Banking and Financial Services Trends In 2016

The world is a dynamic place and there is nothing more erratic than money. The trends in stocks and everything related to money have changed dramatically over the years and the trends of 2016 have changed too. To stay in the loop and know the important banking and financial services trends of this year, stay tuned to this page and read what’s coming.

The most predictable trend this year is regulatory. Regulations for banking have emerged over the years and banks have adapted to it. Regulations will definitely see a rise and there is no reason why regulations would decline in the near future.

Cyber risk is another trend which has become a bone of contention. With technology becoming essential, everything in the bank is also going online. And so does the risk that comes from being online. Banks today need to ensure that every data that they have is encrypted and safe or else they could be doomed by any hacker and thus go into bankruptcy.

The growth of a bank used to depend heavily on the mergers and acquisitions that they were making but the way ahead today has changed entirely. Banks ensured that the business analytics of their bank was strong enough to understand the risk in the market but now that is not the case. Banks are more focused on strengthening their relations with the customer, because ultimately it is the customer who matters.

But, the analytics that the banks have honed so far have not gone for waste. It is these analytics which they are using to serve and satisfy their customers. The banks are monitoring the response and feedback of the customers and accordingly improving their strategies.

The distractions that might occur with the banks!

Banks have come a long way and they are still going great, the growth trends are obvious but like in every field, there are disruptive indicators for banks too. One such indicator is the financial technology (FinTech) which is becoming a major threat in the coming years. FinTech firms can try and insert themselves between the banks and the consumers. This can create a big disruption for the banks.

But, banks didn’t come this long ahead in the game just by sitting in one place, they have managed to keep track of the changing trends in the market and this is what keeps them going. They are closely watching out for every distraction and thus they come up with more innovative approaches giving the benefit to the customers.

Another pressing concern for banking and financial services is the investment rate environment. The trends in the investment rates are unstable most of the time and a tough thing to detect. But, it has been stable for a long time and it can go haywire in the coming year. This is one thing that we have to wait and watch out for.

Focusing on the consumer experience and streamlining them accordingly is one thing that banking and financial services can do to avoid all the disruptions and many companies are merging with Fintech firms hosted by premium contact center which is not a bad move and will be a huge benefit to the companies as well.