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Is the Newly Connected Lifestyle of the Consumer Impacting Banking?

Posted by Rebecca Hellmann on Jul 3, 2018 6:04:00 AM

Consumers’ lives are moving to digital – whether they want it to or not. Beyond the ever more prevalent texting, tweeting, Facebooking, Googling, and Snapchatting (notice the move from brand/network to verb?), political activism, clubs, community events, and even activities with family and friends have made the move to online. Paper invitations, postcards, and reminders are slowly headed toward retirement – landing squarely alongside pay phones, landlines, and the paper check.

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Using a wealth of information and data pulled from a 2018 study by Walker Sands on the Future of Retail, Jim Marous, Co-Publisher of The Financial Brand and Owner/Publisher of the Digital Banking Report lays out several digitally-driven consumer trends that could have significant effect on how people bank. These changes include, but are not limited to:

  • The need for consumers to control when and where they purchase – including from a smartphone at 2 a.m.
  • A marked preference for speed in purchase of products or services. Such as same day and/or immediate confirmation.
  • Purchasing through social media.
  • Increases in use of person-to-person payment platforms.
  • Interaction with brands using voice-controlled devices in the home.

“In addition to becoming accustomed to new ways to connect through voice-activated devices and mobile phones, the consumer is increasingly expecting seamless interactions that result in close to immediate satisfaction. Where in the past, consumers would be patient with the availability of products and services they wanted, the desire for simple purchasing processes and lightning-fast delivery is changing the business models across all industries.

Winners in the future will be expected to have easy buying processes across multiple touch points, using data to improve engagement while not negatively compromising a consumer’s trust.” Read the full article here.

Topics: digital marketing, credit union marketing, bank marketing

 

Written by Rebecca Hellmann

Rebecca Hellmann has been researching and writing in the payments technology industry for over six years. Prior to the payments industry, Rebecca developed marketing, branding, and content for businesses such as Bil-Jac, Benjamin Franklin Plumbing, and Homestead Furniture. She currently works as Director of Marketing for FCTI, Inc.
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