Carding Forum
Professional
A multifunctional mobile banking application, improved branch design and self-service technologies are not all that a modern bank should do
Banking trends.
Analysts at research firm Forrester identified several trends in the banking industry that are affecting a bank's digital image and customer relationships.
1. Customers need up-to-date digital services
You won't surprise anyone with the ability to log into the Internet bank from various devices.
You will no longer be surprised by the opportunity to connect to Internet banking from any device. Now they need personalized banking services (for example, in the area of money management), which the bank will offer to the client even before he begins to need them.
Most financial institutions claim to be personalizing the services they offer to their customers today.
However, in reality, everything is limited to looking for an opportunity to sell a related product or service to a client.
To offer every contributor an up-to-date product, you need to constantly monitor the needs of your client base. To do this, financial institutions must invest in various technologies to analyze data.
2. Millennials need bank support
Large purchases are often accompanied by banking services
The audience to which you should pay special attention is young people under 35 years old. Millennials have reached an age where they face big expenses - buying houses, cars, and so on. Banks must respond to the growing needs of their young customers and develop products that accompany large acquisitions, such as insurance. It should also be borne in mind that complex financial issues, for example, buying a house or retirement savings, customers are likely to want to discuss in the branch with bankers, and not in digital format.
Analyze your customer data from different angles. This will allow you to understand their goals and the circumstances in which they are planned to be achieved. And based on this, offer the client the service he really needs.
3. FinTech startups - partners of banks
British bank Barclays has opened an accelerator for startups
Banks should reconsider their attitude towards startups. In the past, fintech startups started out by working directly with consumers (B2C format). And their solutions were too complex to scale. Now young companies are abandoning this format, increasingly opting for partnerships with banks and financial institutions (B2B). Thus, OnDeck, the online loan service for small businesses, has merged with the largest American bank, Chase. And robo-consulting provider SigFig Wealth Management works with Wells Fargo.
For banks, collaboration with startups is access to innovative technologies that consumers demand. And no time-consuming research and development is required to bring these products to market. Therefore, many financial institutions organize special accelerators to search for new ideas.
Banking trends.
Analysts at research firm Forrester identified several trends in the banking industry that are affecting a bank's digital image and customer relationships.
1. Customers need up-to-date digital services
You won't surprise anyone with the ability to log into the Internet bank from various devices.
You will no longer be surprised by the opportunity to connect to Internet banking from any device. Now they need personalized banking services (for example, in the area of money management), which the bank will offer to the client even before he begins to need them.
Most financial institutions claim to be personalizing the services they offer to their customers today.
However, in reality, everything is limited to looking for an opportunity to sell a related product or service to a client.
To offer every contributor an up-to-date product, you need to constantly monitor the needs of your client base. To do this, financial institutions must invest in various technologies to analyze data.
2. Millennials need bank support
Large purchases are often accompanied by banking services
The audience to which you should pay special attention is young people under 35 years old. Millennials have reached an age where they face big expenses - buying houses, cars, and so on. Banks must respond to the growing needs of their young customers and develop products that accompany large acquisitions, such as insurance. It should also be borne in mind that complex financial issues, for example, buying a house or retirement savings, customers are likely to want to discuss in the branch with bankers, and not in digital format.
Analyze your customer data from different angles. This will allow you to understand their goals and the circumstances in which they are planned to be achieved. And based on this, offer the client the service he really needs.
3. FinTech startups - partners of banks
British bank Barclays has opened an accelerator for startups
Banks should reconsider their attitude towards startups. In the past, fintech startups started out by working directly with consumers (B2C format). And their solutions were too complex to scale. Now young companies are abandoning this format, increasingly opting for partnerships with banks and financial institutions (B2B). Thus, OnDeck, the online loan service for small businesses, has merged with the largest American bank, Chase. And robo-consulting provider SigFig Wealth Management works with Wells Fargo.
For banks, collaboration with startups is access to innovative technologies that consumers demand. And no time-consuming research and development is required to bring these products to market. Therefore, many financial institutions organize special accelerators to search for new ideas.
