This past May, more than 1,750 attendees gathered to hear the latest updates related to the banking industry in the United States. The Las Vegas-held Financial Brand Forum highlighted everything from trends to technology to new processes in the industry.
The industry is heading in a more tech-savvy direction and with new players like cryptocurrency in the mix there’s a whole new set of expectations being set in place. From machine learning to voice recognition to virtual reality, there are a number of innovative components shaping the way we do banking in America. Here’s what to look for in 2018 and beyond.
There’s typically some reluctance from banks and credit unions to welcome in financial technology and new tools that companies are providing to customers. However, it’s just a matter of time when fintech tools will become essential for everyday usage.
While banks and credit unions don’t necessarily have to convert to this kind of fintech model, they should still look at different ways they can work them in to processing. What this comes down to is providing the best possible customer experience.
Connected Payment Experiences
The different options people have to make a payment is growing and growing. This used to be a far-off concept, but now choice is king. Digital, mobile, and so on—there are countless ways people can make payments. Billers and bankers will have to find new and innovative ways to facilitate connected solutions to these payment options and soon. Apple Pay, Google Pay, Alexa, etc. This is all leading to more connectivity between banks and consumers.
AI is Coming Up Fast
AI (artificial intelligence) has the potential to make banks smarter than they already are. AI is being used and developed to learn how markets behave by considering insights into the behavior of marketing participants. AI technology is being modeled off human behavior, which can help bankers with customer service and anticipation. This, essentially, is bringing a “gut feeling” into the fold.
AI makes banks smarter so its customers can have better service and offers. The end game here is to tailor-fit an experience for each customer based off their actions.
User-Centric Business Model
Financial institutions will become more user-focused as customer choice increases. Everything is about that user-friendly experience and banks are answering the call. This means sales-driven approaches are getting the axe. Think of how Wells Fargo just announced its decision to cut sales goals from branch managers after the fiasco of lack of transparency it had with opening false accounts last year.
Clients are expecting information faster and more easy to comprehend. This streamlined process will take the focus away from sales approaches to a more targeted messaging system.
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