The banking sector and credit unions have long been subject to disruptive technologies and are advancing at a rapid pace. The introduction of IT in the finance sector has helped in enhancing customer relationships, simplifying operations and identifying revenue opportunities. Well, read on to find out how banking and credit union trends are reshaping the industry.
1. Personalization: Machine learning (ML) and Artificial Intelligence (AI) has jointly contributed to increasing the bar for data analysis thereby, making it convenient for financial markets to deliver hyper-personalization to its users. Nowadays, companies are striving hard to know their customer’s preferences on an intimate level. Moreover, consumers tend to prefer brands that listen and learn from their behavior.
2. AI and Machine learning: AI is gaining colossal prominence in the financial sector. Apart from their use in mitigating risk factors, fraud and compliance, AI and ML are becoming mainstream technologies, and it is essential for marketers to understand their importance. Soon there will be a massive adoption of AI assistants in the finance sector to carry out tasks. This technology will also help in making predictions concerning market strategies.
3. Mobile Marketing: It’s essential for banks and credit unions to consider their mobile plans. As users are more inclined towards using their mobile devices for things like search inquiries or accessing their financial accounts, a mobile platform must be a high priority. Therefore, one must make that site has been designed keeping in mind the users.
4. Geolocation Targeting: Geolocation offers the feature that enables one to know the location of a customer. That particular location can be accessed through Bluetooth, WI-Fi, IP address, and GPS. Through this approach, a financial institution can send a message designed mainly for that set of the group in real time. Institutions can also track the behavior of customers depending on their previous locations. With this institutions will have a data regarding the user’s frequent visits and thereby they can be extended with personalized offers using the criteria.
5. Chatbots: Chatbot usage has seen immense growth in this year, and the use of this technology is rising as it’s a key component of online customer care and marketing. Chatbots can be integrated into a variety of things be it a website, an application, and even with a social media platform. Chatbots were initially designed to assist humans by doing their routine tasks like replying to the queries.
Understanding and updating the changing trends and advanced tools will help banks and credit unions to succeed and stay competitive in the long run.