Did you know over 65 percent of the US population uses digital banking services? That’s a four percent increase since 2018 alone.
That’s not all that’s changed recently, though. What are the most important things for you to know, though? Will any of these changes impact you and the way you bank right now, or will things stay the same?
Luckily, we’re here to tell you all about it. Read on to learn all about the most important emerging trends in the banking industry.
Plenty of Digital Advancements
The biggest change you’re likely to notice is how banks approach their customers. Pre-pandemic, banks focused on making things faster and more efficient for customers, but it’s become clear that humans are still needed for a quality banking experience and brand loyalty.
That’s why big banks are going to be investing in ways to both restore relationships they had with customers and become more empathetic toward the ones they’re likely to gain as a result. That might look like gaining a better understanding of customers’ financial situations, and then working to set aside the inattentiveness that’s previously been placed on issues that plenty of people care about.
Onboarding
What that’s not likely to stop, though, is the lack of need for a physical banking branch. That’s why you’re also likely to see a large increase in digital account applications and onboarding. In fact, banks that still require customers to book an appointment in order to open a bank account are likely to see a decrease in business.
This switch already makes it quicker for banks to sign new customers up and get their accounts approved, but the technology behind those decision-making processes is only going to continue growing.
Call Centers Aren’t Going Anywhere
What’s not likely to be replaced with an AI is human customer service agents. In fact, a lot of agencies are working to further improve the working conditions their employees have so they can achieve optimal performance levels.
This could look like reimbursement for high-quality office and desk supplies, a higher number of wellness days, and especially AI assistance. As these professionals become more valued, banks are going to do what it takes to keep them around.
As a consumer, you can look into what your bank does for its employees and their well-being. Banking with a company that treats its employees well sends a message to other banks, and it lets them know that customer satisfaction starts with employee satisfaction.
If you can’t find a bank’s employee benefits online, you can always get in contact with someone to ask the question.
Generous Credit Card Offers
If you’re on the hunt for a new credit card, you may just be in luck. With the likelihood of a continuous surge in spending, it’s a lot easier for some banks to launch new cards with a swath of benefits. Whether it’s welcome bonuses or extra cashback deals, you’re likely to be able to find something that works for you.
For those who were able to save a lot during the pandemic, you’re likely to see more offers for investment services. This can be a great move to make, especially if your savings account doesn’t come with a high yield.
Remember to be on the hunt for transparency, though. If you can’t find specific details, it’s best to keep researching until you find an account with everything you’re searching for.
Growth for Buy-Now-Pay-Later Options
Buy-now-pay-later (BNPL) options are also going to continue growing. With no extra fees and a convenient installment plan, these apps make it easier for a lot of consumers to budget carefully while still making the bigger purchases they might not otherwise be able to.
More Payment Method Options
You’ve likely paid for things or even sent money with platforms like Paypal, Venmo, and even cash apps, but you’re likely to face fewer restrictions with them soon enough. Right now, most networks are private and can’t send payments cross-platform (no Venmoing dinner money to Zelle users), but global governments are beginning to place pressure on these companies.
For example, a lot of banks that have payment offerings have to cooperate while competing with other banks and platforms.
Increase in Financial Crime
This doesn’t mean you need to go on a bank run, it’s just something to be aware of.
As restrictions become tighter across online platforms, finance criminals are looking for alternative measures. That means methods like cryptocurrency or digital cards are being used to commit fraud more frequently.
Prioritization of Green Offers
Banks have sent out plenty of “environmentally-friendly” advertisements over the last few years, but consumers are beginning to seek proof for these promises.
This is likely to look like independent verification that banks are truly following through with their promises. They’re also going to be facing heavier pressure to divert their resources away from carbon-heavy energy companies and towards less impactful sources. Banks are notorious for depending on fossil fuel companies for predictable revenue, so this is something you should keep an eye on.
How Does the Banking Industry Look To You?
There are a lot of opinions about the state of the banking industry right now. No matter what yours is, though, it’s important to stay updated on the latest. The more informed you are, the easier it is to anticipate potential pitfalls and setbacks.
Luckily, we’re here to help you with all of the latest. Check out the rest of our website to learn more.
