Tech consultancy offers predictions for enterprise software in 2016
Banking digitization, customized financial solutions for millennials, and the evolution of new data management systems will be among the top enterprise software trends to watch in 2016, according to global technology consulting firm DataArt.
For the financial services sector, DataArt expects to see key changes as the millennials and digitization continue to disrupt the industry:
- Millennials are in line to inherit $41 trillion in wealth from their boomer generation parents and grandparents through midcentury. However, these younger adults have "their own tools and rules," DataArt said.
As a result, traditional financial services operate don't always work for this generation. Understanding their needs and expectations will be crucial, DataArt said.
Also vital: leveraging a strong digital strategy that incorproates tools millennials are using — or planning to use — including mobile banking, robo advisors and P2P payments.
- Digitization will continue to disrupt and transform traditional business models faster than ever as providers seek to meet customer demands and address new realities and opportunities in the marketplace.
To stay ahead of the curve, financial services firms will need to employ innovative frameworks that allow fast and easy creation of apps and can deliver customized solutions.