What’s on Deck for 2024: Financial Marketing and Trend Predictions
As we look forward to 2024, the financial landscape continues to evolve, driven by technological advancements and shifting consumer expectations. Community banks and credit unions must adapt their strategies in marketing, sales, and customer service to remain competitive in the coming year. Here are the top four anticipated financial marketing trends to focus on for maximizing returns on investment (ROI) in 2024:
Trend #1: Enhanced Data Analytics and AI Integration
Comprehensive analytics tools, when integrated with Customer Relationship Management (CRM) systems, are needed more than ever in the finance world. This elevation of data analytics, and the beginning of AI and machine learning in banking, highlights the crucial role of data, and the customer experience in identifying cross-selling opportunities and even service targets.
Data analytics has transcended its previous limitations, owing to advancements in machine learning and smart banking (AI in banking). Personalized content delivery based on individual customer journeys has become paramount. In fact, customer expectations have soared, with an overwhelming percentage now demanding personalized treatment from their financial institutions.
Trend #2: Embrace Open Architecture & Integration
The trend in 2024 sees financial institutions moving away from closed, all-in-one technologies toward embracing third-party partners. Application Programming Interfaces (APIs) facilitate seamless integration among systems, enabling streamlined processes.
For instance, a customer service request made on a bank's website can automatically translate into a service ticket routed through a CRM for swift resolution.
Trend #3: Account-to-Account Payments
In 2024, the surge in 'pay-by-bank' transactions will reshape the financial landscape, challenging the traditional dominance of credit cards. This transformation, fueled by real-time payment options, evolving consumer behaviors, and even Elon Musk's ambitions in banking, emphasizes the need for financial institutions to adapt swiftly.
As the U.S. catches up in 'pay-by-bank' adoption, the launch of FedNow and Real Time Payments anticipates substantial growth. Amidst this industry evolution, banking institutions face a pivotal moment to embrace change. Tools like 360 View's CRM software provide the foundation for banks and credit unions to navigate this shifting landscape, enabling them to streamline their approach and cater to evolving customer preferences in the realm of account-to-account transactions.
Trend #4: Omni-Channel Consistency in Customer Experiences
Contrary to the belief that digitization renders physical branches obsolete, customers now seek a seamless multi-channel experience. They expect uniformity across interactions, whether in person, via ATMs, or through mobile banking apps. The challenge lies in ensuring consistent customer experience across all touch points. Integration across systems becomes pivotal in managing and analyzing customer information, preferences, and service requests across diverse interfaces.
Stay Ahead in 2024
To stay ahead of these trends, community bankers should prioritize adopting cutting-edge tools that leverage new technological capabilities and ensure a consistent and seamless customer experience. Platforms like 360 View CRM empower institutions to manage data efficiently for targeted campaigns while offering seamless integration with other systems.
Embracing these advancements now can position banks and credit unions ahead of the curve in 2024.
Schedule a demo with our team today to explore how the 360 View platform can transform your financial marketing strategies for the future.