Banking Trends for 2020 and Beyond
The past decade has been quite revolutionary and a lot has changed. In 2010, the first iPad was unveiled, Donald Trump was taping the 10th season of The Apprentice, and Kesha's debut song "Tik Tok" was the number one song of the year. Many things have changed in the consumer banking industry as well, and will continue to do so in 2020 and beyond.
Here are some of the trends to be on the lookout for as we head into the next decade.
More Mobile Wallets and Contactless Payment
Gone are the days of swiping credit cards. Nowadays, all it takes to make a payment is the tap of a smartphone. The emergence of mobile wallet platforms like Apply Pay and Google Pay have given everyone the ability to leave their wallet at home, and make contactless payments in stores and restaurants.
A 2018 study predicts that mobile wallet transactions will reach nearly $9 trillion worldwide in 2020, and nearly $14 trillion just two years later in 2022. As more retailers and restaurants adopt contactless payment, expect to be taking out your phone to make purchases.
Internet of Things and New Technology Integrating into Banking
Technology is always making leaps in capabilities as time goes on, so it makes sense that the financial and banking industries are taking advantage.
Many mobile banking apps and e-commerce sites are using facial recognition when making transactions, especially when a mobile wallet is being used. Look for this to become more standard as facial or iris scans become more common in smartphones.
"Hey Alexa, schedule my electric bill payment for Monday," is something you could be saying soon, as Amazon is working with utility companies to integrate its voice assistant, Alexa, into more payment methods. You could even easily compare previous bills with a simple voice command to better your budgeting in the future.
Smarter AI for Better Customer Service
Customer service has benefited greatly from technological advances, and that trend should continue heading into the next decade.
Interacting with a chat bot is becoming a more personalized experienced and reduces the wait time to speak with a representative. Chatbots are able to use logic to answer customer questions immediately, which saves time for the customer, but also allows financial institutions to operate more efficiently.
AI is helpful in monitoring fraud as well. If purchases are made hundreds of miles away, or a purchase that has never been made before is made on a customer's account, adaptive AI may recognize this behavior as an anomaly, triggering a fraud notification faster.
Consumers Credit Union and 2020 Banking Trends
At Consumers Credit Union, we pride ourselves in staying in front of trends in the banking industry. This is especially true when it comes to our banking services like our online banking and mobile app. Contact Consumers Credit Union today to set up an account.