The Next Growth Opportunity for Banks

Posted on January 28, 2011

I’ve just been reading a survey report from Cisco Internet Business Solutions Group titled The Next Growth Opportunity for Banks. I have to say, the results of the survey are consistent with both my own experience and that of some well regarded banking figures.

The main findings of the survey are that banking institutions will need to meet the growing demand for:

Automated advice, such as PFM (Personal Finance Management) capabilities, to help customers gain control of their finances
High-quality video interactions to provide on-demand advice in branches and at home
Community-of-interest and social networking venues to offer virtualised, on-demand advice.

If this is all to be realised, it will mean exciting times for those like me who are involved in IT delivery within the banking sector. The challenge, of course, will be delivering on the promise in today’s constrained financial environment.