(Foto: bloomua – Fotolia.com)
New York – The Top 10 Retail Banking Trends and Predictions for 2015 have been collected from a crowdsourced panel of more than 60 global financial services leaders including bankers, credit union executives, industry analysts, advisors, bloggers and fintech followers.
By Jim Marous, Publisher of Retail Banking Strategies for The Financial Brand and Publisher of the Digital Banking Report
For the fourth year in a row, I have reached out to some of the most respected global leaders in the financial services industry to ask for their thoughts around upcoming banking and credit union trends and predictions. As in the past, the response was overwhelming, with more than 60 responses from our crowdsourcing panel in the U.S., U.K. and the Asia Pacific region.
Heightened use of customer insight
This year’s list includes an advancement on some of the trends we have seen in previous years, with new trends and predictions in the areas of digital delivery, mobile, customer experience, payments, innovation, operations, security and product design. How any institution responds to these trends may differ by organization, but none should be ignored.
Two of the most omnipresent trends evident in this year’s predictions were the heightened use of customer insight for the delivery of services and an enhanced customer experience, and the continued development of digital channels and associated digital services.
Continued competition from outside the industry
All of the contributors concurred that the changes in the industry in 2015 will be driven by increasing consumer demands combined with continued competition from outside the industry. It was also universally believed that the financial services industry is playing ‘catch-up’ and that there could be many organizations left behind or consolidated due to an inability to respond to consumer expectations and/or cost and revenue challenges.
The Top 10 Retail Banking Trends and Predictions for 2015 are:
- Using Customer Analytics to Drive Contextual Experiences
- Expedited Deployment of Digital Delivery
- Mobile-First Design
- Increasing Digital and Social Selling
- Mass Market Acceptance of Mobile Payments
- Focus on Security and Authentication
- Industry Consolidation
- Enhanced Customer Incentivization
- Investment in Innovation, Incubation and Uncommon Alliances
- Increased Impact of Digital Disruptors