Financial Services Then and Now

By Mel Duvall  |  Posted 2006-10-02 Email Print this article Print
 
 
 
 
 
 
 

Service-oriented architecture has helped financial firms such as TD Banknorth neutralize integration headaches and make their legacy applications more responsive to customer needs.

Then and Now

Financial Services: SOA
5 Years Ago Today
Smart cards with embedded computer chips are touted as replacements for magnetic-strip bank and credit cards. Smart cards remain a rarity.
Need is established for more secure Internet banking and financial services applications. Banks getting more innovative with secure sign-on procedures, but concerns remain. Fragmented view of the customer prevails.
Second-generation customer relationship management systems and service-oriented architecture provide view of all customer accounts, and the smarts to know what to sell the client next. Banks consider shuttering branches and moving clients toward ATMs and Internet and telephone banking. Banks have instead gone on building sprees, realizing branches are valuable in selling high-profit products.
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Contributing Editor
Mel Duvall is a veteran business and technology journalist, having written for a variety of daily newspapers and magazines for 17 years. Most recently he was the Business Commerce Editor for Interactive Week, and previously served as a senior business writer for The Financial Post.
 
 
 
 
 
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