Key Retail Banking Trends for 2015

Jim Marous of the Financial Brand offers a great review of the Top 10 Banking Trends for 2015 in BAI Banking Strategies. Here are the top seven which we found particularly interesting.

   1.      Customer analytics and data will drive customer interactions.  Financial institutions in 2015 can better use data to target customers, and simplify delivery of services leveraging data they already have on existing customers.

   2.      Digital delivery will happen in the branch as well as online.  If the customer can e-sign in minutes for accounts at home, why can’t they do the same thing in a branch?

   3.      Mobile and digital design will be first in designing products and services.  When the fastest growing activity is mobile and digitally based, product and marketing strategy must shift to that focus.

   4.      Increased digital selling.  Digital and online strategies are key not just to improving operations and opening activity but also to drive sales activity from customer targeting, reach and online selling.

   5.      Focus on digital security and authentication.  Digital and online service requires enhanced and strong multi-factor authentication and layered security.

   6.      More challenge for digital disruptors.  Non-banks are moving fast in payment and lending alternatives through digital channels to steal financial institution revenues.

   7.      Financial institutions will use innovation alliances to compete more effectively digitally.  With legacy systems, streamlined staffs and limited time, financial institutions will use partnerships with innovative providers to grow revenues.

We chose these top seven because they are exactly what PaySound^® brings our financial institution clients.  Let’s talk about how we help you address the top trends in the banking industry with the product that drives the top revenue source in the industry.