CHICAGO –The top trends and expectations for the financial services industry in 2019 have been released by BAI.
The trends were highlighted during a webinar, BAI Banking Outlook Webinar: What's Next 2019 Outlook.
The forecast is included in the BAI Banking Outlook, which is a quarterly research study consisting of a combined total of more than 1,200 consumers and financial services leaders from organizations ranging in size from community banks and credit unions to large mega banks. The objective of the surveys is to uncover what consumers want from financial services organizations and what industry leaders are focused on delivering in the coming year.
The Highlights
Highlights from the BAI Banking Outlook include:
- The top three business challenges facing financial services leaders are deposit growth (48%), loan growth (42%) and new customer acquisition (32%). While regulatory compliance topped the chart in the What’s Next 2018 Outlook, followed by loan growth and new customer acquisition, it did not make the top three for 2019.
- The top banking priorities according to consumers are: Deliver tools and options to customize solutions (from products to digital experiences); Improve the omnichannel experience (start in one channel and finish in another without starting over); Transform branches for a better in-person experience with experts to help achieve financial goals, and Enhance the mobile channel (e.g., Amazon).
- The top banking priorities according to financial services leaders are: Enhance the mobile channel experience (e.g., Amazon); Make better use of the data about consumers to improve product and service recommendations; Deliver tools and options to customize consumers’ solutions (from products to digital experience); and Transform branches for a better in-person experience with experts to help achieve financial goals.
- For Millennials, the top priority is to improve omnichannel experience, enhance the mobile channel (e.g., Amazon) and provide tools to customize solutions.For Generation X, the top priority is provide tools to customize solutions, enhance the mobile channel (e.g., Amazon) and transform the branches.
- For Baby Boomers, the top priority is to provide tools to customize solutions, transform the branches and improve the omnichannel experience.
‘It’s About More Than Trust’
“Over the past 10 years, financial services organizations have worked hard to regain consumer trust. Our research shows that these efforts have paid off,” said Karl Dahlgren, managing director of research for BAI, in a statement released with the research. “Our research also shows that, as we head into 2019, financial services leaders need to focus on more than just earning consumer trust. As deposit growth, loan growth and new customer acquisition remain top of mind heading into 2019, leaders should consider addressing consumer demands such as delivering seamless omnichannel interactions, leveraging customer data to create personalized solutions and enhancing the in-branch experience.”
For more info: https://www.bai.org/conferences-events/webinar.