PRESS RELEASE: Comperemedia announces Financial Services Trends for 2020
Comperemedia has today (November 6, 2019) announced four trends set to impact the financial services landscape in 2020, backed by comprehensive market and consumer data, in-depth analysis, and brand examples.
“In 2020 and beyond, Comperemedia predicts significant advances and industry shifts coming to financial services. We’ve identified four trends that address how the industry will navigate the future of payments, enhance customer service, promote financial preparedness and extend partnerships and rewards for consumers, ” said Lily Harder, Senior Director, Marketing Strategy at Comperemedia.
The Invisible Payments Journey
As more and more friction is stripped away from the average transaction, the future of money movement will take place behind the scenes.
- Financial services providers will look for innovative ways to take even more friction out of everyday transactions, transforming the payment experience from seamless to invisible.
- With continued advancements in artificial intelligence (AI), the financial decision-making process will move behind the scenes. Automated transactions will extend into more product lines such as savings and investments.
- Gamification will take off in the personal financial management (PFM) space, encouraging consumers to make better financial decisions disguised as entertaining experiences.
Customer Service 2.0
Customer service will take center stage in 2020 but with a new twist, offering solutions to problems consumers and small businesses didn’t even know they had.
- AI-driven empathy engines will reinvent the traditional customer service landscape with more intuitive call centers and tech-first solutions that can reach the right human when necessary.
- Financial brands will incorporate proactive recommendations into more digital channels and adopt stronger solutions-based marketing strategies to increase engagement and drive customer loyalty.
- Credit card issuers will differentiate products by streamlining card benefits, and replacing outdated benefits with more access to events, unique experiences, and concierge services.
Preparing for the Unknown
With a strong emphasis on financial health, the industry is working harder to help consumers across all income levels prepare for an uncertain future.
- The debt crisis is getting worse and financial brands will utilize unique value propositions and brand identities to communicate a sense of security and stability to customers and prospects.
- Gen Z will become a stronger focus for financial providers, both in terms of product development and marketing strategies. A shift to more digital marketing will align with approaches that take a unique spin on traditional products and offer solutions to help consumers make better financial decisions.
- Preparedness and financial stability will take center stage across multiple product lines, along with an increased focus on flexibility to help consumers adapt to any bumps they may encounter along their personal financial journey.
Extensions & Connections
Cross-industry partnerships, acquisitions, and product extensions will enable financial brands to offer some very unbank-like improvements.
- The financial industry will look to mirror successes in other industries such as retail and media. Partnerships and acquisitions will bring these industries closer together, offering consumers a more connected experience.
- Banks will continue to innovate the branch experience but will take inspiration from other brick-and-mortar offerings beyond just Starbucks.
- Financial rewards will get richer with partnerships that build on rapidly growing brand loyalties in other industries. This will mean more segmented targeting, but increased use of social media marketing will provide a deeper reach within those niche segments.
Comperemedia’s 2020 Financial Services Trends thought piece is available for free download here.
Interviews with Lily Harder, Senior Director, Marketing Strategy, are available on request from the press office.