Retail banks will increasingly use service-oriented architectures (SOA) and business process management (BPM) in a bid to increase efficiency and generate profits, according to research conducted by Datamonitor and released by BearingPoint.
The research, which is based on interviews with chief information officers from leading global financial firms, shows that nearly all of the banks surveyed have either implemented some elements of SOA or are planning to do so.
Christopher Formant, EVP, global financial services, BearingPoint, says: "The very real opportunity exists for retail banks to improve on their return on process as they converge business process management and service-oriented architecture to create low-cost, repeatable ways to manage their business."
Looking ahead, BearingPoint says five main changes will shape the retail banking industry over the next five to ten years - global expansion, process efficiency, changes to customer expectations brought about by the Internet, the emergence of new non-bank competitors and increased regulatory demands.