5 Big Retail Banking Trends Impacting Financial Marketers

By the Editors

Thefinancialbrand.com recently released an infographic exploring big trends in the financial sector. Five of the trends that they highlighted stood out as especially relevant for financial marketers and market researchers. Big changes are afoot in the retail banking sector and creating tremendous opportunities for further customer research and engagement. Banks and credit unions are finding that each of these retail channel trends can be leveraged in partnership with a specific research methodology to gain traction and increase profits.Mobile: The proliferation of mobile technology has strongly impacted the way that people are doing their banking. In turn banks are responding with a wide range of options – apps, branch locators, voice commands, alerts, savings tools.  The future of transactional banking is mobile. With mobile banking on the rise, researchers can use mobile research techniques to better understand these customers’ behavioral patterns and serve unmet needs.

Website Redesigns: Banks and credit unions have begun to realize that their website is the most critical component of their online strategy.  With the average lifespan of a website’s usefulness ranging from 3 – 5 years, it’s safe to say that banks and credit unions around the country are working to improve their web presences.  The best changes are based on direct customer feedback and testing, through mechanisms such as A/B testing.

Social Sentiment: With the increasing importance of social media, bankers are not only working to push quality content out via social media channels.  They are also using them as another mechanism to “hear” customers. Social listening uses tools or simple human intervention to track discussions related to a brand and its competitors. The insights gleaned from these naturally occurring conversations can provide important data on customer service concerns, potential process improvements, and unmet product needs. These assumptions can then be further tested through a customer survey.

Serving the Underbanked: “Underbanked” is a common term in the financial landscape today. With its sense of unexploited opportunity, many financial marketers are working to identify which segments are truly underserved and what kind of products they need. Are the underbanked in your area seniors, college students, or young families trying to build credit? Access to more than 9 million potential respondents via our sampling platform can help you quickly gain insights that can drive smart product development.

Making Sense of Big Data: The amount of data available to banks about their customers continues to increase. Existing financial data is paired with credit reports and other sources of deep information to help create well-developed customer avatars. But what does it all mean? Experienced firms can partner with banks and credit unions to help them mine their data and find important patterns, ranging from most profitable customer segments to the most effective marketing campaigns.