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2017 FINANCIAL SERVICES MARKET PREDICTIONS – UNISYS

2017 FINANCIAL SERVICES MARKET PREDICTIONS – UNISYS
  • Security regulation will continue to tighten – Adam Oldfield, EMEA Financial Services Sales Director at Unisys

“Organisations will be readying themselves for the pending regulations that are going to impact financial institutions of all kinds throughout 2017 and into 2018. The Payment Services Directive (PSD 2), General Data Protection Regulation (GDPR) and the Competition and Markets Authority requirements around “Open Banking” will transform how financial institutions interact and offer services as well as information to their customers.

Confirmed fines for not conforming to regulatory requirements are not cast in stone for 2017, as it will be as we enter the GDPR, however we have seen throughout 2016 regulators continuing to tighten up their stringency in relation to non-compliant organisations. Will we see organisations attempt to bolster their security teams internally, and look to outsource or leverage for market capabilities.

What is going to be very interesting to see is how institutions are going to interpret these upcoming regulatory constraints on their organisation. An interesting area to consider with GDPR for example is how consumers will consent to information to be collated. How will businesses define, for example, what biometric data is and does this include an individual’s behavioural footprint? This kind of information is just starting to become mainstream, and leaders in the industry will be looked to set the standards for best practice.” 

  • Niche players will thrive, big boys still on top – Adam Oldfield, EMEA Financial Services Sales Director at Unisys

“The industry will continue to see the emergence of challenger banks, taking market share from the larger players, however at a slower rate than perceived. That said it is unlikely we will see a new goliath hit the high street, however a wider variety of niche players.

In the mortgage space, specifically, a multitude of niche players will continue to enter the market, some adding agility and incentivising competition, some directing progression on a different tangent, an example could be the non-conforming market.

Specialist institutions will thrive in niche sectors of the market, where they are not competing with the large high street players on full service integrated banking.” 

  • Continued rise in hacks will highlight authentication challenges – Adam Oldfield, EMEA Financial Services Sales Director at Unisys

“As the recent Tesco Bank hack proved, cyber criminals are as devious and tenacious as ever. Customer behaviour is always going to leave lenders exposed to fraud and hacks, and cyber criminals will continue to exploit these vulnerabilities in 2017.

The market will move to improve offerings around frictionless and streamlined payment options, which will raise questions around authentication. It will be interesting to see whether banks push beyond conventional voice and facial recognition factors into innovative new solutions. As financial institutions drive to offer more intuitive and intelligent payment solutions, the validation and authentication techniques must evolve to cater for this.

It will be interesting to see how banks will combat such hacking approaches as phishing emails, to ensure authentication is achieved effectively as well as improving or maintaining the customer experience with the service“ 

  • Banks to take a retail centric approach to customer relationship management – Adam Oldfield, EMEA Financial Services Sales Director at Unisys

“With market rates looking set to remain low in 2017, lenders will have to find ways to differentiate beyond price. Consumers have become remarkably discerning, and the challenge for banks will be how to present themselves favourably to more demanding customers.

Next year we will see financial institutions take big steps towards providing a more tailored experience to customers. Many will mature their thinking around big data, using analytical insights to better understand customer spending habits to either cross-sell or create new customised products.”

Global Banking & Finance Review

 

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