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Simplify to be mantra for banks in 2014

Infosys has brought out its Banking Trends 2014 report which highlights Indiana banks joining the social media and mobility bandwagon to offer personalized services to customers. The technology company also said ‘simplify’ will be the mantra for banks in 2014 and in order to do so, they will refresh their business models and embrace technologies from mobility and social to cloud and big data. Banks are most likely to pick up ‘the pace in their walk-crawl-run to new operational models’, says Infosys. The company expects to see reconfigured business models and renewed focus on innovation and customer experience, and emerging technologies shall play a vital role. In 2014, mobility will continue to disrupt the status quo in banking, he said adding that mobility changes the game. Research says banks can improve profits by up to 20 per cent by reducing complexity. Customers, regulators and bankers are demanding simplification in banking, says the report. One trend to watch out this year is banking through app stores. “API platforms will usher in an era of the custom-built apps. Credit Agricole has created such a platform for third party developers to create specific apps requested by the bank’s customers through the CA App Store,” the report said. Examples include an app to analyse expenses and another that incorporates gamification.

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