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Emerging Trends Radar for Financial Services

Emerging Trends Radar for Financial Services. Kristin Moyer Industry Advisory Services: Banking & Investment Services. The Most Important Emerging Technology Trend in 2012: From Siloes …. Cloud. Mobile. Social. Information. …To a Nexus of Forces. Mobile. Cloud. Social. Information.

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Emerging Trends Radar for Financial Services

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  1. Emerging Trends Radar for Financial Services Kristin Moyer Industry Advisory Services: Banking & Investment Services

  2. The Most Important Emerging Technology Trend in 2012:From Siloes… Cloud Mobile Social Information

  3. …To a Nexus of Forces Mobile Cloud Social Information NEXUS

  4. Key Issues • What is the financial services outlook for 2012? • What is the emerging trend radar for financial services? • How can Deloitte increase financial services revenue in 2012?

  5. Banking & Investment Services CEOs are Gloomy About 2012 Prospects IT Spend Forecast, Total Spend, 2011-2013 ($USD Millions) IT Spend Forecast, Growth, 2011-2013 (%) Source: Forecast: Enterprise IT Spending for the Banking and Securities Market, Worldwide, 2009-2015, 4Q11 Update

  6. Life and P&C Insurance CEOs are Not as Gloomy, but more Conservative in 2012 IT Spend Forecast, Total Spend, 2011-2013 ($USD Millions) IT Spend Forecast, Growth, 2011-2013 (%) Source: Forecast: Enterprise IT Spending for the Insurance Market, Worldwide, 2009-2015, 4Q11 Update

  7. Financial Services CEO 2012 Business Priorities

  8. CEOs/CFOs are Using a Different Play Book than CIOs in 2012

  9. Emerging Trend Radar Screen for Financial Services more than 10 years Technology Business Societal Employee-less Financial Institution (Artificial Intelligence) Complementary Currencies more Important than Fiat Currencies Extreme Individualization P2P Insurance, Banking Payment Services Hub Application-less Financial Institution 5 to 10 years Customer-level P&L Application PaaS Radical Transparency Hyperdigitization E7 FI Assets Eclipse G7 2 to 5 years Big Data Value Added Services Revenue Model Component-based Core Applications Customer Control (“My ‘Bank’ Card”) Cloud Financial Services Open Development Platforms FS-specific App Stores Social Commerce Re-engineering Profitability PFM Mobile less than 2 years to mainstream adoption Micro-products Context-Aware Computing

  10. Incorporate Personal Financial Management in all Products and Services Next Two Years Wells Fargo: My Spending Report

  11. Experiment with Open Development Platforms to Pursue New Opportunities Next Two Years

  12. Use FI App Stores to Rapidly Deploy New Products and Services Next Two Years

  13. Your Mobile Strategy is a Ticking Time Bomb Next Two Years Your financial institution may have a mobile banking/insurance strategy and mobile payments strategy But without an enterprise mobile financial services strategy… Your firm doesn't have a strategy to drive real revenue-leveraging mobility

  14. Create Context-Aware Experiences Customer Technology Environment Next Two Years Customer Location Complex Customer Location : physical, social and virtual location and context, their identity or role at that time. Customer Technology Environment : choice, and availability (physical, battery life, etc ), operational competence, for both the technology and network Customer Need : customer objective, intent or desired outcome for their financial services need Customer Need Simple Complex 13

  15. Deliver Services at the Nexus of Mobile, Social, Cloud and Information Next Two Years The Internet of Everything is Here… everything = connected asset = URL physical objects information people = WWW & web services systems = Profile w/ social graph virtual entities places = Activity stream and check in

  16. Case Example: SFpark— Smart Parking Meters Next Two Years Source: SFpark

  17. Case Example – ICICI Bank

  18. Five Things Deloitte Can Do to Increase Financial Services Revenue in 2012 Financial institutions use IT to thrive amidst turmoil in 2012 if they: • Help CIOs close the disconnect with CEOs/CFOs • Avoid wasted IT investments • Develop an enterprise mobile financial services strategy • Create context-aware financial services experiences • Harness the opportunities (and address the challenges!) at the nexus of cloud, mobile, social and information

  19. Competitive Landscape for Deloitte’s Five Opportunities (Discussion Draft)

  20. Emerging Trends Radar for Financial Services Kristin Moyer Email: kristin.moyer@gartner.com Phone: +1.303.384.0131 To schedule a client inquiry, please contact: Email: vertical.industries@gartner.com Phone: +1.203.316.1122 or 44 1784 26 7997

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