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Javelin reports 10 trends shaping banking in 2010
PLEASANTON, Calif. (1/13/10)--What's in store for financial institutions, including credit unions, for 2010? Javelin Strategy and Research outlines 10 trends that will shape banking, payments and security this year. Financial institutions will struggle to cope with a hobbled economy, wrenching regulatory changes, mounting fraud threats and limited innovation budgets during 2010, said the Pleasanton, Calif.-based research group. But opportunistic financial institutions that take steps now will be on the cutting edge of person-to-person payments, embrace innovations from alternative vendors, tighten security vulnerabilities and serve up real-time data that will be in increasing demand in an era of "always-on, anytime, anywhere" banking, Javelin says in an overview to its report. The 10 trends for 2010 are:
* Regulatory backlash will force banks to re-evaluate their business model. * Financial services software platforms open up for application development. * Prioritizing investments becomes more critical as hard times hinder innovation. * Person-to-person (P2P) payments will hit it big in 2010. * Merchants will demand increased power in the transaction market. * Cloud (Internet) apps will regenerate interest in federated identity (single sign on for multiple applications). * Real-time data becomes essential as always-on integration takes hold. * Encryption, tokenization (substituting random proxy numbers or tokens for senwsitive cardholder data during a transaction) and EMV (smart cards) will offer more security for card payments. * PIN integrity will be challenged in 2010 as fraudsters' sophistication increases. * The social Web is the new frontier for fraud.
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