A new report from Aite Group details top wholesale banking priorities for North American banks in 2011. These priorities fall primarily within six key areas: risk management and compliance; cash management and supporting technologies; enhancing the user experience through investments in the online and mobile channels; winning small-business customers; improving payments processes; and increasing automation.
Aite Group forecasts that US banks will increase their spending on wholesale banking initiatives by 4% to 5% during 2011, as they continue to transform themselves to transcend the challenges of the financial crisis and meet or exceed the expectations of their customers. Canadian banks will also see an increase in spending.
“While regulatory compliance and risk management will remain institutions’ top priorities, the wholesale banking industry, once again focused on growth, is exuding an optimism that it hasn’t seen since the start of the financial crisis,” said Christine Barry, research director with Aite Group and co-author of this report.
“Whether banks believe the recession is behind them or whether they have simply accepted a ‘new normal’, a paradigm shift has taken place, driven in part by new market expectations for customer interactions and the type of information that banks provide. Banks’ technology investments are therefore more focused on customer experience and solution usability than they have been in the past,” she said.
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