Advancements in digital experiences, mobile accessibility, data analytics, innovation and customer experiences are significantly changing the way consumers manage their finances. Here are a three major trends shaping the future of the finance industry:
Business Analytics & Data Insights
Rather than relying solely on mergers and acquisitions to drive growth, financial institutions are putting more emphasis on data analytics and business insights to better understand, navigate and predict risk and improve the customer experience. Exceptional customer service is critical to retaining loyal customers and expanding relationships to drive business growth.
Customer needs and expectations are constantly changing as a result of increased connectivity and more engagement channels. In response, financial institutions are working to connect digital interactions with live agent assistance to better integrate experiences across channels and provide personalized customer engagement.
Mobile Banking & Payment
Astonishing growth in mobile banking over the past few years shows no sign of slowing down, especially since today’s hyper-connected customer expects 24/7 access to their financial institution through multiple channels and devices. Additionally, mobile payment apps like Apple Pay and Android Pay were slow to catch on at first, but now that major retailers and large merchants are successfully completing transactions via smartphones, smaller companies are sure to follow.
Mobile and online banking will only continue to grow, but won’t replace the need for branch locations and in-person interactions, especially since user privacy and information security are still major concerns for customers. One size does not fit all and financial service providers must focus on customizing engagement solutions and developing integrated strategies to keep up with the changing FinTech ecosystem.
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