Welcome!

Digital Transformation (DX) Headquarters

Kevin Benedict

Subscribe to Kevin Benedict: eMailAlertsEmail Alerts
Get Kevin Benedict via: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn


Related Topics: Enterprise Architecture, Wireless Technology Magazine, Mobile Enterprise Application Platforms, Web Analytics, Cloud Data Analytics, Internet of Things Journal

IoT: Article

Part 1 | Banks, Mobile Technologies and SMAC

MobileEnterpriseStrategies.com

The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries.  I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations.

My colleague at Cognizant, Peter Abatan, is both a banking expert and a mobile technologies expert. Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry. Here are some excerpts from our exchanges:

  • Bank branches are predicted to see diminishing foot traffic (visits per branch) at a rate of 8-10% each year for the next 8 years.  People are using mobile apps in increasing numbers rather than visiting branches for routine banking tasks.
  • Given the popularity of mobile banking apps, the banks with the smartest and most responsive mobile banking infrastructure will have a competitive advantage.
  • If banks do not quickly evolve and educate their customer base on the advantages of mobile banking and digital transformation, other competing banks will, and they will use it to their advantage.
  • Traditional banks are feeling an increasing pressure to transform because their current size, structure and legacy IT environments prevent them from adapting rapidly enough to meet new challenges and to address the changing behaviors in the marketplace.  Many banks will become smaller and more nimble as a result of these pressures.
  • Social media impacts the way banks sell and market their products.  People talk about their banks, the service levels they receive and the price of service fees. If a bank tries to sell a customer the wrong product, provide poor service or charge a higher than appropriate service fee, then the customer's network of contacts will learn about it quickly.
  • Crowd-funding platforms like Crowdcube and KickStarter are offering higher returns on investments than traditional banks.  This is an emerging threat to traditional banks.  These crowd-funding platforms have far lower cost structures to maintain than a traditional bank with branches and labor intensive sales and marketing channels.

Read Part 2 of this article series here.
Kevin Benedict, Head Analyst for Social, Mobile, Analytics and Cloud (SMAC) Cognizant

View Linkedin Profile

Learn about mobile strategies at MobileEnterpriseStrategies.com Follow me on Twitter @krbenedict Join the Linkedin Group Strategic Enterprise Mobility ***Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and SMAC analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.

More Stories By Kevin Benedict

Kevin Benedict is an opinionated futurist, Principal Analyst at the Center for Digital Intelligence™, C4DIGI.com, emerging technologies analyst, and digital transformation and business strategy consultant. In the past 8 years he has taught workshops for large enterprises and government agencies in 18 different countries, and is a keynote speaker at conferences worldwide. He spent nearly 5 years working as a Senior Analyst at Cognizant (CTSH), and 2 years serving in Cognizant's Center for the Future of Work where he wrote many reports, hundreds of articles, interviewed technology experts, and produced videos on the future of digital technologies and their impact on industries. He has written articles published in The Guardian, wrote the Forward to SAP Press' book titled "Mobilizing Your Enterprise with SAP", published over 3,000 articles and was featured as thought leader and digital strategist in the Department of Defense's IQT intelligence journal. Kevin lectures and leads workshops, teaches and consults with companies and government agencies around the world to help develop digital transformation and business strategies. Visit his website at C4DIGI.com.