2020 Takeaways for Better Banking Relationships and Services

Happy New Year! Three little words we’ve all longed to say. Although 2020 was a year like no one could have predicted, the banking space has been shaped by these unprecedented times, holding onto key trends that will follow us in the days to come. Some were surely accelerated due to last year’s climate, but all will remain important for banks and credit unions for the foreseeable future if they want to maintain, and grow, engagement and institutional loyalty.

1. It’s time to put your data to use. 
   Standing out in a sea of online and digital content isn’t easy – just ask anyone who tried to gain attention last year. So what’s one to do with a saturated environment and the need to get in front of customers and members? 

   By aggregating and understanding account holder behaviors and user journeys, banks and credit unions benefit from ‘behind-the-scenes’ knowledge they can leverage into product or service messages, campaigns and even solution improvements. Personalization helps your institution stand out as one that knows and understands your account holders - more than just by name. Just think if you had insights into login or enrollment data, feature trends adoptions, or solution drop-offs. Leveraging this type of granular information furthers your ability to meet user demands, grow account holder engagement and loyalty, and stand out in the continued digital sea by delivering exactly what consumers want and need. 

2. Digital (with an intuitive UX) is king. 
   At this time last year, online and remote ‘everything’ was popular – banking, shopping, video chatting, but who would have thought that we’d be transported into a fully digital world just a few months later, and so quickly. The need for convenient, simple, and intuitive tools available from home took center stage, certainly not leaving the banking space behind. 

   As we enter 2021, modern and quick-to-market digital solutions that enable 24/7 access with the same level of service as in a branch – personal financial management, applying for a loan, offering complementary services, and more – will ensure banks and credit unions maintain and grow their account holder attention. With countless third-party and digital-only players trying to woo away users, UX remains in the spotlight and FIs need solutions that are customizable to their needs, but that implement quickly to remain competitive and not lose time. Protect and grow loyalty by delivering a high level of service and convenience, but from the comfort of your users’ living rooms.

3. Automation delivers efficiency and better services. 
   With remote working and banking in full force for the foreseeable future, automation and simplicity remains paramount. Banks and credit unions are still operating with reduced branch openings and decreased foot traffic, but that doesn’t mean there’s any less of a need for access to incoming information – in fact, it’s probably needed faster. 

   With advanced workflow capabilities, institutions capitalize on their digital transformation efforts, reducing error-prone paper tasks and automatically transforming information into actionable knowledge. With a sophisticated pair of “AI and machine learning extra hands,” banks and credit unions speed search, retrieval, and customer responses, along with an increase in efficiency – something every organization looked to improve upon even before the pandemic. Employees are now available to focus on account holder services, keeping consumers and businesses engaged with relevant products – that extra time is important, especially from afar. 

4. Stay ahead of the fraudsters.
   Fraudsters are smart and they’re good at what they do. When the world went digital and stimulus checks were made available, they followed the money. Fraud isn’t new, and it’s certainly not going away. 

   Banks and credit unions must look to real-time risk mitigation techniques to stop check fraud before it enters their workflows. New, advanced capabilities like AI and deep learning are already being applied at the point of presentment, pairing risk mitigation solutions with payment and transaction offerings to proactively safeguard operations and ultimately understand threats on a more granular level. Staying steps ahead of fraudsters protects your institution’s reputation and maintains account holder confidence.

As we embark on a year of new adventures, it's more important than ever for us to reiterate our support to the entire Alogent community – regardless of what twists and turns may appear. We're here to help if you'd like to talk further about best practices or other ways that we can support your financial institution with automation, digital efficiency, and techniques to stay engaged with your account holders. Contact our team of industry experts today.