Trends and Predictions for 2013 in the field of consumer banking

At the time, when The Financial Brand has refrained from making predictions and identify trends in the retail banking sector, there are many experts w...

At the time, when The Financial Brand has refrained from making predictions and identify trends in the retail banking sector, there are many experts who give their forecasts and estimates for the coming year. So what can we expect in the next year? let’s listen to their views.

Consumer banking predictions for 2013

Go mobile or leave the market

2013, according to the predictions are likely to be associated with mobile banking and mobile marketing.
“Going mobile, or withdrawal from the market.” Experienced expert Drew McLelland said that if mobility is not a priority for you in 2012, it must necessarily be that of 2013. It’s a necessity for financial institutions that want to stay in this business in 2020. Branding consultant Sean MacDonald agrees with this opinion. He says: “Mobile banking, remote deposit and everything associated with it is a rapidly growing trend in the field.

It all begins and ends with a mobile phone. Jim Brune, CEO and founder of Online Banking Report and the Finovate Conferences says that all issues related to the expansion of the range of products, marketing campaigns, issues of branding and pricing, better service and security issues, and even instant investment should be viewed through the prism of mobility in 2013.
It’s time to use mobile marketing. Forester Research analyst Mr. Wannemacher said that the mobile channel will be a key in the relationship with customers in the next five years. “This is because most of the young and successful people will use the mobile channel as a key in the relationship with their banks. And the possibilities of mobile banking, which provides one or another financial institution will be an important criterion when choosing a bank for potential customers. Thus, Mr. Wannemacher expects growth in sales and marketing activities in this segment, which so far we have not seen in 2012.
Facebook and Google will still pay more attention to targeting options for users of mobile devices, which should lead to success in the mobile segment, says Tom Noez and adds: “Bankers, please once again, remember that success in the mobile segment of the market depends on the target advertising and bonuses (“plyuschek” for potential customers).
“Scope, where innovative changes coming next year – it is a translation of large package of banking services on mobile rails that expansion of services in the field of mobile banking “- Chantal says Todd, editor of Mobile Commerce Daily. “The market has already introduced several mobile applications, integrated into TV advertising, but it is expected that these applications become more widespread in the coming year.
Add as many mobile functions. “The use of mobile applications for the management of deposits, warning in case of attempted burglary and other mobile applications will be a major priority for small and medium-sized banks,” – said Mike Panzarella of Perficient – «Big banks have long used in their mobile marketing strategy capabilities of smartphones, such as the ability to payment and other services depending on the location.

“The demand for the return on investment from social media. Advertising dollars continue to flow in the online and social media channels, and these, in turn, will play a more and more important for banks “- says William Widmann, vice president of Applied Predictive Technologies. Financial institutions will be more carefully considered return on investment and carefully choose where to invest.
Dr. Stuart Wells, executive vice president and chief technology officer FICO says that the main challenge to the banking community in 2013 will be data collection, and that since 2013 the banking industry will be transformed into a kind of analytical data centers for processing large amounts of information that will allow them to move forward.
Collection and processing of large amounts of information in the banking sector will be one of the most important tools to understand customer needs, risk assessment and in conjunction with mobile banking applications will segment consumers in real time, and build loyalty programs and customer retention, which will contribute a maximum return on investment (Elizabeth Diaz of Perficient). New generation means and new approaches to marketing. Experts from SAP believe that the generation of people who, in 2013 for the first time start to use banking services to individuals and can not come to the bank. In turn, banks should be prepared to offer new ways and methods of customer service to meet their needs and to encourage them in the case of loyalty to the bank.

Data collection and analysis as a marketing tool

 The basis of the digital future is information. Financial institutions should be more focused on the collection of large amounts of information that will support their business model – existing and new products and services warns Mike Panzarella of Perficient. Data management is a fundamental aspect for the success of the organization in the coming years.
“Banks will check already existing information and information obtained in real time about the customer, the transaction or product is to be integrated into new applications,” – says Radzhashekara Mary – “a history of the transactions can be the basis for creating a new product or service.”
The customer becomes the focus. “Many of us have reduced the number of credit card transactions, and often for no apparent reason. This is an example of shortcomings in customer service, “says analyst Andrew Jennings of FICO. Analytics enables banks to use the “scalpel” more often than “the hammer.” In other words, a better understanding of the specific situation and to act in a more personal relationship with the client. Banks will often use the “scalpel” in 2013, offering a more convenient service with a personal touch, to avoid customer churn, who will feel its importance for the bank. In 2013, the analytical approach will allow the banks to find the right balance in dealing with clients.
Shortage of specialists. “The demand for specialists in the field of intelligence and experts expect a shortage of such specialists in the U.S. labor market of the order of 100,000-200,000 people. I think the problem will be particularly acute in the banking industry “- says Jennings of FICO. “Due to the fact that the new rules make banks to change the current business model, and investors demand higher rates of return of investment demand for analytical modeling of the banking sector is increasing.”
A team of MyBankTracke believes predict in 2013 a significant increase of mobile payments. Isis will continue to expand its activities in more cities while Google Wallet is trying to drag himself iPhones users by offering them a “remote-controlled” physical (not virtual) card. And easy introduction of payments through barcode would increase.
Does this mean that mobile wallets will be so widespread? No, says Odysseus Papadimertou, director of Card Hub – There was a lot of buzz around mobile wallets in 2012, and although consumers like this new technology, the wide spread in 2013 has not been made, as there is still a lot to her claims, ranging from issues of security to underdeveloped infrastructure.
“The financial institutions have every reason to take the lead in implementing the” Ginger adds Shmeltser, a senior vice president in the department of emergency payments to the organization Fiserv. “But banks must act right now.”

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