After years of more talk than action, the retail financial-services sector has reached a tipping point in technology use.
Legacy branch-centric operating models are giving way to multichannel, customer-centric initiatives, according to Celent's report, Emerging Technologies in Retail Banking: The Long Road to Customer Centricity.
"Perhaps the only thing more depressing than the current retail banking business and regulatory climate is the prodigious effort needed to equip retail financial institutions to thrive in our increasingly multichannel world," says Bob Meara, senior analyst with Celent's Banking Group and the report's author. "A significant majority of financial institutions are ill prepared for what is upon them. A minority have begun a complex journey, but there is a long way to go. No one has yet arrived."
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