Product Type: Market Research Report
Published by: TowerGroup
Published: November 2006
Product Code: R301-1210Description This Research Note presents TowerGroup's Top 10 list of priorities for the bank card industry for 2007. To help firms in the industry chart a course for 2007, the analysts in TowerGroup's Bank Cards service have compiled the top 10 business drivers, strategic responses, and technology priorities for 2007 based on TowerGroup's own best view of the US market and conversations with industry leaders. Each of the other TowerGroup Continuous Advisory Services publishes an annual Top 10 list in the fourth quarter; this is the first for the Bank Cards service.
Table of Contents
- TowerGroup Take-Aways
- Report Coverage
- Background
- Exhibit 1 Top 10 Business Drivers, Strategic Responses, and IT Priorities for US Bank Cards (2007)
- Business Drivers for US Bank Cards
- 1. Attrition
- 2. Risks to process and data
- 3. Customer expectations
- 4. Competitive market
- 5. Impending credit crisis
- 6. Regulation/litigation
- 7. Payment network evolution
- 8. Innovation at the point of sale
- 9. International competition
- 10. Innovation in processing
- Strategic Responses to Business Drivers
- 1. Retaining accounts and balances
- 2. Managing risk
- 3. Householding
- 4. Innovative cobranding
- 5. Examining and revising acquisition approval and credit line policies
- 6. Averting industry restructuring and regulatory and litigation challenges to interchange
- 7. Customer relationship management at the point of sale
- 8. Managing expenses through bank-merchant alliances
- 9. Globalization
- 10. Finding alternatives to the closed-loop network
- Technology Priorities for Bank Cards
- 1. Data protection
- 2. New products
- 3. Contactless point of entry
- 4. Better integration at the point of sale
- 5. Larger technology capacity
- 6. Customer-centric loyalty systems
- 7. System support through refinement of technologies
- 8. Legacy system overhaul
- 9. Multicurrency handling
- 10. Process enhancements
- Summary
|
|
