Technology continues to change the way consumers interact with the financial sector, which is why it is essential for banks to keep up with it. 2019 brings new challenges and with them, trends that will prevail throughout the year.
Technology continues to change the way consumers interact with the financial sector, which is why it is essential for banks to keep up with it. According to Financial Brand, 4 out of 10 americans have not visited a bank in 6 months and 67% of millennials only use online banking.
Changes are happening minute by minute and it is not easy for the financial sector to scale, make a difference and maintain confidence.
2019 brings new challenges and with them, trends that will prevail throughout the year.
Traffic to online banking sites from mobile devices is growing rapidly. In the United States, 90% of financial service customers access online banking from their cell phones.
Faced with this reality, financial institutions must make their sites more suitable for mobile devices. It implies, not only improving loading speeds, but also implementing responsive designs, so that the client correctly visualizes the site, regardless of the device.
Banking has always been a face to face experience, but with the emergence of the Internet, most interactions occur through digital channels. Clients feels frustrated when companies fail to provide a relevant and personalized experience.
One of the best ways in which an institution can differentiate itself is with a hyper-customized experience, fed with big data and powered by automation tools. An almost infinite supply of available data, useful for financial marketers, makes it hard to come up with an excuse not to use automation. All that is needed is the right investment on technologies that put data to your service.
The advances achieved in recent years in the field of natural language processing, conversation interfaces, automation and machine learning have allowed virtual assistants to become increasingly intelligent and useful.
ComScore estimates that by 2020, half of all search queries will be voice based. Almost a third of the 3.5 billion searches conducted on Google every day are voice searches, with an increasing number of them being made through digital assistants.
Financial institutions should pay close attention to the way in which customers talk to optimize their websites for voice search. On the other hand, SEO for voice search deepens in the user's intention and explores the answers to how, when, where and why, according to The Finantial Brand.
By 2019, the software industry for marketing automation is expected to increase to $ 5.5 billion. Gartner estimates that investments in marketing technologies now account for 29% of all marketing budgets, making it the largest investment area.
For each marketing challenge that a financial institution faces, there is a tailor made technological tool to address the problem. Whether you need to accelerate processes, automate actions, improve segmentation, find new markets or grow existing ones, you must continue to develop your Martech pillar.
Today's consumers are bombarded with content, ads, offers, emails, push notifications and so on. We have reached the point where we can no longer process that much information.
The micro moment is a new type of consumer behavior, which occurs when people reflexively resort to a device, usually a smartphone, with the need to learn something, do something, know something or buy something.
Micro moments work because they provide consumers with the right information exactly when they need it.
Under this approach, a financial institution can drive a message designed especially for a group of users within a particular geographic region in real time. The technology also allows a financial institution to send a personalized message to consumers of a particular demographic or financial profile within a geographic area.
In addition to using a consumer's current location, a bank or credit union can track consumers behavior based on a series of previous locations. With the information collected over time, you can identify the locations that the user visits frequently and extend personalized offers with that criterion.
Is your financial institution following these trends in 2019?