In the past, people had the time to visit a bank. But all companies must re-evaluate their customer service routines, and market leadership today means exploring how technology can help customers at financial institutions.

Credit unions and banks alike have adopted mobile options as a way of showing that they understand their market audience. At the moment, financial institutions are in an exciting position. While their largest customer platform is still older generations, Millennials are poised to be the next most significant set of banking customers in the United States. For now, preparing for the increase of millennial banking customers means amping up mobile banking solutions. However, market leadership ultimately means more than creating a “fix-all” like an app.

Banks must re-learn how to cater to their biggest customer base.

True market leadership means having a digital strategy that remains flexible to the trends of today. After all, if financial institutions were to follow trends in technology, more of their banking solutions would be social media focused. While social media remains one of the most used types of technology today and is a popular customer-facing service solution for specific industries, chatbots are still nowhere near as popular as the traditional text for banking institutions. Without researching the wants and needs of their customers, mobile banking options could have easily missed this customer service opportunity, or written of text options as obsolete technology. Additionally, branch monitoring has determined that most financial institutions are no longer driven by branch-based growth, based on the number of customers that must travel for work, cannot get to the bank on a given day, or who have accessibility requirements that surpass the limits of local branches.

The world is evolving, and therefore, trends must evolve with them. Monitoring fintech trends and working with a fintech company toward long-term solutions continue to be the best ways to take ownership of your marketplace.
For more information on market leadership, check out this Forbes article. For customer-facing, text-based solutions for your financial institution, check out Elle by Shastic.