How Can Financial Institutions Improve?
According to Zoot, there are many predictions for how the financial industry will try to improve in 2014. Below is a summary of a few of them:
- Digital banking. Online banking is the norm for many consumers, but with the technology available in smartphones and mobile banking apps, more individuals will utilize mobile banking in the future. Banks must strive to make digital banking simple and effective for consumers, regardless of whether it is being done online or via mobile devices.
- Evolution of bank branches. There is a debate on whether traditional bank branches have a future or if they will be replaced by digital channels. Banks will continue to look for ways to reduce their overhead while still providing convenience and meeting customer service requirements. Pop-up or temporary branches are expected to increase in use in 2014.
- Big data. Financial institutions are expected to improve their analytics with their Big Data, resulting in more personal customer interactions and better risk decisions. Banks must continue to take their collected data and use it to obtain more profitable results.
- Use of Bitcoin. Although virtual money still has obstacles to overcome, the use of Bitcoin in the business world is just a matter of time.
After a year of internet attacks, financial crisis, low interest rates, mortgage issues, and security threats in the financial industry, it is time for banks to focus on serving current customers and obtaining new customers. The financial industry will stress the importance of providing timely, reliable, secure and convenient services.
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