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Like many sectors, the financial services and banking space has been transformed by the COVID-19 pandemic. By and large, these changes stem from the consumer demand to manage finances virtually, rather than in-person.
Banks and other financial institutions had to scramble in 2020 to boost or create virtual service options for their clients. Although lockdowns are now lifting in some countries, the preference for online banking is here to stay.
As a result, here are four trends that will continue to shape banking and financial services in 2021 and beyond:
Mobile and online banking will grow in coming years, fueled by wide adoption among millennials and Gen Z. At the same time, eMarketer forecasts that in-branch banking use will steadily decline.
Neobanks, or banks that only operate online, are making a dent in the market. Successful brands fueling accelerated innovation include Ally, Aspiration, Chime, and Varo.
A growing preference for contactless payments is another development that just makes sense in the context of COVID-19. From 2020 to 2021, the number of contactless payment users in the US rose by a whopping 29 percent!
Virtual assistants and chatbots may not be new for financial businesses, but different uses of AI are emerging. These will focus on providing data-driven insights for finance management, and enabling frictionless online customer service.
For more insight into the opportunities available to finance marketers, check out Vertical Viewpoint: Conquering Challenges as a Finance Brand.
Plus, take a look at our Finance in 2021 infographic for more insights about the consumer and market trends driving change this year.