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trendwatch-change-events

Are Banking Professionals and Their Customers on the Same Page for 2022? Turns out it’s a mixed bag.

Inflation. Fuel Prices. Data Breaches. Social Responsibility. Screen Time.

Your customers have a lot on their minds.

Ideally, they can rest easy knowing that you are looking out for their financial interests. And as their primary financial institution, these increasingly turbulent times, offer an opportunity for you to provide even more value.

But what are the financial service trends that matter? And how can you bridge the gap between what people want and what they’re getting from their banking providers?

In our recent report — 2022 Financial Services TrendWatch – we uncovered some insight by asking 444 bank and credit union professionals and nearly 7,000 consumers about their goals, priorities, expectations and experiences. As a result, we identified five trends shaping the financial environment for this coming year. You can read the full report for yourself but here’s a sneak peek at what we learned:

Trend #1 – Mergers, acquisitions and conversions, oh my!

A key stat: Despite most people being satisfied with their current financial institution, 19% of consumers said they were very likely to switch after a merger or acquisition.

A key takeaway: Change events threaten long-standing loyalty from customers.  This doesn’t include just mergers and acquisitions, but other larger-scale conversions like those for your core or digital banking systems.  Everything you have worked for could be in jeopardy if you aren’t customer-first as your organization manages a major change event.

Trend #2 – Thinking outside of the traditional TV box.

A key stat: 49% of consumers surveyed perceived Connected TV (CTV) ads as more relevant than traditional TV.

A key takeaway: Streaming entertainment remains an untapped marketing channel for banks and credit unions. With an increase in popularity, CTV ads have helped brands connect with the cord-cutters, who tend to be younger. CTV ads also allow you to more precisely reach a larger audience of people in-market for your services.

Trend #3 – No more cookies, please!

A key stat: Only 28% of financial institutions surveyed have a plan for a cookie-free web targeting strategy.

A key takeaway: Heightened expectations of consumer privacy are going to affect previous tried and true staple marketing strategies for digital advertising. Leveraging first-party data, authenticated targeting and contextual targeting should be top of mind for bank and credit union marketers as we leave cookies behind.

Trend #4 – Your brand is so much more than a logo.

A key stat: 66% of consumers surveyed said it’s important that their financial institution has a role in the local community.

A key takeaway: Actions speak so much louder than marketing words. And today’s consumers demand consistent, clear, visible and local corporate social responsibility.

Trend #5 – Lending for the save.

A key stat: 48% of consumers surveyed said they were very receptive to receiving pre-approved loan offers from their financial institution for new loans to fit their needs.

A key takeaway: Loans will be the market-making competitive battleground this year and beyond. Every dollar counts for customers right now and if they can save by refinancing, they will take advantage of that if you make it easy for them. While you may not want to be too product-driven, you will want to consider what sets your loan portfolio apart – your competition certainly will.

All these trends point to potential for financial institutions willing to innovate, change and communicate.

You’ve got some key stats and takeaways, now get the full report for more perspective, stats action items, and recommendations.