I’ve been spending an increasing amount of time studying the state and future of finance, banking and retail. Behind the scenes, I’ve spent time with several national and global finance companies/banks as well as several retailers all looking to understand the connected customer and their expectations and preferences when it comes to money, banking and shopping.
When Jim Marous, co-publisher of The Financial Brand reached out to talk about the 2016 trends and predictions in retail banking, I was ready to jump in. He asked for two-to-three sentences but I was ready to write the entire article! The future of banking, finance and retail is so important that I’m presenting to and meeting with senior executives including CEOs in a few bleeding edge cases.
All in all, The Financial Brand organized expert commentary from 100 global financial service leaders into 10 categories…
— Top 10 Retail Banking Trends and Predictions for 2016 —
1. The ‘Platformification’ of Banking
2. Removing Friction from the Customer Journey
3. Making Big Data Actionable
4. Introduction of ‘Optichannel’ Delivery
5. Expansion of Digital Payments
6. Executing on Innovation
7. Exploring Advanced Technologies
8. Emergence of a New Breeds of Banks
9. Mining New Talent
10. Responding to Regulatory and Rate Changes
My contribution was tied to Trend No. 2, but my work in one way or another is distributed across the board.
“In 2016, and over the years to come, retail banking will lean on UX (user experience) to design more than a ‘mobile first’ experience. Experience architects will rethink what a bank is and what it means to digital-first and mobile-only customers, designing an entirely new set of products that will lead to new types of relationships. It’s innovation and disruption over iteration. The ‘uber of banking’ is imminent.”
Each of the 10 trends however are shaped to something more than technology, they’re affected by the evolution in customer behavior, expectations and values. They’re learning that services and products can come to them, that with each “swipe right,” they can simply find or get what they need in the moment, any moment, all on the small screen.
Yet, most companies, in almost every sector, are struggling with innovation and transformation because they can and cannot see the actual problems they’re trying to solve or the opportunities that will earn greater relevance in the future. From the products and services they offer, to the systems and processes they use and follow, to the philosophy of what customer-centricity actually means at a time when many executives can’t appreciate this new generation of connected consumers and employees, executives have to unlearn to learn. They do not live their businesses the way their customers do and there is no excuse for that heading into an experience economy.
I’d love to hear your thoughts about 2016 trends and predictions…
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Experience is everything…my new book is finally available!
Hey, Brian – I love this! Is it okay to use your above quote on the cover of a banking industry report I’m creating for a client?
It’s fascinating to see how a long-traditional industry is going through such a massive level of change. The impact is slower to trickle down to changes the average consumer might see–especially on a customer experience level–but the impact on small businesses and internally with banks is just mind-boggling. From the shift of brick-and-mortar to online platforms while fighting with legacy systems, to compliance and legislature challenges competing with online lenders that don’t have to comply with bank regulation, and so much more, the changes are a tsunami that the entire industry is struggling with.
It’s very interesting, isn’t it?
Of course Carrie!
This is way more helpful than annithyg else I’ve looked at.
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Il est dommage qu’aucun d’entre vous n’ait remarqué, dès les starting blocks, au départ de la finale du 400 mètres, que Felix Sanchez arborait déjà sur les scratchs de ses pointes un « ABUELA » (« grand-mère » en espagnol) anonciateur de la charge émotionnelle de son « ultime » course. Nous nous inclinons, Felix, devant tant de pudeur et de détermination !Je vous embrasse
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