After years of consolidation through mergers and acquisitions, the credit crunch and regulatory reform are banks and other financial institutions suffering from a hangover when it comes to legacy technology infrastructure?
Chandan Sharma, global managing director of financial services and retail at Verizon Enterprise Solutions weighs in.
"I look at four areas – S.M.A.C. – an acronym which stands for social, mobile analytics and cloud. Putting all of these trends together and harnessing them is how banks will drive the ball forward in the future."
On what's driving the road to S.M.A.C.
Overall, banks have spent a lot of time optimizing their physical channels relative to foot traffic for ATMs and the like. Sharma emphasizes that a similar thing needs to happen across digital channels.
On why consumers don't need another app
"Banks tend to give consumers an app on the phone and you have to go to the app to consume the services, but in reality most people don't look forward to applying for a mortgage they look forward to buying a house."
Sharma notes that people tend to have a similar posture when applying for a car loan.
On why creating relevant lifestyle experiences is the answer
"The financial services have to fit into people's lifestyle and increasingly technology innovation will go from a unique application for banking and payments to services that get embedded into your experiences based on where you are."
For more on Sharma's perspective on the growth opportunities behind S.M.A.C, watch the video below.