The Top 5 Trends of 2022 in the Financial Service Industry

Cammy Perry Content Marketing Specialist Published 15 Dec 2022

As technology has evolved, financial institutions have been implementing changes that can help them enhance customer experiences, improve business operations, and help them differentiate their business from their competitors. Throughout 2022, several financial services trends were prevalent in several organizations across the industry.

1. Emphasis on Personalization

According to a study by NTT Data, 93% of financial institutions feel that personalization is the best opportunity to attract and retain customers. Customers today expect to get information specific to their current financial status and predictive of their future needs.

They want alerts about potential threats to their account, an understanding of their financial health, and to be able to digitally access services and reports without having to call or contact someone within the organization. All of these different aspects of personalization will attract new customers, increase satisfaction, and help retain existing customers.

The best way to enhance the customer experience is to understand their wants and needs and use that to predict the wants and needs of the future. Network data is a great tool to help you get there.

2. Adoption of Hybrid Work Models

During the pandemic, financial service employees got a taste of what it is like to work from home, and many of them liked what remote work had to offer. No commute, no dress code, and more free time.

As things started to reopen, many employees do not want to go back into the office for the full work week after proving that they could be just as effective working from home. Many executives have agreed that remote work is the way of the future and will be a part of their policies moving forward.

3. Demand for Digital Banking

Digital banking is not a cool new feature anymore that your bank can offer; it is something that customers expect to have access to.

The study by NTT Data also proved a 90% increase in downloads for personal finance apps, and 60% of them prefer using finance apps over desktop websites. This means that there is imperative that your organization works on creating a seamless and intuitive mobile app for customers.

4. Increased Use of Artificial Intelligence

Financial institutions are starting to use artificial intelligence to differentiate themselves from competitors and attract and retain customers. Integrating AI with your existing technology can help you enhance personalization and digital banking offerings.

Outside of customer-facing roles, IT teams at financial institutions can also benefit from artificial intelligence and machine learning to help maintain and manage your organization’s network.

5. Embracing the Cloud

Financial institutions needed to migrate to the cloud to meet the new demand of hybrid employees, digital banking, and supporting customers no matter where they are.

Cloud-managed network solutions provide an effective route to scaling to new demand levels, reaching distributed end users, and putting your customers first on your organization’s journey toward becoming an Infinite Enterprise.

Learn More

As your financial institution looks to find new, innovative ways to increase efficiency and attract and retain customers, it is important to make sure that you have a strong network to support all these new digital initiatives.

Learn how Banca Popolare di Sondrio was able to address a variety of challenges and better support hybrid staff and customers with ExtremeCloud SD-WAN.

Learn how Extreme Networks can help your financial institution digitally transform: Extreme Networks

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