The Future in IT

Modern day global competition and economic integration have placed a tremendous amount of pressure on the financial services sector to upgrade its information technology. Today’s consumers have become much more IT savvy, and as a result, expect to be presented with services and tools that build on their intricate comprehension. Society has developed an insatiable demand for knowledge that technological developments are unable to fulfill in its entirety; however, competition pushes the industry to try.

Based on the subsequent information, it is not surprising that the underlying strategy utilized by the financial services sector will not change drastically in the future. Future objectives will continue to target existing customers and aim to acquire new ones. According to articles published by CRM Magazine and USBanker, both prominent publications that discuss the latest issues and trends in customer relationship management and banking, the next generation in financial services will focus on upgrading information capabilities to better satisfy their customer’s changing needs.

Accordingly, current customer dissatisfaction in the financial services’ information technology is rooted to a lack of compatibility amongst systems, an excessive amount of required account logins, the inability to view holding in a single view, and scattered information. Future services will be designed to improve consumer satisfaction and correct inefficiencies. Ultimately, consumers can expect to see services that not only complement one another, but also the end users’ needs. Services are being designed to meet customer’s expectations in high quality content, personalization, and instant information.

In addition to adding availability, accessibility, quality, and timeliness, consumers can expect innovations in technology itself. Today Mobile Money Ventures LLC and SK Telecomm announced that it would provide Citibank Hong Kong with a new service platform that would support mobile banking and mobile stock trading. Through their phones, customers will now be able to manage their account, transfer money, make payments, time deposits, manage their portfolio, and buy and sell stocks. Consumers can expect more innovative products from Citibank in the future. The company is currently working on developing products for consumers that use public transportation to commute, manage their money online, and want more convenient retail banking experiences. The company’s goal is to “be everywhere its customers need it to be.”

While I am a major supporter of mobile banking, I am skeptical of mobile stock trading. Although it illustrates modern society’s strong ability to innovate and accommodate consumer needs, I fear that individuals will abuse the technology. Currently grade school children are being introduced to virtual stock exchange simulators and people are trying to get rich from their self-provoked beliefs that they too can become a successful day trader. In my opinion, implementing mobile stock trading technology will give rise to more day traders, which could potentially intensify individual financial problems.

Both articles accurately illustrate the growing trend toward customer satisfaction strategies. In my opinion, it is difficult to identify where more focus should be placed in the future; however, it is apparent that the role of people will be far less transactionally- focused and more strategic. But when it comes to cutting out human interface, will society be able to identify when we have gone too far?




“The Future of Financial Services." 1 Jan. 2004: 4,6+. ABI/INFORM Global. ProQuest. 30 Oct. 2008


“Next generation online channel reporting for banking and investment firms: companies must evolve information and account management capabilities to retain and grow customers” CRM Magazine. 1 March 2007.

“Mobile Money Ventures Powers Mobile Financial Services for Citibank Hong Kong”. Market Watch. 30 October 2007.