With customer expectations and trends in technology evolving constantly, the impacts are noticeable in the financial industry more than ever before. With the influence of the Internet of Things and the prevalence of mobile banking interactions, huge amounts of data are collected and being analyzed in real time across digital frequencies. What are the trends that financial institutions are seeing in 2019?
Financial Sector: Banking Trends for 2019 in Technology
Financial governing organizations are insistent that credit unions and banks be mobile friendly, allowing consumers to transmit data from their devices, via cloud-based technology, to the financial hub. The modern consumer desires to be in control of how to conduct their banking, and by making accounts and payment data available via secure application programming interfaces (APIs) the public has this option. These ‘open-banking’ communications lead to ease of accessibility for consumers, and thereby create long term buy-in and increased value for retail banking centers. Implementing APIs takes the consumer to an enhanced experience, increases the chance for new revenue streams, and increases the institution’s agility while decreasing service time. With the trends submerged into digital services, there are institutions that have opened which employ only digital banking. This continues to suggest that increasing innovative offerings for consumers must continue, while giving incentive to the individual through open banking, APIs, and further cloud technologies.
Trends for 2019: Personalization to the Individual Bankers and Generations
Lifestyles, values, and mindsets are now a consideration when setting up bank and credit union branch locations. Considering the market in which bankers serve, many banks and credit unions are opting to approach their layout, service, and offerings with the younger generation in mind. With this, banks are adopting a personalized self-service feel at branch locations. Some banking institutions are even creating trendy vibes by turning their branches into a coffee shop where consumers can get help from a ‘digital lifestyle coach’. As unique and unusual as these branch designs may be, these cafés may not be necessary for your clientele. Simply turning a banking center into a cozier visit by adding a lounge could be a step to increasing consumer satisfaction. This is an unpretentious way to encourage a self-starter consumer to hang out and discuss financial needs. The credit union or bank lounge could be equipped with check-in tablets and cozy seating, all while giving consumers increased banking services than would be available on a mobile app.
Digital Payments and Digital Banking Ease for the Consumer
Dynamic trends remain in the practice of giving and receiving payments. Traditional financial institutions lead the trend here by continually offering innovation in how payments are received, how currency is shifting to mobile money options (i.e., cryptocurrency and mobile wallets), and the increasing prevalence of the Internet of Things. These trends showcase an opportunity for an increase of innovation in banking applications, decrease in transaction fees, and promote the teller-to-consumer interactions within branches.
Trends and Predictions for the Financial Branch for the Remainder of 2019
Financial Institutions are aggressively looking to deploy the latest in branch automation technologies in efforts to gain efficiencies, security, and improved customer experience. Many of these new and improved technologies include but not limited to, Recyclers, video enabled ATMs, self-service vault attendant and video analytics.
Innovations in technology and data distribution have driven the trends above and the real-time intelligent integration of data through the use of AI, advanced analytics, and cognitive computing. As the customer-centric culture remains, this drives the designs of retail banking institutions and customizes the entire banking experience for consumers today. All of this, as well as the usage of open banking platforms by way of APIs, continues to carve out the trends in technology and innovation within the financial sector.
Ellsworth Systems in Nashville, TN, Provides Updated Technology for Your Branch
Our goal at Ellsworth Systems is to make sure that you are receiving technology that is current, relevant, and sound. We work diligently to stay ahead of trends in order to assist banks and credit unions with the relevant updates to their institutions. At Ellsworth, we take the time to sit down with our clients to fully understand what their short term and long-term strategies are, and based on their personalized objectives we can then determine the best strategic technology road map solution.