Innovations in Banking - US - November 2014
“Innovation comes in many forms, including products and services customers can see and internal changes that can improve operational efficiencies and profitability. While they may not be able to address everything at the same time, banks need to continue to push the innovation envelope, not only because that’s what their competitors are doing, but because it is what consumers want.”
– Robyn Kaiserman, Financial Services Analyst
This report answers the following key questions:
- Where are the opportunities for innovation in the banking industry?
- How can innovation help banks ensure the relevance of branches?
Banks are under pressure to innovate – or at least they feel like they are. Young consumers are demanding more mobile features and less traditional banking options are offering them to them. Banks are responding by offering their own mobile features and also introducing new innovations in areas such as branch design and communications. Some have become actively involved in training young people in financial literacy and have developed innovative educational initiatives that will not only produce better-educated customers but begin building a relationship young people will carry with them as they become adults.
While there seems to be little danger that established customers will leave their traditional banks, there may be real danger that nontraditional banking alternatives will attract their fair share of new young customers as they enter the banking world. This is the reason traditional banks need to be concerned and to continue to expand their technological and service offerings; if they don’t, they face the prospect of attracting fewer of the people they need for their future customer base.
This report builds on the analysis presented in Mintel’s Retail Banks and Credit Unions – US, February 2014 and Payments – US, October 2014 reports.
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