This IDC Financial Insights Presentation looks at the steps that banks must take to prosper in the oncoming digital financial world. This presentation draws on IDC's research based on interviews with consumers and financial industry executives as well as input from IDC research on technology directions. The presentation looks at the impact that mobile banking and mobile payments, using smartphone technology, will have on traditional banking processes and business models. It also looks at the impact that new competitors like Apple Pay will have on banking services and products and actions that banks need to take to avoid losing frequent contact with clients or being disintermediated. The presentation was originally delivered at the IDC and Information Technology Association of Canada (ITAC) Directions Conference in Toronto on April 30, 2015.
In the presentation, Robert Smythe, IDC Financial Insights research associate, IDC Canada, identified a C$14 billion opportunity that Canadian banks can deliver to their bottom lines if they can match the efficiency ratios of banks in other countries that are substantially better than those of Canadian banks. Achieving these efficiency gains will require substantial technology investments and changes to how services are delivered to clients.