Financial institutions are interested in technology that will improve their ability to manage customer traffic, run operations more smoothly, respond immediately, and increase cost effectiveness
The Financial Services industry is undergoing a major transition. Developments in technology, economics, demographics, regulation, and even politics are all leading to a tumultuous period during the next five years. The marketplace dynamics fueling this transition include the rapid development of communications technology, and more specifically the Internet, along with consumers' demand for "anytime, anywhere" access to their accounts. In addition, industry deregulation and consolidation are leading to a convergence of formerly separate banking, brokerage, and insurance institutions. The recent repeal of the Glass-Steagall Act paves the way for even more megamergers. The advent of the European Monetary Union and the successful launch of the Euro in January 1999 have created a formidable presence in the world economy.
In response to these market developments, many financial services firms are reviewing and revitalizing cost control strategies and business process re-engineering (BPR) projects. Concurrently, these institutions are undergoing major efforts to diversify product and service delivery channels such as the Internet, the call center, and automated teller machines. Customer preferences continue to shift regarding the type of financial service products that are desired, as well as how and where these products are purchased. Financial institutions increasingly look to the use of technology to grow revenues and reduce costs, as well as satisfy customers needs.
As the Internet proves its value to consumers and to businesses, electronic commerce is being integrated rapidly into all service delivery channels. Online banking and bill payment services will emerge as one of the Internet's fastest-growing markets and will be the critical factor allowing banks to maintain their role as the dominant provider of financial services. Online lending is also poised to be delivered over the Internet and to become a major new source of revenue for savvy
Financial institutions are interested in technology that will improve their ability to manage customer traffic, run operations more smoothly, respond immediately, and increase cost effectiveness. Technology leaders in banking face a challenging environment over the next five years. The problem of Y2K preparedness has absorbed a majority of your attention and resources for the past 36 months. Now the problem is fixed, and the emerging needs for the future must be addressed. Pressing technological decisions and actions confront bank executives today.
The degree to which financial institutions can harness technology to optimize customer relationships will have a major impact on their success in the coming years.
AT&T offers technology-based solutions to serve the needs of the financial industry. In addition to our superior technology, our people have the experience and dedication you can count on. AT&T is a business partner you can trust to handle your important financial transaction safely and securely, as always.
As you continue to meet the challenging demands of the marketplace, you'll be looking for the most effective ways to meet the needs of your customers while reducing operating costs. Electronic commerce is a part of that strategy. And regardless of which financial applications you want to migrate to the Web, AT&T can help you with the design, installation, hosting, and maintenance.
AT&T provides the partnership you need to facilitate changes in your company's operations. We can be the single most important source for all your communications solutions.