AFP Conference Highlights and Review
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I spent most of last week at the AFP conference in San Francisco. Although attendance seemed to be rather dismal (I am still waiting to hear some actual figures), it was a great conference for me with very productive meetings. Most of my meetings were centered around online corporate banking and payments - hot topics these days. It did give me great satisfaction to learn that the estimates we came up with for IT spending earlier this year are on the money. IT spending on wholesale/corporate banking is skyrocketing (see the report, IT Spending in Banking: A North American Perspective) and some of the figures shared with me are staggering. I will actually be hosting a webinar on Bank IT spending on Oct 29th for those of you who are interested. Aside from IT spending growth, I noted several trends:
- Next generation online cash management solutions are here.Bank of America, Citi, and some of the software vendors showed off some great online cash management solutions. For more info see my recent blog post, Peeking Out From Under The Hood - Next Generation Online Cash Management.
- Online cash management will continue to evolve. Analytics, social media (primarily closed groups for corporate clients), interactive online training/education, desktop and online widgets, and MUCH more will start to peek out in 2010. I will cover some of these trends in the next iteration of our IT Spending report (due out in January 2010) as well as a future cash management report.
- Payment hubs are transitioning from concept to reality. There has been lots of talk about payment hubs over the years, with few compelling live examples. Solutions that clean up the mess of back-end systems coupled with clean, simple and intuitive front ends are on the horizon.
Any other trends worthy of noting? Please feel free to chime in, your comments are welcome.