2018 Trends in Retail Banking: Navigating the Transformation

2018 Trends in Retail Banking: Navigating the Transformation

Dec  07 
Chad Conley  Senior Product Strategist, Retail Banking, Fiserv 

Retail banking remains a central touchpoint for consumers, even as the ways in which they manage and move money change. Escalating consumer expectations for speed and ease continue to transform the branch and banking. How financial institutions and our industry manage those shifts will be a growing focus in 2018 as new technologies and players begin to take center stage.

Digital self-service capabilities have led to fewer branch visits, but people still want to talk to someone when they have an issue or need advice. Now more than ever, financial institutions are tasked with balancing the desire for high-tech innovations with well-timed human interactions to create a positive customer experience.

The evolution of capabilities such as data analytics, machine learning and artificial intelligence will help financial institutions hit that sweet spot in the coming year and further transform the retail banking experience. With that in mind, here are three retail banking trends to watch in 2018:

What to Do Now

What can your financial institution do to meet the challenges and opportunities ahead? Your approach to implementing new strategies and capabilities is influenced by asset size, aspirational goals and your customer base.

With that in mind, I challenge you to do more in 2018. Try something different. Set goals for migrating transactions to digital channels. Think differently about the experience you provide and how you can meet changing, complex consumer expectations. Standing still is no longer an option.