What customers want and expect in banking in 2020

Technology has changed the way we do business in every sector, and banking is no exception. Banking 2020 will be about living up to customers’ expectations without sacrificing the safety and security they need in the institutions they trust with their future. These heightened expectations have defined a number of trends expected to impact banking this year and beyond. Here are 5 of the top ones:

  1. Banking with a virtual personal assistant – an increasing number of consumers want the ease of banking via a virtual personal assistant. 
  2. Blockchain technology  – blockchain is one of the hottest topics in commercial banking as it allows for much faster, more secure transactions. While implementation can be daunting, banking seems to be moving in this direction. 
  3. Chatbots – chatbots offer a great ability to meet customer service needs without straining employees. Moreover, customers appreciate the ability to get answers to simple questions quickly. 
  4. Digital transaction options – customers continue to prize convenience over most aspects of banking. Many look for financial institutions where they can easily transfer funds, make deposits, check balances and receive funds without ever stepping near a banking location.
  5. Cybersecurity and protocol for breaches – security is a large concern for obvious reasons. There needs to be a priority on not only meeting regulatory requirements but also on meeting/exceeding customer expectations.