As our organization looks at a new core banking solution, it's more and more apparent that the days of stand alone solutions are over. From the beginning, when we started with self service channels like ATM's and Telephone Banking, to the current mobile banking offerings, the landscape has changed forever. We've gone from providing customers with monthly data (paper statements), to day old information (online banking) to instantaneous capture of a debit transaction so it's available through any channel, including mobile. We can even proactively alert you when something happens on your account.
The difficulty this presents, as any bank technology guy will tell you, is that we are living in a real time world when our core systems are still built for a one time, batch processing environment. Customers, for example, no longer accept that deposits can only be credited to their account before two every afternoon. So the systems that support the banks, whether in-house or outsourced, have to adapt to this new paradigm. It's one of the reasons we are looking at other solutions (besides the fact that our current provider is sunsetting our core).
As we move to a more real time environment, we also open ourselves up to more transactional risk and fraud. Evaluating these risks in real time will be challenging and lead to even more automated systems to identify these individual items. It will prove to be a major challenge for banks over the next few years.
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