Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

The retail banking industry has seen major changes occurring in the industry over the last few years with the adoption of mobile banking, the rise to prominence of the millennial demographic, narrowing margins, stagnant top line revenues, the future of the branch and continued regulatory changes. As we begin 2015 in retail banking, here is a quick look at five trends to watch for in 2015.

Digital Banking

The 2014 Federal Reserve report identified that, for the first time, more than 50% of smartphone owners are using mobile banking. Banks continued to invest heavily in this channel to differentiate last year.  The big new feature in 2014 was Apple Pay, which had many banks scrambling to get onboard after the November launch.  Now in 2015, we will see more experimentation in location-based services and loyalty, and reward tie ups with merchants.

Payment disruption and innovation

This year will be huge for payment disruption. The sheer amount of advertising around security features will begin to drive consumers away from plastic and toward mobile-only payments.

Apple Pay opened the door for mobile payments, and continued evolution is certain. Similarly, Merchant Consumer Exchange is due to launch Current C later this year.

The October 2015 Europay, MasterCard and Visa (EMV) deadline looms and many issuers have already begun issuing NFC chip enabled cards. Meanwhile, tokenization is entering the lexicon of everyday vocabulary.  Additionally, we will see the first mobile-only “credit card” issued in 2015.

Branch innovation and branch closings

Banks will continue to spend large sums on “branches of the future,” as they try to find the right formula to capture the digitalization of banking while balancing face-to-face relationship building.

Two major trends are occurring: shrinking branches are being replaced with smaller footprint branches, including branches with cafes and branches in stores that are tapping into location convenience; and larger, showcase “branches of the future” that have a heavy focus on technology including touchscreens, video conferencing and smart ATMs are popping up.  Branch closures will continue to outpace branch openings in 2015.

Cyber vulnerabilities

We learned in 2014 that seemingly everyone was being hacked. From Target and Neiman Marcus to Home Depot, and even standard bearer banks like JP Morgan Chase.  We saw our account information jeopardized due to organized crime outfits while banks scrambled to maintain customer confidence.  Banks, with the support of the government, are spending significant sums to fortify their security.  Look for further security breaches in 2015 and more industry-wide initiatives to protect data.

Omni Channel banking

Even though this was a key topic in 2014, the opportunity for omni channel growth is still very large. Many banks have focused instead on enabling the consumer to have a better experience across a bank’s channels. While this is a good step forward, look for the transformation of the user experience across the transaction channels to begin now that we’re in 2015. Think about the home buying experience and the multiple entities involved in this process, including the bank and the potential new revenue fees that could be developed. Either the banks will step forward with a solution to help customers navigate the home buying process or non-bank entities will step into the fray and create a value proposition.


Bob Graham is a senior member of Virtusa, Banking and Financial Services team. In his current role, Bob is responsible for Strategic Business Development, for expanding Virtusa’s footprint at existing clients and acquiring new banking and financial services relationships through the development and delivery of industry-leading solutions. During his tenure at Virtusa, he has successfully helped leading financial services firms excel in customer acquisition and on-boarding, improving operational efficiency, accelerating time-to-market, millennial enablement, mobile banking, and handling the ever-changing regulatory environment.



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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.