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Consumer Trends For Financial Services in 2019

With the phenomenal growth in innovative fintech tools this year, financial marketers are expected to meet and fulfill every customer need and want. They are increasingly faced with the task of engaging with customers and prospects in more meaningful ways.

 For optimizing and enriching the customer experience, financial institutions are widely adopting data-driven marketing in their business. They are currently investing in cloud-based technology solutions to help them engage customers across all digital touchpoints. Investments in Artificial Intelligence (AI) tools have also seen considerable uplift and are helping companies automate customer communications.

As financial brands gear up to deliver compelling user experiences, here are few of interesting financial consumer trends to consider in 2019:

1. Consumers are more digitally-empowered:

In 2019, Financial Services consumers are more digitally-savvy than they were 5 years ago. This is mainly due to the large segment of millennial consumers who are well-versed in using the internet and electronic devices such as smartphones and laptops. 

2. The incredible growth and impact of social media:

Social media adoption has grown like crazy among financial consumers. Almost every consumer has an account on sites such as Facebook and Twitter. Although initially started as a means to create and manage social relationships online, these sites quickly became a means for financial companies to attract potential customers. 

 3. Personal data has become the new currency:

Consumers in 2019 have become more self-aware about divulging their personal data. With data regulations such as GDPR, consumers know that marketers cannot access their data without getting their consent. This gives them more power to demand what they want from their service providers. 

 

Financial Services companies should seriously pay heed to them and analyze how they can act upon a particular trend with respect to their marketing strategy. A brand that adapts itself to changing customer habits and delivers the right user experiences is bound to be the real winner in the future.

 

 

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Ujwal Santuka

Ujwal Santuka

Marketing Executive

Lemnisk

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Bangalore

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This post is from a series of posts in the group:

Banking Strategy, Digital and Transformation

Latest thinking in respect to Banking Strategy, Digital and Transformation. Harnessing our collective wisdom to make banking better. Ambrish Parmar


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