As the new year opens, everyone wants and needs to know what to expect of the banking industry for the year ahead. There is no need to guess what is ahead as the Digital Banking Report’s annual survey lets us all know what is in store.
Here are the ten top 2017 Banking Trends Predictions
The first thing at the top of the report is to remove the friction from the customer’s experience in dealing with their bank. This item was mentioned most in the survey so it is clearly a top concern in the banking industry.
The second most mentioned trend involves improvements in how advanced analytics and data are used. Looking back at the past few years, it is easy to see why this would be a concern.
Improving integrated delivery through multiple channels is third in the line of banking trends for 2017.
After getting hardly any mention in last year’s survey, open APIs rose to fourth position for 2017. With apps being such a big part of so many other industries, it shouldn’t be a surprise that the banking industry is getting involved as well.
Sitting in sixth position is partnering with financial technology companies. High technology is being used in nearly every industry so it isn’t surprising that banks are looking into this possibility.
Next is expanding on methods of making digital payments. With as many options available now, it may be hard to imagine how even greater ability for such payments can be made.
New regulations are frequently implemented so responding to these changes is a priority within the banking industry.
With nearly every other industry using IoT (Internet of Things), and voice activation and identification, it had to be only a matter of time before the banking industry got involved too.
New challenger banks emerging is ninth on the list of the top ten banking trends. The banking industry is as competitive as any other retail industry. Challenger banks seek to compete with the large major banks for customers. How this will work out, no one knows but it could be just the shake up needed to provide the best in customer service.
The last of the top ten is investing in an innovation accelerator program. This type of investment could result in increased competition in business that leads to a stronger economy.
What the future holds remains to be seen but these top banking trends will be interesting to watch. Seeing what the banks are doing helps the rest of us know how to plan our finances for not only this year but for the years ahead.