Banking is evolving quickly. Software and cloud applications are changing the way financial institutions, large and small, maintain relationships with their customers. In order to stay on the front lines of the industry, financial institutions are going to need be aware of upcoming fintech innovation trends. Here’s what we’re watching in 2019:
Online Collaboration Tools Will Become More Widely Adopted
With synchronous editing and virtual collaboration, whole teams will be contributing to a work product at once in remote environments. This will change how we typically look at productivity at the company level.
In order for financial institutions to recruit top talent, and meet their customers in any setting, they’ll need to lean on online collaboration tools.
In 2019, you can expect a rise in cloud technologies—especially cloud video conferencing services and apps. Audio-video conferencing will bring people together when they’re physically apart, ensuring that collaboration can continue . Various parties will be signing off on transactions, working together no matter the distance between them.
Mobile Device Capabilities Will Grow. So Will Expectations
Mobile collaboration is known to enhance overall customer satisfaction, loyalty, and more financial institutions. The math is simple: make life easier for your customers and they’ll be more likely to use your product or recommend it to friend and family. Mobile tech also improves cross-selling rates through the mobile apps themselves, generating additional revenue.
As mobile-responsiveness becomes the norm, watch for banks, credit unions, and other financial institutions to send and receive documents over various devices and operating systems.
In 2019, a critical mass of customers will learn to use mobile banking for more than checking balances and using mobile wallets to shop.
What about existing customers who are not ready for changes? They will not be left behind.
New apps designed for financial businesses will help employees guide clients through the new options with enhanced online collaboration tools.
Mobile Payment Options are Poised for Tremendous Growth
Mobile functionality will evolve for customers of financial institutions – from simply checking balances and transferring funds between one institution’s accounts to opening accounts, setting up investments, and more.
We’ll start seeing smaller financial institutions adopt remote deposits and transfers between different banks to compete with large national chains.
The use of a mobile app to open a bank account is gaining traction, too. Given that the main barrier to the adoption of mobile banking apps involves security concerns, expect more focus on enhanced security features and more. Digital identities and biometrics, to identify people by their voice, fingerprints, and other unique traits, will become ubiquitous.
Contract Lifecycle Management Will Ensure Compliance, Heighten Efficiency and Improve the Customer Experience
Know Your Customer processes (and regulatory violations) are costly. But Contract Lifecycle Management technologies will save financial institutions millions in 2019. KYC fintech innovation will eventually integrate cutting edge tech, like distributed ledger technology. Blockchain will empower both customers and banks to manage digital identities and ensure end to end encryption of personal data, financial transactions and more.
The prototype already exists. AI monitoring systems, as advanced by PayPal, will help streamline anti-fraud processes.
And as speed begets client satisfaction, bid farewell to the months-long manual client onboarding process, with different departments requesting duplicate information, paper forms, and in-person signatures.
Today’s banking customers are drawn to the conveniences provided by major e-commerce and social media companies and will be looking for the same sort of innovations in the fintech sphere.
Financial Institutions of Every Size will be Mobile-friendly
In 2019, the big trend will be for financial institutions of all sizes to create real-world solutions using device technology. Financial institutions will also look towards fintech companies to create meaningful 3rd party partnerships to streamline innovation without having to completely disrupt existing workflows and systems.
Liveoak is a leader in fintech innovation. We’ve participated in several fintech innovation incubators and worked with companies like Barclays, Northwestern Mutual, John Hancock, Manulife, and more.
If you’re looking to stay ahead of the 2019 trends we’ve mentioned above, Liveoak’s Virtual Interactions™ can infuse your financial institution with client onboarding tech that will help you meet your customers wherever they are. We integrate meticulous security and compliance functions and seamless customer interactions for the banking, credit union, financial services, and insurance spheres. Outstanding support accompanies every solution we offer.