Two Key Banking Trends of 2017

 

Banking Trends pic
Banking Trends
Image: bankinnovation.net

A native of Venezuela, Julio M. Herrera Velutini serves as the chairman of an international bank. Drawing upon his family’s 120 years of banking experience, Julio Herrera Velutini adapts to the continued evolution of the banking industry.

Following are two of the key industry trends to consider in 2017:

1. Digitization. Though most large banks have invested in digital technology such as online banking applications, many small and mid-sized banks have shuffled their feet. In 2017, an increasing trend toward digitization among smaller institutions will see them create the frameworks required for future success in the sector.

2. Mobile banking. People between the ages of 18 and 35 are key drivers behind the move toward mobile banking. According to a 2017 survey conducted by Fiserv, which provides consulting services to the financial industry, Millennials accessed mobile banking services 8.5 times over a 30-day period, almost three times more often than non-Millennials. As such, banks must invest in mobile banking services to ensure satisfaction among this consumer group, particularly in the coming years.

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