Trends that will Disrupt Banking in 2019

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Trends that will Disrupt Banking in 2019

CFO Tech Outlook | Tuesday, January 15, 2019

In the banking industry, there is a new promise, and perhaps no better time than now for the necessary transformation. Economic fundamentals are strong, the regulatory climate is favorable, and transformation technologies are easier to access, stronger, and more economical than ever. Banks and credit unions are witnessing faster innovation, more extensively using data and analytics, and digitizing processes rather than simply converting paper into PDFs.

The new technologies are continuously disrupting the banking industry. One of the main trends that are bound to disrupt the financial industry is the impact of social media in banking. As the online market operations industry continuously gains developments, social media has become the best market place for organizations to grow their business. 2019 will witness new trends in this field, as digital customers use online platforms more to perform the majority of their shopping. Furthermore, the emergence of micro-influencers will impact sales of products, and content marketing will become the main component of social media commitment. This strategy is a great way to train and move people through the sales funnel and to transform them into customers when tailored and supported by value proposals.

“Need for Speed” is a tricky word that indicates the minds of the customers. They need speed insatiably. Artificial intelligence and machine learning enable data processing and solutions to be delivered in real time. Google services have improved their processing speed, while Amazon has altered their consumer experience offerings by delivering highly contextual product options and fast shipping. The frequent customer engagements will enable online marketers to easily find the recent activities and the current location of the customers. Combining this information with the expressed interests of the customer enable them to predict the next step to be taken quickly or the next option to be provided to the customer to retain them.

Research says that more than four million Google searches occur every minute. The customers now are able to get product information through their Google searches instantly without the interference of a solution provider and are able to make a decision whether to buy a product or not. Most of these customer decision data can later be transformed into information that may help marketers to analyze their sales performance and also for statistical analysis.

Inaccurate data and ethical issues may affect the brands negatively. This reminds organizations to have a better understanding of the AI applications, and the data security needs to be emphasized further ahead. 2019 will be an excellent year for organizations that avoid these kinds of errors and provide the customers with more secure and safe interactions with the company.

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