Another year has almost come and gone, and now it’s time to start looking ahead to what 2019 will bring. With emerging technologies and evolving customer expectations in the financial industry, community banks and credit unions need to be prepared to adapt their approaches to marketing, sales, and customer service in the coming year.
Here’s what we predict will be the top four financial marketing trends in 2019 — stay focused on these to get the most ROI from your marketing efforts this year.
Trend #1: Increased data analytics capabilities
In the past, banks have been very reliant on data from their core banking systems for monitoring trends internally, such as the rates at which customers open accounts, increasing balances, the amount of loans taken out or deposits made, and more. Now, thanks to machine learning and artificial intelligence, banks are able to do so much more, delivering personalized content based on where customers are in the buyer’s journey — something customers value, with 74% saying they expect brands to treat them as an individual, not as a member of some segment.
Most larger banks already have an analytics staff that can use this information to support cross-sell programs, but there is now a growing opportunity among community banks to follow suit. That’s where comprehensive analytics tools will come in handy, specifically those that integrate seamlessly with a CRM.
This increased importance of data analytics (backed by artificial intelligence and machine learning) will mean that the data analyst role will be more valuable than ever; this person will be relied upon to pull together critical information and identify cross-sell and service targets.
Trend #2: System integration via open architecture
In 2019, we will see banks move away from all-in-one technology and focus more on using third party partners. As more solutions are built with APIs, systems will be able to integrate more seamlessly. An open architecture allows systems to speak to each other, so information can be exchanged from multiple systems to one another. For example, system integration allows a customer service request to be submitted on a bank’s website, translated into a service ticket, and routed to a support area via the CRM for resolution. This will enable banks to create automated processes between teams and systems to accomplish critical tasks.
Trend #3: Data management outsourcing
Banks have historically shied away from outsourcing data and tend to want to keep it housed on their network and behind their firewalls, but bankers have become more open to this in recent years. Maintaining an IT infrastructure at a bank is increasingly difficult with multiple applications and systems, which is why with the right security in place, cloud-based hosted data management solutions can be a better alternative.
Often, it is more cost-effective to outsource data management rather than working with 20-30 vendors for various systems. In the coming year, we predict that more banks will use outsourcing as a way to reduce overhead cost in terms of hardware and human resources.
Trend #4: Consistent customer experiences
While many believe that increased digitization will make the branch obsolete, that doesn’t seem to be the case. Instead, customers are demanding multiple channel interactions with their bank; they want to be able to meet with someone in person, easily access an ATM, and use the mobile banking app.
The challenge will be to create a consistent experience across all channels. You want your customers to have the same impression of you on your app as they do in person. System integrations are critical to delivering this consistency, as this allows for customer information, service requests, and preferences to be viewed, managed, and analyzed across multiple interfaces.
Stay Ahead of the Trends
You may be wondering what community bankers should do today to stay ahead of these trends in the coming year. Having the right tools in place is the first step in making the most of these new technology capabilities.
With the 360 View growth platform, you can manage all of your data in one place and make it actionable for targeted campaigns. Plus, because our platform has an API, you can easily integrate it with other systems. We’ve got you covered when it comes to financial marketing in 2019.
Now is the time to get ahead of the trends, and 360 View can help. Schedule a demo with our team today to learn more.