Banking Digital Background
Industry Digitisation, FinTech startups and customer expectation are starting to revolutionise the banking sector.
Challenger digitally focused banks (UK = Mondo, Tandem, Starling, Atom, etc) are reacting to and starting to satisfy user needs.
Whilst these Challenger Banks do not have an established Brand and thus Trust they have also conversely not suffered from the Trust impact the Banking sector has endured since 2008. These Challenger Banks promise excellent digital products on your phone, realtime, deepdive data with excellent UX, biometric security, open API integrations, AI for more predictive/ personalisation, etc.
Whilst High street banks will ‘always’ exist to some degree I see significantly less physical high street banks in the future.
In the longer term I also see those digitally enabled Bank hubs that survive being a destination for complex advice and problem solving rather than where the majority of users deposit cheques, draw money and resolve relatively simple tasks (taking out a loan, saving account, etc).
So without further ado here goes with my top 5 future Banking digital trends:
1/ User need
I particularly like the insight from Accenture on next generation banking.
Here Accenture talks about The “Intelligent Multichannel” bank, the “Financial/Non-Financial Digital Ecosystem” bank and the “Socially Engaging” bank.
Digital can absolutely support these 3 models and enhancing the multichannel experience to engage customers, offering improved mobile technology to place the bank at the centre of an ecosystem that sells financial and non-financial services and then improving customer intimacy through 1-2-1 social media engagement…
2/ Personalisation and Conversion Rate Optimisation
As noted above; in the future you will not be effective at marketing in the Banking sector without a highly personalised experience.
From landing on the app or website and adapting design to MVT page/form design right the way through to the personalised email and social media response you receive there will be much more Banking innovation in this space.
3/ Better Data
I’m not a fan of the word ‘Big Data’ (often incorrectly used and too “buzzy”) hence Better use of Data will be key for improved customer interaction, marketing and the experience itself.
Via the use of solutions such as a DMP (data management platform) tying together multiple data sources the customer will get a better more tailored experience and also the Bank will better understand multi click channel attribution, return on investment, LTV per customer acquired, etc.
The go to device is now mobile and not only does the customer experience need to improve on mobiles/ tablets but also improvements made is areas such as programmatic buying and native advertising. Banking needs to satisfy the moments that matter to consumers across all channels (display, PPC, SEO, Affiliate, Aggregators, paid social, in app, etc); whether that’s simply obtaining their balance or taking out a new loan.
If these mobile improvements are not made we will only see less marketing effectiveness, worse ROI and proliferation of user focused solutions such as ad blockers as they not only become more widely adopted but they also start to spread to channels such as native, in app and to PPC.
5/ Social Media connection
The days of blasting messages out via social media are long gone.
Banks need to truly engage with users in real time to not only answer general questions but also eventually use the channel to answer specific account queries as well.
2 way engagement is key for greater brand affinity and will also offer awesome insight into user expectation that result in agile iterative improvements to products and services.
Many consumers, particularly Millennials and those who follow, rely on social media for communication and company reviews (what better way of hearing about a product or service than via your trusted social network?!) hence it will be key that Banks engage effectively on social channels e.g. native hyper targeted adverts or specific content designed around user needs (moving from content marketing > content design principles).