The financial industry should undergo even more transformation due to developments in digital technologies, particularly the rise of AI and chatbots, Big Data analytics, and personalized services. With increased merchant expectations, the banking industry will become even more competitive; both credit unions and banks must keep customer service at the forefront of operations this 2019.
While the past years have seen third-party service providers thriving in terms of money and payment movement like P2P, big financial institutions will wrest back control with more modernized, digital banking platforms. The same will be true for local banks, which will realize that it’s not necessarily other community banks that are driving the competition but non-traditional and bigger financiers. The new approach will be driven by more sustainable strategies, which equate to replacing or updating legacy mobile and online products and services.
Acquiring complete digital ownership will be the goal for many banks and credit unions, given that physical branches are starting to become less popular than online or digital channels. So, aside from the traditional branch managers, more and more financial institutions will assign top-level digital leaders whose main work will be to provide a clear-cut, defined digital roadmap.
All in all, 2019 is the year financial institutions will work on much-improved consumer experience and regaining their digital platforms. Expect personalization and AI to figure more into the various platforms of digital banking.
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