3 finance predictions for 2025
When it comes to your finance brand leading digital transformation, it’s important to prepare. New research by Deloitte has revealed the three finance predictions for 2025 and they all centre on integrating digital technologies within the customer experience. Maintaining momentum when it comes to digital transformation is important for your finance brand if you want to remain competitive in the long-term. In fact, companies that have higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies. So, what are the three finance trends and how can your finance brand prepare?
From buying groceries to opening checking accounts, self-service is beginning to become the norm across all industries. Integrating self-service across your digital platforms can significantly improve the customer experience. From being able to find answers to questions or opening new accounts, customers are demanding more self-service from finance brands. In fact, 89% of consumers expect companies to have an online self-service support portal.
Here are ways your finance brand can integrate self-service:
APIs are a technology that allows two applications to communicate with one another seamlessly. This enables your finance brand to link customer data with other applications, helping to create a great digital and personalised experience. By enabling your finance brand to link to other applications easily, you can expand your services and integrate new technologies within your digital strategy in a matter of weeks rather than months. APIs foster innovation which means they can have the power to increase a bank’s revenue by 20% when implemented.
There are a range of applications for API technology. Some of these include:
- Account authentication
- Payment processing
- ATM or branch location software
- Credit score checking
- Loyalty programs
- Link services to fintech apps
Whether it’s utilised as a part of your marketing content strategy or your finance brand’s digital offerings, cloud-based computing has begun to become popular within the financial landscape. However, cloud-based software and blockchain will become increasingly necessary and popular in order for your finance brand to remain innovative. In fact, 68% of investors believe it’s important for market data providers to offer public cloud-based data services.
Companies that have higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies.
Cloud-based software can provide greater access to consumers’ data, helping to create an open banking environment. This makes it easier to monetise historical and real-time market information. Other than the improved access to data, there are a number of benefits for consumers. These include:
- User-friendly machine learning and AI
- Greater cyber security
- Better customer support services
- Big data analytics
- Risk and compliance management
Why your brand needs to stay on top of finance trends
It’s important your finance brand recognises and stays ahead of marketing trends to remain agile, competitive, and resilient in the long-term. In fact, a report by Forrester revealed: “60% of a financial brand’s strength comes from being salient and achieving a fit with customers’ needs — in other words, striving to remain relevant.”