Financial services companies are increasingly seeking opportunities to be at the forefront of innovation. Historically, banks have been slow to translate consumer demands into technologies like paperless statements and mobile check imaging. However, they were quick to implement online banking and, today, customers who bank online are typically more satisfied as well as more cost effective to maintain. Banks have also responded to the shift in consumer demand for mobile banking on tablets and smartphones.
The next challenge facing financial services is how to address the rise of consumer trends evolving mainly outside of the industry. This paper focuses on three significant phenomena that will ultimately impact every bank.