The banking industry, like most other industries, is constantly changing, and businesses need to stay up-to-date on the latest trends in order to stay competitive. In this blog post, Gary Pryor outlines the top trends in the banking industry for businesses to watch out for. He discusses how technology is changing the way banks operate and explores how mobile banking is evolving.
Gary Pryor’s List of The Top Current Trends in The Banking Industry
1. Shift to mobile banking
As more and more people use their smartphones and tablets for everything from shopping to managing their finances, it’s no surprise that banks are following suit and offering more mobile-friendly services. From apps that allow customers to check their balances and transfer funds on the go to “digital wallets” like Apple Pay and Google Wallet, which make it possible to make transactions without ever having to pull out a physical credit or debit card, mobile banking is becoming increasingly convenient – and popular. In fact, a recent survey by Boston Consulting Group found that 43% of respondents said they would be willing to switch banks if it meant getting access to better mobile banking features.
2. Increase in online banking
In addition to mobile banking, online banking is also on the rise, says Gary Pryor. Customers are becoming more comfortable managing their finances online, and as a result, banks are investing more in their digital platforms. From online bill pay and account alerts to person-to-person (P2P) payments and real-time customer service chat features, banks are offering an ever-growing array of online services to meet the needs of their customers. And according to a recent study by J.D. Power, customer satisfaction with online banking is at an all-time high.
3. Expansion of branches into new markets
According to Gary Pryor, as the banking industry becomes increasingly competitive, many banks are looking for ways to gain market share. One way they’re doing this is by expanding their branch networks into new geographic markets. This not only gives them a larger customer base to draw from, but it also allows them to tap into new revenue streams. Additionally, it gives them a physical presence in these new markets, which can be helpful in building brand awareness and trust.
4. Improved customer service
In today’s competitive market, banks realize that they need to provide their customers with a superior level of service in order to stand out from the crowd. As a result, many banks are investing more in customer service initiatives, such as training their employees to better handle customer inquiries and complaints and using technology to improve the customer experience. In addition, some banks are offering unique services, such as concierge banking, which provides customers with a dedicated team of bankers who can help them with everything from budgeting to investing.
Gary Pryor’s Concluding Thoughts
According to Gary Pryor, these are just a few of the top trends that are currently reshaping the banking industry. As technology continues to evolve and customer expectations change, it’s likely that we’ll see even more changes in the years to come.