The Future of Retail Banking

The Future of Retail Banking

By: Retail CIO Outlook | Friday, November 30, 2018

Major retail bank marketing trends now involve progressive technology tools that align with one particularly essential consumer population: Generation Z constitutes people of ages 6 to 23 who are tech-savvy and are starting to graduate, manage finances, and earn disposable income.

Leading financial institutions are putting more and more resources into data. Collecting the right information and knowing how to use it can be a game changer for businesses. Banks have become aware that to stay ahead of the curve they need to have a strong online presence. Some of the strategies deployed by banks consist of using a variety of mediums such as videos, blogs, eBooks, and infographics, and channels like social media, website, and email.

Check Out: Top Retail Banking Solution Companies

Content creation trumps content curation. Creating compelling original content is crucial in enhancing your institution’s credibility, relevancy, and consumer engagement.

Every industry is moving toward AI, banking included. AI is versatile, scalable and efficient. Chatbots are one AI tool that is upending customer service as we know it. At any time of day or night, via a variety of platforms (website, app, social media), customers can be assisted with any of their needs, it satisfies people’s expectation of quick and high-quality information.

Banks are in continuous search of new talent such as content strategists, engineers, copywriters, and data experts, who have the skillsets to effectively create complex marketing technology strategies. Banks are also partnering with specialized third parties that have previously built sophisticated marketing tools they can use without recreating those in-house.

Also Check Out: Financial Tech Review

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