An Accenture study identifies top banking trends for 2022 as being understanding the importance of innovation, re-imagining business processes, using technology to improve the customer experience, keeping up with the changing payments landscape, and successfully attracting and retaining increasingly scarce human resources.
Cryptocurrencies are becoming more and more mainstream and studies indicate that 24% of consumers currently own some form of it. While many banks are justifiably reluctant to embrace crypto, the rapid growth in this area suggests that it’s something financial institutions can’t afford to ignore.
Millennial/GenX customers represent an opportunity for wealth management programs given the current and continuing wealth transfer from their parents. Strategies for capturing these potential clients include embracing digital channels for wealth management services, educating customers about investment options, and offering individualized options that are relevant to customers’ personal values.
Omnichannel account opening is becoming a must-have. It’s not enough these days to just have a fast and painless account application process. It is also important to have it be omnichannel, allowing the customer to start out in one channel and easily switch to other channels to complete the process. Investing in the technology needed to facilitate seamless transitions across digital and physical channels is increasingly important in meeting customer expectations.
Jack Henry is responding to demands for open banking solutions by unbundling its traditional core banking services and allowing integration with third-party solutions via a cloud platform. The rollout of this approach is being ‘staged’, meaning it’s not clear when the full package of services will be available. But it does represent an important step that legacy core providers need to take to remain competitive in today’s banking environment.
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