Technology and innovation have left no stone unturned in drastically impacting various industries in the last few years. Financial services industry is one such industry, which has been significantly impacted by changing technological advances. Last year, we saw numerous trends and advancements in the same and we expect a lot more of changes this year. Read on to know the most important trends in the financial services marketing industry:
- Focus on Customer Experience, Data-driven Marketing
With the stiff competition that the already established financial companies are facing from the newer ones, they will surely try to win the trust of more and more customers. They will focus on creating a better customer experience and building their trust. A more personalized approach will gain popularity with an emphasis on data-driven marketing.
- Open Banking Will Trend
Open banking rules require regulated banks to let customers share their financial data with trusted third-party providers through APIs. Open banking has enabled established banks to invest in their own experiences. Many banks such as HSBC, Lloyds, and RBS are planning on creating more money management apps that will help customers track their expenses and budget effectively.
- Established Banks are Planning to Create their Own Challenger Brands
2018 witnessed some major banks working on their own challenger brands. For example- RBS plans to launch a mobile-only bank. Also, HSBC is also working on its own challenger bank project, targeting the SMEs in the UK.
- Banks and Fintechs Will Team Up
Under the marketplace model, established banks and fintechs create marketplaces through which the customers can discover and own financial services products offered by third parties. This model has been heavily followed by in 2018 and is expected to continue to be followed in 2019 too. This will lead to more and more banks and fintechs teaming up.
- Fintechs Will Offer Broader Suites of Services
In order to expand their relationship with their customers, many fintechs have started offering broader suites of services. The latest example of this being- Robinhood, a fintech brokerage firm, announced the launching of a free checking and savings product that will supposedly pay 3% percent interest on deposits. The same can be said to continue and expand in the coming year.
Choose Flatworld Solutions for Efficient Financial Services
To avail the best financial services, turn to us at Flatworld Solutions and get the best experience of the financial market. Our team comprises some of the most talented and skilled team of financial experts who hail from top universities across the globe and are veterans in the financial services world. We can provide you with cost-effective and efficient financial services that will suit your business requirements perfectly. Get in touch with us today.
Interested to know more?
- How are Financial Services Changing through Digitalization?
- Is the World Economy at Risk of Another Financial Services?
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