Banks that have not yet addressed the need for multifactor authentication will have that at the top of their technology priority lists in 2007. Business process management, event-detection and alert technologies all will play a role in monitoring potential fraudulent activities, notifying legitimate customers of these activities and taking immediate action to prevent fraudsters from succeeding.
Banks will continue to invest meaningful sums in analytic technologies that help drive marketing and sales effectiveness, monitor risks of all types and assess the performance of business activities.
SOA exploration — ranging from “skunkworks” projects to formal architectural plan development — will continue in 2007 at large banks around the globe. Ultimately, SOA will sail (or flounder) based not on banks’ abilities to manage complex technology, but rather, success will be determined on issues of governance and business management.
Rapid technology advances combined with the emergence of post-baby boom populations will change the way corporations, individuals and employees interact with banks. Institutions that are able to accommodate these trends through technology and operations restructuring will have true competitive advantage.
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