CHICAGO – Nov. 30, 2018 – BAI, a nonprofit independent organization that delivers the financial services industry’s most actionable insights, recently unveiled top trends and expectations for the financial services industry in 2019 during the most recent BAI Banking Outlook webinar, BAI Banking Outlook Webinar: What's Next 2019 Outlook.
The BAI Banking Outlook is a quarterly research study consisting of a combined total of over 1200 consumers and financial services leaders from organizations ranging in size from community banks and credit unions to large mega banks. During the November 14 webinar, BAI researchers shared highlights from surveys to uncover what consumers want from financial services organizations and what industry leaders are focused on delivering in the coming year.
Highlights from the BAI Banking Outlook include:
- The top three business challenges facing financial services leaders are deposit growth (48 percent), loan growth (42 percent) and new customer acquisition (32 percent). While regulatory compliance topped the chart in the What’s Next 2018 Outlook, followed by loan growth and new customer acquisition, it did not make the top three for 2019.
- The top banking priorities according to consumers are:
- Deliver tools and options to customize solutions (from products to digital experiences);
- Improve the omnichannel experience (start in one channel and finish in another without starting over);
- Transform branches for a better in-person experience with experts to help achieve financial goals;
- Enhance the mobile channel (e.g., Amazon).
- The top banking priorities according to financial services leaders are:
- Enhance the mobile channel experience (e.g., Amazon);
- Make better use of the data about consumers to improve product and service recommendations;
- Deliver tools and options to customize consumers’ solutions (from products to digital experience);
- Transform branches for a better in-person experience with experts to help achieve financial goals.
- Top priorities by generation:
- Millennial – improve omnichannel experience, enhance the mobile channel (e.g., Amazon) and provide tools to customize solutions.
- Generation X – provide tools to customize solutions, enhance the mobile channel (e.g., Amazon) and transform the branches.
- Baby Boomers – provide tools to customize solutions, transform the branches and improve the omnichannel experience.
“Over the past ten years, financial services organizations have worked hard to regain consumer trust. Our research shows that these efforts have paid off,” said Karl Dahlgren, managing director of research for BAI. “Our research also shows that, as we head into 2019, financial services leaders need to focus on more than just earning consumer trust. As deposit growth, loan growth and new customer acquisition remain top of mind heading into 2019, leaders should consider addressing consumer demands such as delivering seamless omnichannel interactions, leveraging customer data to create personalized solutions and enhancing the in-branch experience.”
For more information about the BAI Banking Outlook survey results, or to watch the free webinar, click here.
As a nonprofit, independent organization, BAI delivers the financial services industry’s most actionable insights, enabling leaders to make smart business decisions every day. We’re passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to drive positive change and move the financial services industry forward. For more information, visit www.bai.org.
About BAI’s Research
BAI provides trusted, in-depth comparative analytics, including benchmarking research on consumer, commercial and small business deposit performance, talent management, marketing and other strategic areas for U.S. banks. BAI’s comparative analytics provide meaningful comparisons and allow financial services leaders to better understand their position relative to others in the industry. In addition to comparative analytics, BAI conducts a variety of research on industry trends and consumer behavior to help financial services leaders fully grasp today’s business dynamics and gain insight into the future. For more information, visit www.bai.org/research.