While we can’t always be certain which trends the new year will bring, we can offer predictions based on our conversations with industry executives and our customers, looking at what companies have accomplished in the past year, and the initiatives they already have in place for the future. In fact, that’s exactly how we compiled this list of trends that we believe will take place in the financial services industry in 2017.
At the end of the day, no concept shared is new; chances are you’ve heard of them before. Instead, the level of importance and the level of innovation are increasing. Each day brings better technology, more use cases, and a clearer picture of what a better customer experience looks like.
Companies that have already embarked on related initiatives are likely leaders in the field. Those who haven’t yet put together strategies to attack these specific areas of growth will need to evaluate these tactics to understand what’s at stake. The industry is highly competitive and it’s one in which customers aren’t easy (or cheap) to come by.
It’s worth noting that all the trends listed share a focus on three common themes: customer experience, trust, and efficiency. In one way or another, each prediction touches on all three.
Customer experience is about making it easy and enjoyable to do business with you. Trust is about a customer’s ability to feel comfortable doing business with you. And efficiency is about getting rid of the road blocks that have the potential to challenge your ability to provide great service and that instead encourage customers to look for another company with which to do business. While these are customer-facing benefits, you as a company also realize tremendous gains, which can be boiled down to reduced operating costs and more customers.
How companies approach initiatives that relate to these trends varies. However, it’s safe to say that ideas are often generated and conceptualized in an innovation center or within teams that are dedicated to helping drive a seamless, integrated customer experience that enables customers to do business where, when, and how they want. Ideas can also be derived from contests, customers themselves, or even partnerships with other companies, such as those in the FinTech space that have solutions to meet the unique needs of your customers. Once ideas are generated, it’s time to truly begin understanding their viability. Hackathon-type initiatives or proof-of-concepts are examples of ways in which some companies start turning ideas into reality.
Whether it’s idea generation or prototyping, collaboration is critical to success. Working with other teams and divisions in your company, as well as externally, can help you improve the end product or service. After all, operating in silos limits your ability to develop thriving programs and great products. The more collaboration you take part in early on, the better your chance of achieving greater adoption of your products and services.
With that in mind, we’d like to share our top 15 trends in financial services in 2017. Download the guide here or simply fill out the form below.