Interbrand, the world’s leading brand consultancy, and Ready Set Rocket, a New York City-based digital marketing agency, share 3 disruptive trends Financial Services companies are capitalizing on in 2016.
“Financial institutions are not in the business of taking risks and neither are their customers,” said Alex Lirtsman, Founding Partner and Chief Strategist of Ready Set Rocket. “Shaken by the financial crisis and recent scandals in the industry, customers are now demanding stability and transparency from financial services. They not only want to secure their wealth in institutions that align with their values, they also want to work with a company that caters to their busy lifestyle. Success will come to financial institutions that find the right balance between risk and innovation. For greater customer loyalty, banks must invest in relationships with customers and take a page from successful financial startups to meet the needs of the new, digitally-connected consumer.”
The 3 key trends that Financial Services are capitalizing on this year are:
- Internet Everywhere – Because the Internet is entrenched in everyday life, customers expect on demand banking to meet the needs of their lifestyle. This requires banks to allow people to complete most, if not all, financial transactions on a mobile device as seamlessly as ordering an Uber without sacrificing customer security.
- Life Design – Baby boomers have begun to pass down their life savings from one generation to the next, presenting an investment potential for institutions. Because many millennials often eschew traditional financial advisors, banks must work harder to appeal to them. Banks who show transparency, share values and can adapt to the millennials’ on-the-go lifestyle will win over millennials who choose to invest their money.
- Little Big Brands – A growing number of financial startups are focused on enhancing the customer experience in ways that big banks cannot. By creating smart partnerships with startups, big banks can piggyback on rapid innovation and appealing user experience exhibited by many startups, while gaining brand equity and setting themselves for potential acquisitions down the road. In turn, this helps financial service institutions appeal to a new generation of consumers who expect their banks’ user experiences to be as intuitive and efﬁcient as anything else on the market.
“The financial services industry is no stranger to disruption, but the rules of engagement are changing,” said Interbrand’s Chief Marketing Officer, Andrea Sullivan. “No longer is it about selling money and competing with the traditional set. To engage the next generation of consumers, financial services brands need to think of themselves as contributors to the wellbeing of their targets—seamlessly integrating into their lives—and connect to their decisions in the right ways at the right times.”
Interbrand is the world’s leading brand consultancy, with a network of 29 offices in 22 countries. Since it opened for business in 1974, Interbrand has changed the way the world sees branding: from just another word for “logo” to a business’s most valuable asset. Publisher of the highly influential annual Best Global Brands report and Webby Award-winning brandchannel, Interbrand believes that brands have the power to change the world—and helps its clients achieve this goal every day. Interbrand’s combination of strategy, creativity, and technology delivers fresh ideas and insights, deep brand intelligence, clear business opportunities, and compelling brand experiences. Interbrand has divisions specializing in healthcare (InterbrandHealth) and retail (Interbrand Design Forum in North America and HMKM in Europe and Asia). Interbrand is part of the Omnicom Group Inc. (NYSE: OMC) network of agencies. For more information, please visit us at Interbrand.com and follow us on Twitter, LinkedIn, Instagram and Facebook.
About Ready Set Rocket
Ready Set Rocket is a New York City-based digital agency committed to connecting brands and consumers through innovative multi-channel experiences. We are a team of expert makers, relationship builders, technological innovators and brand enthusiasts who collaborate closely and effectively to solve our client’s challenges. We work with innovative brands like Deutsche Bank, Fast Company J.P. Morgan Asset Management, Michael Kors, Tylenol, Univision and others.