Keeping tabs on the latest financial industry trends can be daunting. But there are a few products and services that banks and credit unions are starting to offer their customers and members for which it might be worth jumping on the bandwagon.
How high-tech are your branches' ATMs? Do they simply allow withdrawals and balance checks - maybe even for a fee? With digital transactions becoming more and more common, ATMs need to meet the demand for higher-tech, self-service options. Make sure you consider offering ATM usage for no fees for accountholders, as well as the ability to deposit checks and even cash. Plus, there are new styles of ATMs that even allow customers to perform foreign currency exchanges, donate to charities and purchase prepaid and gift cards.
As more and more consumers embrace mobile payment technology, where does this leave banks and credit unions? Venturing into the mobile wallet world can be overwhelming, but it might just be necessary for future relevance. The good news is that third-party vendors are popping up that can assist smaller financial institutions with app development. Keep up with smartphone payment tools such as Apple Pay and Google Wallet by offering your customers an in-house option.
As fingerprint scanners become more and more common among smartphone users, banks are starting to adopt the technology for their own mobile apps and payment solutions. Biometrics allows an added level of security for increasingly fraud-fearful banking customers. Word to the wise - the more levels of security applied, the better. Don't let passwords or biometrics alone secure your customers' data - consider multi-factor authentication that asks for both.
People on the go expect more and more instant gratification when it comes to their money. Consider bringing on same-day check-fund availability for your customers. Some up-and-coming financial companies are also making a point of providing opportunities for early ACH transfers for accountholder paychecks, depending on how quickly funds clear. It's an attractive sell for consumers who are increasingly impatient.
In the age of social media, sharing is a part of daily life, and consumers expect that ability in their banking as well. Have you implemented person-to-person transfers for your customers? Financial institutions are increasingly moving toward allowing customers to share funds across accounts, even going so far as allowing transfers to non-customers. Research third-party providers to get a grasp on how to launch this feature sooner rather than later.
Adapting to changing technologies and customer needs is key to your success.
Try these trends on for size to keep upping your techie game!