Financial industry is one of the most competitive and highly regulated sectors at present. Last year what happened due to covid-19 had literally made a bad impact on all the sectors especially those that aren’t digital. We can say that covid-19 is the reason of drastic shift to making everything digital and financial services is one of them. Today, financial industries and accounting firms are doing everything to ease out their customer experience by taking a step further i.e. by following financial services trends in 2021.
To survive and thrive in the finance industry in 2021, businesses must focus on considering financial services trends. No doubt, technology is something that will only play a bigger role in banking sector. Keeping this in mind, we’ve brought a list of financial services trends for you to follow.
Without much ado, let’s get started.
A list of financial services trends for you to follow in 2021
✤ Focus on digital transformation
The very first trend comes in the list of financial services is digital transformation. Today, everything is transforming into digitization and if you aren’t adopting digital marketing landscape, you may not thrive in this competitive world. No doubt, financial sectors witness aggressive focus on digitization. But new technologies are very helpful in bringing operational efficiencies, improve work speed, and deliver superior customer experience. In fact, digital devices like smart watches, power of smartphones, make it feasible for banks to offer services to targeted clients.
✤ Omnichannel financial services
Do you want to connect with your clients everywhere and on every channel? If yes, then you have to adopt omnichannel to provide financial services to clients. Without omnichannel, you may lose a huge customer base. Omnichannel marketing helps you make your network with people on different platforms like social media, Google ads, PPC ads, etc. If you don’t know how to make presence on omnichannel marketing then take help of a digital marketing agency.
Personalization is what you all know. But what hyper-personalization is especially in finance industry. Let’s understand this – today customers want to be treated as individuals and not as segments. It simply means customers want more personalization from marketers and financial institutes. In fact, personalization may allow customers to design their own suite of banking and accounting services on the basis of their own circumstances. It will help customers in needs and preferences to choose which specific advantage they wish to get. So, this is completely opposite of one-size-fits all solution.
✤ Leveraging chatbots
Chatbot is a computer program that is designed to chat with humans and solve their queries over internet. Today, chatbots interact with over 85% of bank customers, financial institute, and businesses. Obviously, businesses won’t be able to listen to each of the query of their clients that’s why chatbots are necessary to leverage to save their time. According to a report, financial chatbots save over four minutes on each interaction. Moreover, financial industries provide 24/7 services to clients and chatbots make this task much easier. This way business can also receive feedback of their customers.
✤ Invest in blockchain
Blockchain shouldn’t be anonymous term for you. This is one of the most advanced technologies in present times. Today, blockchain provides tremendous security to customers in financial sectors and also those who’re in digital marketing. As an accounting firm, if you haven’t invested in blockchain then you should make it a part of your business. The technology will help you in a wide area such as data security, files, documents, solving challenges faced by businesses and ultimately helps customers make safe payment online transactions.
✤ Mobile payments
No doubt, the world has become digital and payment throughout the world happens digitally. And the time will come when no one will rely on liquid money or cash. Big brands such as Google, Alibaba, Tencent, and Apple have their own payment platforms and they continue to roll out new features to provide seamless customer experience. The prominent features include biometric access control like finger print, face recognition, and many more. In next few decades, this will dominate the world. And financial institutes must focus on online payments to make easy payments.
In the end, all I can say is that transformation is important in every business or sector. Being in financial sector, transformation is not an option rather a need to effectively provide best financial services to clients. And this is only possible if you follow all the above mentioned trends in your business to thrive in 2021. I hope you found this article informative and helpful.
If you have any query related to this article or any other financial query, just get in touch with us.