And that "right-sizing" is only going to mean more flux with which to deal, according to
"On the external side, the economic recovery continues, but it is slow and shaky," said Shivdasani, who spoke with
However, Shivdasani warned, if at the turn of the year the mandatory spending cuts go into effect and the Bush tax cuts are allowed to expire, the result will be a "huge jolt" on the U.S. economy and will bring up danger of recession.
There has been a slowdown of mandated financial institution closures, but Shivdasani said the pressure on FIs continues: "There are regs, regs and more regs, fee income, loan demand, capital requirements, risk management…"
Many people talk about the "new normal," Shivdasani continued, noting the term generally applies to businesses having to "stay ahead of the curve."
"Everyone is looking for efficiency via integration and automated workflows," he said.
One change that will drive greater integration of banking solutions, said Shivdasani, will be the
One Provider's Six Areas of Focus Headline Headline Headline
"Meanwhile, said Kilmer,
Compliance is a "major topic," he said, due to the ever-growing requirements FIs face.
"Technology matters, as many institutions are moving toward enterprise risk. Fraud is a related issue," he added.
The concept of "mobility" includes mobile banking and capture, plus mobile account opening, employee-assistance in branch with tablets, and self-service banking. The next trend? He said consumers want P2P (person-to-person) transfers and mobile banking capabilities at all FIs.
The payments space is huge, Kilmer said, because "beyond the value of payments there is a consideration for new revenue opportunities, in turn creating higher loyalty.
"Advisory banking and personal relationships are not new, Kilmer noted, but what is new is a combination of process changes and technology. He said the goal is to bring all channels together to promote a consistent experience.
While cost control and survival were the overall focus for FIs in 2009-10, Kilmer said scalable efficiency is getting much more attention.
"Banks and credit unions are now looking beyond cost control to review of workflows. This involves people, processes and technology. One thing we are seeing more and more is near paperless lending.
"Smart sourcing, he explained, includes shared services, single sourcing, technology outsourcing, business process outsourcing. In some cases compliance issues can be handled by software, he noted.
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