Each flip of the calendar year brings with it a spate of predictions for the coming months. In preparation for 2017, Fiserv published a series of blogs featuring insights into trends in areas ranging from digital banking to lending to risk management.
Several common themes emerged from this series, including the growing connectivity of consumers (and devices), an ever-increasing need for speed, and the continuing importance of security.
Following are excerpts from the series that offer insights into some of the top trends that will shape credit union priorities in 2017 and beyond.
Mobile defines interactions
As mobile devices have become ubiquitous, more people are using them as the primary—or only—way they interact with their financial institutions.
People who use their smartphones to manage and move money are impacting product development, delivery models, and branch activity.
These mobile-first or mobile-only users require a solution that goes beyond simply checking balances and transferring funds. They expect to be able to use mobile for every financial need, only going online or to the branch as a last resort.
Plus, consumers aren’t thinking of banking in terms of separate channels. They may start an activity such as opening a new account on a smartphone, but then go online or into the branch for next steps.
People increasingly expect that all previous activity will be seamlessly captured in real time across every channel, and that they'll be able to monitor and manage their finances with meaningful, actionable alerts.
That kind of integration and capability requires continual investment in mobile technology. It also requires financial institutions to think about customer acquisition and relationship-building strategies that don't involve someone walking into the branch.
Eric Jones, senior vice president, product management, bank solutions, Fiserv.
NEXT: Internet of things