Technology to lead in 2014

A recent article in Australian Banking & Finance  has reaffirmed what many have already considered. Technology is to be a leader in innovation in 2014.

It appears that Chris Whitehead CEO of CUA, Australia’s largest credit union believes heavily in the technology lead future of banking and more broadly finance in Australia.

The increasing use of mobile technologies for both engagement and payments in particular is a recurring theme both within the Australian Banking & Finance article, plus more broadly in the financial marketplace. CUA believes that consumers with have an increasing preference for mobile technologies, but importantly will prefer mobile and contactless technologies making cash and cash based transactions increasingly irrelevant in 2014.

While not expressly mentioned, CUA also appears to believe that digital tools and calculators are increasingly going to be a mainstream part of life when engaging with CUA. Consumer will increasingly prefer these sort of tools and technologies when dealing with CUA.

Of interest was CUA’s belief that debt will be increasingly preferred to holding cash as interest rates are currently at historic lows. This can only mean that CUA believes housing prices are on the rise. This has been born out somewhat with strong growth in residential investment home loans recently reported by both APRA and ABS.

Growth in demand for mortgage debt will increase demand for digital tools to enable engagement across numerous sectors of banking. Both sales and servicing can be increasingly scaled using digital technology as a way to engage with clients.

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