FINANCIAL SERVICES TRENDS FOR 2017
- amalabdreamz
- Oct 16, 2018
- 3 min read
While we can not always be sure of what 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 achieved in the last year and the initiatives they already have 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 shared concept is new; You’ve probably heard about them before. In contrast, the level of importance and the level of innovation are increasing. Each day brings better technology, more use cases and a clearer picture of how a better customer experience looks.
Companies that have already embarked on related initiatives are probably leaders in this field. Those who have not yet developed strategies to attack these specific areas of growth will need to evaluate these tactics to understand what is at stake. The industry is highly competitive and is one in which customers are not easy (or cheap) to obtain.
It is worth noting that all the listed trends share a focus on three common themes: customer experience, trust and efficiency. In one way or another, each prediction touches all three.
The customer experience is to make it easy and pleasant to do business with you. Trust is about a client’s ability to feel comfortable doing business with you. And efficiency is about getting rid of the obstacles that have the potential to challenge your ability to provide great service and that, instead, encourage customers to find another company with which to do business.
While these are benefits for the customer, you, as a company, also get great benefits, which can be reduced to reduce operating costs and increase the number of customers.
The way in which companies focus initiatives that relate to these trends varies.
However, it is safe to say that ideas are often generated and conceptualized in an innovation center or in teams dedicated to helping drive an integrated and seamless experience for the client that allows customers to do business where, when and how they want.Ideas can also be derived from competitions, customers themselves or even partnerships with other companies, such as the FinTech space that has solutions to meet the unique needs of its customers.
Once the ideas are generated, it is time to really begin to understand their viability. Hackathon-type initiatives or proof of concepts are examples of the ways in which some companies begin to turn ideas into reality.
Whether generating ideas or creating prototypes, collaboration is critical to success. Working with other teams and divisions in your company, as well as externally, can help you improve the final product or service. After all, operating in silos limits your ability to develop successful programs and excellent products.
The more collaboration you participate from the beginning, the greater your chances of achieving greater adoption of your products and services. With this in mind, we would like to share our 15 main trends in financial services in 2017.
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