With summer in full swing, the banking and finance industry is not taking a vacation as it continues to find ways to leverage new technology and satisfy customers. Below are three emerging trends in the industry to watch as we continue to move through the second half of 2016.

 

     

     1. Refreshing Customer Experience

Creating an effective customer experience strategy is not a new topic for the banking and finance industry. As new technology develops, banks may adopt new customer-centric practices or opt to redesign its customer experience strategy entirely. Simplicity, efficiency, and responsiveness are three key principals that drive effective customer experience. Best practices show successful organizations carry these three principals through all facets of the brand. Additionally, the brand’s customer experience should yield the same results both online and offline (e.g. customer services reached via a mobile application versus over the phone). This creates a streamlined effort among the organization as a whole, which sets the brand up to appeal to a wide variety of consumers. To ensure success, organizations must evaluate its strategy and presence to meet the needs of consumers.

     2. Expanding Mobile Payments

As the demand for fast and simple digital solutions rise, many consumers are turning to mobile payment services (also known as digital wallets). Currently, there are a variety of providers in the market ranging from well-known technology industry leaders (e.g., Apple Pay, Android Pay, Google Wallet, etc.) and others that primarily focus on digital payments (e.g., PayPal, Venmo, etc.). These types of mobile payment services provide a digital means for transferring money rather than using the traditional cash or check. Since the process is easy and at your fingertips, advocates for mobile payments suggest that it’s the ideal way to transfer funds. Although there are still user concerns regarding security, digital payments continue to show advancement both in the industry and the mind of consumers.

     3. Leveraging Big Data

While the term may still seem intimidating to many companies, big data is more commonly being used by banks and financial institutions to learn more about its customers, as well as the brand itself. Many companies are collecting massive amounts of user/customer data, but are unsure of how to use it. Digging into big data may point to gaps in service offerings, identify key customer demographics, or lead to deeper consumer insights. As consumers’ expectations rise, it will be important for banks to use big data to set actionable strategies to compete.

All of the trends above have an impact on the customer experience. To remain competitive in the marketplace, many banks and financial organizations are seeking assistance from researchers to inform strategic initiates which will deliver a cutting-edge customer experience. If you are interested in learning more about our research capabilities, please contact Sandy Baker, our Senior Director of Business Development and Corporate Strategy at SandyB@RMSresults.com or by calling 1-866-567-5422. Visit our website at www.RMSresults.com.