The Roles of Mobile, Bill Pay, PFM, and Social Media in Healthcare Banking
Despite the adoption of various consumer-facing technologies in the retail banking space, healthcare banking’s adoption of the very same technologies has lagged. It is now time for healthcare-focused financial institutions, vendors and administrators to play “catch up” with some technologies, while not falling for the temptation to adopt others.
During the last three to five years, a number of new technologies have had a major impact on the way that retail banks serve, retain and upsell their customers, while at the same time reducing costs. The application of these technologies should be of great interest to the healthcare banking segment, as much of its roots lie in retail banking.
A new report, The Roles of Mobile, Bill Pay, PFM, and Social Media in Healthcare Banking, examines the state of retail banking technology adoption within the healthcare banking space. This report looks specifically at what each technology needs to deliver to market constituents, how each technology needs to be adapted for the healthcare banking market, whether or not each technology would improve the industry, examples of those technologies in-market today, and what work still needs to be done to realize each technology’s full potential for the healthcare banking space.
“What is striking about these technologies is that with the exception of a small number of cases, financial institutions are not innovators,” says Red Gillen, Senior Analyst with Celent’s Banking Group and author of the report. “Most new healthcare banking technology will be increasingly information-based, and will require new ecosytem participants which have not previously operated in the retail space.”