IT budgets are under pressure across the Australasian retail banking industry, with CEOs mainly focused on agility, customer centricity, mobility, and digital innovation, according to one technology industry analyst firm which says that cost and efficiency continue to be the key considerations for investment decisions by bankers.
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Australian banks are kidding themselves if they think they are true innovators according to Simon Millett, the director of banking at CSC Australia. Rather, they are creative thinkers, fast adaptors and build “fancy toys” for mobile banking and social networking.
Australian banks may well grasp the importance of mobile banking, with most now offering smartphone apps (St George last week becoming the first local to unveil an Android app) but they are still in the sandpit when it comes to social networks. It’s ironic in a week when social networks have been flooded with negative sentiment about the banks’ perceived profit grab.
Retail banks need to develop information technology systems that will provide much greater transparency about their operations or risk the wrath of global financial regulators – but few have planned or budgeted for the required upgrades.
The numbers keep rolling in: mobile commerce startup Branding Brand released new reports detailing holiday shopping sales on mobile, but unlike the other e-commerce reports which came out over the holidays, this one only includes data on commerce sites where the experience has been specifically tailored for smartphones.
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Featured | Written by: Peter Dinham | Published in: MarketThe banking industry has been advised to speed up mobile device innovation to meet increasing customer demands and help counter competition from non-bank financial services companies.
Written by: Graeme Philipson | Published in: MobilityThe dominant role of mobile network operators in providing value-added services for emerging markets is unlikely to last, says analyst group Ovum.
According to OSS/BSS supplier Amdocs, mobile operators in Asia Pacific have a chance to lead the mobile value added services market with their web portals and related m-commerce services, in contrast to Europe and the USA where the battle has already been lost to over-the-top players like Google, Amazon and Apple.
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