Financial services industry could see increased IT attention

Like many facets of the digital world, banking has taken to higher levels of access and applicability by moving to more modern infrastructure. Online banking and mobile options allow consumers and corporate entities to look at balances, transfer funds and make payments, among other options, but as big data and security concerns become increasingly severe in the IT world, increased service functions will meet head-on with compliance fears resulting in new products for banking customers.

US News reported that a study by Cisco Services revealed that more companies especially will need to focus on high-tech banking solutions to make the most of their computer resources. Consumers will also feel some of these effects, but not as soon as businesses, the source stated.

More intuitive service options
With more reliance on electronic workflow and internal HR management software tools, companies are always on the lookout for financial services that can integrate with these options, as this allows increased security and ease of billing and payroll resources. US News noted that the Cisco survey found greater advantages for companies making full use of advanced banking resources and high-tech outlets, instead of legacy solutions like physical trips to the bank and paper paychecks.

"We estimate that for a firm with $200 billion in assets under management and approximately $1.8 billion in revenue, the overall opportunity could be as much as $34 million," said the study's authors in a release regarding the results. For companies operating on a smaller scale, this still adds up to a large portion of lost revenue each year due to comparatively slow and ineffective money management tools. Upgrading to next-generation utilities is the best solution, the research reported.

The New York Times wrote that major trends in online banking are shifting from basic reviews of account activity to big data-generated feedback. These analytics help companies determine how and when they spend money, comparing these numbers to internal conditions like hikes in hiring, decreased product ordering and slower billing cycles. Finding where money is slowing down and figuring out where it moves too quickly can help companies tighten their operations and improve on financial plans. If a business knows that a specific time of the year or a certain activity has resulted in economic issues in the past, high-tech financial services can help them zero in on these issues more easily.

If you wish to receive a printed copy of our Privacy Notice, please contact our Customer Care Center at 1-888-692-2654.

© 2015 First United Bank & Trust. All rights reserved.