisoft. That means the ability to protect the data not only of current customers, but also ensuring that unneeded records are not retained, including those of former customers – some of which were compromised in the Anthem hack. Dahiwadkar expects to see an increased use of electronic data shredding to make sure such unneeded electronic information is destroyed thoroughly.
Similarly, Ramirez expects not only fingerprint technology, but biometrics such as voice identification and eye scanning to come into more common use as part of layered security measures to authorize access to customer information.
Compliance Gets Proactive
Compliance with state and federal laws is becoming increasing cumbersome and time consuming, but failure to comply is not an option, so Dahiwadkar expects financial institutions to increasingly rely on technology to meet this burden. Financial institutions need to be more proactive than reactive in determining when they can legally initiate a foreclosure, authorize a loan and in making other decisions with potential regulatory implications. "It’s accepted now that compliance has to be proactive; this can no longer be done after the fact," he said.