Creating a high quality customer experience and cyber security upgrades are the primary concerns for financial institutions such as banks, stock brokers and real estate agents. Developing multiple touch-points, where customers can access bank statements and pay for goods and services electronically 24/7 is a big push for 2017. This year, a 55% increase in spending by financial institutions is expected on customer experience and cyber security apps.
“For 2017, overall cloud IT network spending will increase 60% across the board with particular emphasis on mobile e-commerce apps. Banks are looking to close branch lobbies in exchange for more efficient mobile banking apps that Millennials and Gen Xers prefer to use daily” … writes analyst James Dean @ iHumanMobile.com.
On the back-end, excessive federal regulations have made it excess and very difficult for U.S. banks to compete with China, Japanese and European financial institutions which are getting less regulatory policy now from their governments.
Read the full article for recommended financial technology stock BUYS in 2017.