Financial institutions are reeling at the impact of new tools and technologies that have emerged over the last few years. Advanced analytics and big data are leading to more personalization in communication and this is improving the customer’s experience. When it comes to the payments sector, changes have also been afoot. Credit unions and other smaller financial institutions are having to move with the times. In an attempt to compete with the larger banks, they now have to expand the services they offer. From adopting cutting-edge debit card processors for financial institutions to changing marketing techniques, 2019 is likely to see more change.
There are a number of digital trends that are starting to emerge in the mainstream. These look set to rise in popularity in 2019. Here, we take a look at the developments that no financial institution should overlook in the year to come.
Artificial intelligence and machine learning have driven efficiency in the field of data analysis. Hyper-personalization is now possible. This goes beyond using the customer’s name. It now involves creating a unique consumer journey with content that is entirely personalized. Real-time campaigns can now deliver more dynamic content throughout the user’s journey. Financial institutions that fail to focus their brands on the needs of the individual will fall behind in 2019.
Consumers are ready to turn to brands that are listening and learning from consumer behaviors. Institutions that create a genuine relationship with their end-clients will have an advantage in the competitive financial marketplace.
Adopting the Chatbot
Until recently, chatbot usage in financial institutions was merely hype. This phase has now ended. Experts have predicted that 2019 will become the year of the chatbot in online consumer care. Originally designed as a replacement for human customer support, chatbots are also able to personalize engagements with members and customers. There are predictions that say chatbots will carry out around 80 percent of all B2C communications within five years. The beginning of this development will be 2019.
Increasing numbers of consumers are carrying out their search inquiries online. Even more are accessing finances via smartphones and mobile devices. Credit unions and small financial institutions are now having to rethink their mobile strategies for a new year. Many have already adopted technology on the go as a way of advising and informing mobile users. Next year, they will need to expand on this. Mobile devices are becoming the first choice of 50 percent of consumers when they turn to the Internet to accomplish tasks. These numbers are rising year-on-year.
Mobile marketing for financial institutions is a hot trend. Financial institutions must not overlook this trend in 2019. However, credit unions and other institutions must go beyond marketing via smartphones. They must offer complete functionality via mobile devices.
Financial institutions must adopt self-service through mobile technology in 2019. Consumers increasingly demand the ability to make payments online through smartphones and tablets. Without this functionality, they will turn to other organizations that can make this possible. Adopting cutting-edge online debit card processors for financial institutions is the way forward. The use of online portals increases consumer satisfaction. Meanwhile, institutions themselves benefit through increased revenue and a more streamlined solution.
BillingTree offers cutting-edge debit card processors for financial institutions, such as credit unions. BillingTree helps financial institutions to move forward into 2019 by understanding the latest trends and leveraging advanced tools. Relying on yesterday’s tactics and tools can no longer cut it in today’s competitive environment. However, through the adoption of these latest digital trends, success becomes possible.