This is an excerpt from a transcript of The Axway Blog Team’s podcast, “Key takeaways of the ‘Speed to Revenue and Improved Customer Service’ white paper.”
ANNOUNCER: Hello everyone. The Axway Blog Team recently had a chance to catch up with Peter Benesh, Axway’s director of solution marketing for the Financial Services industry, and ask him to share his thoughts on the key takeaways of the IDC Financial Insights white paper titled “Speed to Revenue and Improved Customer Service: How Data Agility Underpins Success for Financial Institutions in the New Digital Economy” by Alex Kwiatkowski. Key Takeaway 1: Developing data agility is of paramount importance in the digital era. The extended use of 3rd Platform technologies — particularly cloud and mobility — is demanding that financial institutions develop new skills to deliver innovative products and services that meet the evolving needs of their customers.
PETER BENESH: What I would speculate based on the diagram that they have in there is… It’s just basically talking about the evolution of IT technologies. This will probably be, like, third generation platform, essentially. We started out with mainframes and terminals in the ’60s. We moved to LANs and client servers in the ’80s. Now we’ve gone beyond that to all these various ways in which customers can interact with their banks, ways in which banks can leverage other on-premise or cloud technologies, social media, and all the movement around the ability to collect huge amounts of data within technologies like Hadoop. And then do massive amounts of analytics on it to try to get deeper, more real time insights. I think what the author was trying to do was paint a very, very broad picture at the beginning about all the different types of technologies that banks, in this case, may be using to deal with the greater increase in the amount of data that’s available today, and the increased ways of accessing it and using it. Then, after painting that very broad picture, they have some survey results, business drivers. Showing productivity is number one. Regulatory compliance, customer experience. They get into what are the key business drivers that are really making banks base their investment decisions around. Disintermediation is another threat that’s basically all of the non-bank type players that are trying to get into providing payment technologies. Mobile wallets, Google, PayPal, all of these types of organizations can facilitate the acceptance and the delivery of payments. But they’re not banks, to the extent that the banks don’t address that challenge. They’ll be disintermediated, which is just a fancy word for saying somebody else will replace them.
To download the white paper, click here.
To listen to the podcast on YouTube (audio only), click here.