Thursday, November 1, 2012

It's Time to Invest

By Michael Scheibach, Executive Editor, BankNews

As we approach the end of another year, the time to make plans for 2013 is here. Specifically, now is the time to determine which areas mandate investments in order to remain competitive.The important message is that despite a wobbly economy and uncertain future, banks must continue to invest in equipment and software solutions because if they don't, their competition will.

In the 2013 Banking IT Outlook Survey, conducted by Bank Systems & Technology, 28 percent of respondents said their expenditures would increase more than 10 percent, and another 36 percent are looking at increases up to 10 percent. That's a good sign.

Without question, IT will be the hub for most investments next year, with core systems garnering the most votes in the IT Outlook Survey, followed by mobile banking and customer experience.

Security should be near the top of the list, as well, including authentication solutions and fraud prevention. Every survey I've seen says one security breach, whether or not successful, is enough for a consumer or business customer to seek another bank.

Mobile banking continues to evolve, with remote deposit capture the latest advancement. Community banks are finally realizing the importance of RDC for customer retention and acquisition. Even small-business customers are exploring the benefits of mobile RDC.

Here is my top 10 list of investments for 2013:
  1.  Core systems.
  2.  Security/authentication solutions.
  3.  Mobile banking.
  4.  Remote deposit capture.
  5.  Compliance solutions.
  6.  Personal financial management (PFM) tools.
  7.  Upgraded website/mobile website.
  8.  ePayments solutions.
  9.  Data security/management/backup.
  10.  ATMs.
How does this match your list?

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