Welcome!

Agile Computing Authors: Pat Romanski, Liz McMillan, Zakia Bouachraoui, Yeshim Deniz, Elizabeth White

Related Topics: Agile Computing, Java IoT, Mobile IoT, Microservices Expo, Microsoft Cloud, @CloudExpo

Agile Computing: Article

Part 1 | Banks, Mobile Technologies and SMAC

MobileEnterpriseStrategies.com

The mega-trends of SMAC (social, mobile, analytics and cloud) plus IoT (Internet of Things/Connected devices/M2M) are changing entire industries.  I am being asked frequently now to meet with IT and business teams to review how SMAC and related trends are impacting various industries so companies can better plan to meet these transformations.

My colleague at Cognizant, Peter Abatan, is both a banking expert and a mobile technologies expert. Recently Peter has been sharing his thoughts with me on the topic of how SMAC (social, mobile analytics and cloud) trends are impacting the banking industry. Here are some excerpts from our exchanges:

  • Bank branches are predicted to see diminishing foot traffic (visits per branch) at a rate of 8-10% each year for the next 8 years.  People are using mobile apps in increasing numbers rather than visiting branches for routine banking tasks.
  • Given the popularity of mobile banking apps, the banks with the smartest and most responsive mobile banking infrastructure will have a competitive advantage.
  • If banks do not quickly evolve and educate their customer base on the advantages of mobile banking and digital transformation, other competing banks will, and they will use it to their advantage.
  • Traditional banks are feeling an increasing pressure to transform because their current size, structure and legacy IT environments prevent them from adapting rapidly enough to meet new challenges and to address the changing behaviors in the marketplace.  Many banks will become smaller and more nimble as a result of these pressures.
  • Social media impacts the way banks sell and market their products.  People talk about their banks, the service levels they receive and the price of service fees. If a bank tries to sell a customer the wrong product, provide poor service or charge a higher than appropriate service fee, then the customer's network of contacts will learn about it quickly.
  • Crowd-funding platforms like Crowdcube and KickStarter are offering higher returns on investments than traditional banks.  This is an emerging threat to traditional banks.  These crowd-funding platforms have far lower cost structures to maintain than a traditional bank with branches and labor intensive sales and marketing channels.

Read Part 2 of this article series here.
Kevin Benedict, Head Analyst for Social, Mobile, Analytics and Cloud (SMAC) Cognizant

View Linkedin Profile

Learn about mobile strategies at MobileEnterpriseStrategies.com Follow me on Twitter @krbenedict Join the Linkedin Group Strategic Enterprise Mobility ***Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and SMAC analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.

More Stories By Kevin Benedict

Kevin Benedict serves as the Senior Vice President, Solutions Strategy, at Regalix, a Silicon Valley based company, focused on bringing the best strategies, digital technologies, processes and people together to deliver improved customer experiences, journeys and success through the combination of intelligent solutions, analytics, automation and services. He is a popular writer, speaker and futurist, and in the past 8 years he has taught workshops for large enterprises and government agencies in 18 different countries. He has over 32 years of experience working with strategic enterprise IT solutions and business processes, and he is also a veteran executive working with both solution and services companies. He has written dozens of technology and strategy reports, over a thousand articles, interviewed hundreds of technology experts, and produced videos on the future of digital technologies and their impact on industries.

IoT & Smart Cities Stories
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
CloudEXPO | DevOpsSUMMIT | DXWorldEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that Big Data Federation to Exhibit at the 22nd International CloudEXPO, colocated with DevOpsSUMMIT and DXWorldEXPO, November 12-13, 2018 in New York City. Big Data Federation, Inc. develops and applies artificial intelligence to predict financial and economic events that matter. The company uncovers patterns and precise drivers of performance and outcomes with the aid of machine-learning algorithms, big data, and fundamental analysis. Their products are deployed...
All in Mobile is a place where we continually maximize their impact by fostering understanding, empathy, insights, creativity and joy. They believe that a truly useful and desirable mobile app doesn't need the brightest idea or the most advanced technology. A great product begins with understanding people. It's easy to think that customers will love your app, but can you justify it? They make sure your final app is something that users truly want and need. The only way to do this is by ...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence. Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busine...
Cell networks have the advantage of long-range communications, reaching an estimated 90% of the world. But cell networks such as 2G, 3G and LTE consume lots of power and were designed for connecting people. They are not optimized for low- or battery-powered devices or for IoT applications with infrequently transmitted data. Cell IoT modules that support narrow-band IoT and 4G cell networks will enable cell connectivity, device management, and app enablement for low-power wide-area network IoT. B...
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...