Top Banking Trends
The current trend include some of the key trends from last year with new trends in the areas of customer experience, digital and mobile delivery, digital payments, innovation, alternative products, authentication and advisory services. Overall, the banking industry’s potential to be left behind or consolidated would increase as consumer expectations intensify and margins remain reedy. Here are 10 trends they told us to watch.
Branches will see fewer footfalls
The number of customers foregoing branch visits is on the rise. The number has escalated from the past year. If the trend is spot-on, still more people will be undertaking their banking online, on their phone or at ATMs in the coming years.
The branch and digital experience will unify
As mobile services magnify, banks will be in quest of further ways to assimilate banking on a phone with banking in a branch. Banks will be eyeing to link the digital know-how to the branch experience. For instance, customers may initiate an application online, apprehend they need help, and then finish it the branch.
Digital transformation of branches
Mobile banking is not the only thing for consumers currently. The banks might start to practice mobile technology in their branches. Some branches are unleashing tellers from the counter and providing them with tablets so they can come across with customers more casually and comfortably either in the lobby or private offices. Other branches are tallying technology by setting up video ATMs or self-service booths that provide the prospect to chat with a remote teller. A bank in Switzerland has set up an automatic safety deposit system that permits customers to check their deposit boxes minus talking to a real person.
Investment options at the bank to face a stand still
Bank involvement in investment choices, such as health savings accounts and IRAs is one area that is not likely to change this year. Banks may well be losing an excellent business prospect, predominantly in HSAs. The tendency is that HSAs are developing speedily, and that is not going to fall anytime soon. It is assessed that merely 2,300 of America’s 12,000 banks and credit unions offer HSA alternatives, and is not likely go up. This means many banks are letting go of their stake of a budding market. Banks are likely to keep up with the existing state of affairs.
Convenience fee could be started by banks
Regulators and the public are constantly pressurizing banks to keep a check on the fees, but that doesn’t mean that banks can’t find ways to staple few new charges in 2016. Fees for convenience services, such as accelerated payments, and remote check deposits, best the list of the new charges that consumers can expect in the coming year.
Mobile payments will endure to foray
According to a Federal Reserve mobile financial services report , in spite of the blitz of ads hyping the profits of services like Android Pay or Apple Pay, only 22 per cent of mobile phone consumers executed mobile payments with their device in 2014. There is a scope for change in the near future. Dealers have been a bit relaxed to sign on. Now that big dealers are positively accepting money via smartphones, smaller businesses may be ready to hop aboard the mobile payment trend.
Regional banks to ne in sync with mobile deposits
Before sometime, consumers always had to go to branches for check transactions. Now, all this can be done with a click of their camera. Simply snap a photo of the check and it will be instantly deposited. According to the Federal Reserve, this service was used by over half of mobile banking customers used in 2014. The facility to conduct remote deposits has been restricted primarily to large, national banks, but the services are about to expand in the coming years. It is estimated that regional banks and large credit unions would be ready to introduce the technology in the coming few months.
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