What banking trends can bankers expect in 2020? As we embark on a new decade, technology and banking trends are changing and evolving. Technology brings artificial intelligence front and center in the world of banking. Innovation is everywhere. Leaders are looking for new ways of doing things.
The following is a look at how some banking trends may play out over the next year.
Prioritize Customer Insights & Experience
Data and analytics empower banks to provide a more personalized customer experience. Customers can now receive alerts about spending activity or upcoming bill due dates. Other alerts can update customers about possible fraud. These insights are driven by engagement software that’s powered by predictive analytics.
Having the ability to provide customers with the right advice at the perfect moment has been a sought after for some time. There has been tension between banks and fintech apps for their need of customer data to function. 2020 bank trends predict that Fintech is getting closer with artificial intelligence.
Banks will continue to gain customer insights through the adoption of Fintech. Customer interactions will continue to evolve, enabling personalization and simplicity.
Today’s Banking Trends Reveal Workforce Benefits from New Ways of Learning
Regulations and compliance are ever-changing and hard to keep up with. Not keeping up with these changes leaves your community bank at risk. Training is more important than ever before just to keep up with these changes.
The way today’s workforce wants to learn in a new way. With Millennials and Gen Z making up nearly half of today’s workforce, banks and credit unions are having to change the way they train, educate and develop their teams. According to 2020 bank trends, eLearning is becoming the norm. It’s easy to assign and track training, while being easily adopted by the current workforce.
4 Tips for Selecting the Right Education Partner
- Trusted & current content. Education providers need to stay abreast regulatory updates and provide insight to compliance regulations and trends.
- Holistic provider. Find a one-stop-shop education provider who can provide both compliance training and professional development across the organization.
- Flexible training styles. A diverse team requires flexible training formats. Training managers need to match training to employee learning preferences/styles.
- Automation and integration. Automatically assign training based on role, location, learning style or content, freeing up precious time for your training manager to build relationships. Find a solution that can report on course completion and assignments eases the pressure of reporting to regulators and community banker executives and maintaining compliance requirements.
GenZ Brings New Expectations to Banking
According to the National Retail Federation, Gen Z’s spending power is $45 billion. The oldest Gen Z customers are already in their early 20’s and are bringing change to the bank industry and to 2020 banking trends.
This new generation is 100% digitally native. They don’t remember a time without a computer or smart phone. Outdated, paper-driven processes need to be updated. Searching for digital communication methods with Gen Z customers (video, text, even virtual reality) are key to gaining a competitive edge.
Another key difference with Gen Z customers is that they are more fiscally conservative. They want to avoid debt and appreciate programs, education and services that help them stay financially sound.
Bank Trends Show The Need to Be High Tech, High Touch
In 2020, you will see banks adjust the balance between being high tech and high touch. Digital solutions and AI work well for routine functions such as making deposits or transferring money into different accounts. However, when it comes to making major financial decisions, such as applying for a loan, customers still want to talk to a human being. Community banks already understand this concept and their human element will continue to be a key differentiation. According to 2020 banking trends, Banks will need to work on finding that perfect balance between digital and human interactions.
2020 brings change and transformation which means bankers will need to do business differently. There are lots of resources available to keep you up to date. Here are some of our favorites:
What banking trends can bankers expect in 2020? As we embark on a new decade, technology and banking trends are changing and evolving. Technology brings artificial intelligence front and center in the world of banking. Innovation is everywhere. Leaders are looking for new ways of doing things.
The following is a look at how some banking trends may play out over the next year.
Prioritize Customer Insights & Experience
Data and analytics empower banks to provide a more personalized customer experience. Customers can now receive alerts about spending activity or upcoming bill due dates. Other alerts can update customers about possible fraud. These insights are driven by engagement software that’s powered by predictive analytics.
Having the ability to provide customers with the right advice at the perfect moment has been a sought after for some time. There has been tension between banks and fintech apps for their need of customer data to function. 2020 bank trends predict that Fintech is getting closer with artificial intelligence.
Banks will continue to gain customer insights through the adoption of Fintech. Customer interactions will continue to evolve, enabling personalization and simplicity.
Today’s Banking Trends Reveal Workforce Benefits from New Ways of Learning
Regulations and compliance are ever-changing and hard to keep up with. Not keeping up with these changes leaves your community bank at risk. Training is more important than ever before just to keep up with these changes.
The way today’s workforce wants to learn in a new way. With Millennials and Gen Z making up nearly half of today’s workforce, banks and credit unions are having to change the way they train, educate and develop their teams. According to 2020 bank trends, eLearning is becoming the norm. It’s easy to assign and track training, while being easily adopted by the current workforce.
4 Tips for Selecting the Right Education Partner
- Trusted & current content. Education providers need to stay abreast regulatory updates and provide insight to compliance regulations and trends.
- Holistic provider. Find a one-stop-shop education provider who can provide both compliance training and professional development across the organization.
- Flexible training styles. A diverse team requires flexible training formats. Training managers need to match training to employee learning preferences/styles.
- Automation and integration. Automatically assign training based on role, location, learning style or content, freeing up precious time for your training manager to build relationships. Find a solution that can report on course completion and assignments eases the pressure of reporting to regulators and community banker executives and maintaining compliance requirements.
GenZ Brings New Expectations to Banking
According to the National Retail Federation, Gen Z’s spending power is $45 billion. The oldest Gen Z customers are already in their early 20’s and are bringing change to the bank industry and to 2020 banking trends.
This new generation is 100% digitally native. They don’t remember a time without a computer or smart phone. Outdated, paper-driven processes need to be updated. Searching for digital communication methods with Gen Z customers (video, text, even virtual reality) are key to gaining a competitive edge.
Another key difference with Gen Z customers is that they are more fiscally conservative. They want to avoid debt and appreciate programs, education and services that help them stay financially sound.
Bank Trends Show The Need to Be High Tech, High Touch
In 2020, you will see banks adjust the balance between being high tech and high touch. Digital solutions and AI work well for routine functions such as making deposits or transferring money into different accounts. However, when it comes to making major financial decisions, such as applying for a loan, customers still want to talk to a human being. Community banks already understand this concept and their human element will continue to be a key differentiation. According to 2020 banking trends, Banks will need to work on finding that perfect balance between digital and human interactions.
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