The Banking industry is transforming quickly to accommodate the needs and wants of consumers. Consumers are driving the market by changing how they interact with banking organizations. Users, especially Millennials and their younger Generation Z counterparts, want quick and easy access to banking services. And this revolution isn’t expected to slow down anytime soon. As we near the mid-way point of 2019, here are a few banking trends to watch out for.
Privacy is becoming a priority
Security and privacy are a BIG concern with customers. In just the first quarter of 2018, nearly 1.5 billion records were compromised. As banking organizations continue to digitalize their products and services, it’s becoming extremely important for them to be transparent and honest with how they use consumer data. Banks will have no choice but to invest in their security tools and grow their IT teams to better protect their customers’ data from cyber attacks and leaks.
A shift in culture
By 2022, the primary channel to access banking services will be mobile devices, with 90 percent of consumers using their phones or tablets to access their bank accounts. In other words, traditional banking models are becoming increasingly irrelevant. In fact, only 49 percent of millennials prefer to bank with access to branches. Thus, banks must change how they engage with consumers because less and less of them are physically walking into branches to access banking services.
Brand loyalty is diminishing
Brand loyalty is also becoming less important for consumers. Gone are the days of sticking with the “family bank” and using them for all of your banking needs. Rather, the younger generations are more concerned with costs and ease of use. 28 percent of Millennials prefer to bank online for better rates as opposed to just 11 percent of Boomers. Customers want the best rates and lowest fees they can find. As a result, they are shopping online instead of walking into the neighborhood branch when it comes to securing a loan or opening up a new line of credit.
Get the talent you need to meet these changes
The Banking industry is ever-changing. It’s constantly implementing new strategies and services as demands from consumers develop. If your team needs help finding the right talent to help accommodate these banking trends, let’s work together. Our team at Johnson Search Group can help you find the candidates you need to adjust to the growing demands from your customers.