Jan 21 2016

A Look at Top Banking Trends in 2016 [#Infographic]

While data analytics and mobility present business opportunities, banks will also face significant challenges in the New Year.

Thanks to the rise of chip-based credit cards and person-to-person payment systems, 2015 was a transformative time for banking institutions. But statistics gathered for a recent CDW infographic indicate that 2016 will be no less eventful.

The continued shift to digital represents one of the biggest banking trends in the new year. More than 60 percent of bank executives called digitization a high priority, while a full 94 percent noted the importance of a bank’s digital omnichannel presence to its customer retention.

Data analytics will also play a role in securing customer loyalty. The infographic shows that separate majorities of bank executives believe analytics improve customer experiences and improve the speed, efficiency and competitiveness of their institutions.

As banks collect more customer data, however, they’ll also have to ramp up cybersecurity measures. The infographic states that cybercriminals target financial services firms 300 percent more than they do businesses in other sectors. To combat the threats, banks will focus on encryption and security information and event management systems.

Banks will also refocus their efforts from ensuring compliance to expanding business opportunities such as mobility, the infographic shows. Considering 42 percent of smartphone-owning adults have never used a mobile banking platform, financial institutions will have their work cut out for them.

Check out the infographic below for more insights into 2016 banking trends.