Trends driving financial services in the coming months

New report shows that customer experience and technology remain the big focus areas for the industry through to the end of 2022

Trends driving financial services in the coming months
Steve Randall

With competition continuing to increase, the financial services industry cannot afford to be complacent in attracting and retaining customers.

While the past two years has included a significant focus on the pandemic, that has fuelled a burgeoning reliance on technology to address the challenges and seize the opportunities ahead.

A new report from consulting firm RR Donnelley & Sons Company (RRD) highlights the trends that will be advancing financial services through to the end of the year.

Customers are at the heart of these trends, which start with growing demand for mobile, self-service transactions. This means financial services firms investing in digital platforms.

The second trend is meeting customers where they are. In a bid to attract new customers, marketing measurement is important, to understand how they can be reached.

For example, using traditional mail may prove more effective than adding to already-busy email inboxes. RRD’s research found that 51% of consumers were more excited to receive direct mail in 2021 than they had been in 2020.

CX battleground

The third trend is leveraging personal and lasting relationships to deepen customer experience (CX).

Again, using technology can help financial services firms to improve their CX to both retain customers and increase their lifetime value.

Finally, managing requirements and regulations is putting increasing pressure on professionals in the industry with customer protection, security, transparency, and governance paramount.