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By now, we’ve all probably heard of the elusive “bitcoins” and other digital currencies that were meant to completely revolutionize our monetary transactions forever.
Maybe, we’ve even also had someone close to us explain how the “blockchains” that underpin these currencies worked. Perhaps we even understood that on our first go.
The fact of the matter is, many of us still use the same banks and financial institutions our grandparents used. And most of us still rely on traditional currency in our everyday lives.
It’s easy for most of us to ignore the impacts financial technology (or FinTech) and the changing financial market have on us.
However, according to the US Federal Reserve, fifty-three percent of people with a bank account and a smartphone have tried or currently use mobile banking. Millennials, the largest adult generation, expect technology to “overhaul the way banks work.”
And after surviving significant hype and a trough of disappointment, it’s clear that blockchain will actually completely revolutionize our monetary transactions soon.
Financial service companies know they don’t have the luxury to ignore these trends.
They’ve seen their customers slowly move towards non-financial and startup services and brands. They’ve seen how quickly their customers take to mobile and web banking over in-person banking.
Even companies like J.P. Morgan and Goldman Sachs, with origins over a hundred years old, have invested in blockchain technology.
Brandwatch Topic Cloud around financial technology conversations from Jan 1, 2017 – March 1, 2017
Both traditional and newer financial organizations are seeing the effects technology is having on their companies. They know they cannot afford to be rigid and conventional any longer.
Three actions financial services must take today
The innovations and changes happening within the financial services industry gain traction and investment every day. In just the first two months of this year, millions of conversations around FinTech erupted in every corner of the globe.
Brandwatch analysis of 20% of the conversations around Financial Technology from Jan 1, 2017 – March 1, 2017
Those are millions of data points, millions of insights, millions of predictive capabilities, and millions of trends that could be missed.
These are three important actions to use those millions of opportunities and fully capitalize on change.
Expect disruption in your entire business
The customer-driven expectations for on-demand, easy services has impacted nearly every industry. This inevitable shift accelerated the financial services industry’s shift towards convenience, efficiency, and tech.
The analysis below shows how the language people use when talking about financial services reflects this shift.
Brandwatch analysis of 15,491 conversations about Financial Services from Jan 1, 2016 – March 1, 2017, from Financial Services report
This trend didn’t happen overnight. Each sector—from payments to investments banking—faced unique challenges and changes as a result of consumers and FinTech.
Staying up to date on what’s happening with your colleagues and competitors will make sure you’re not missing the breaking news making or breaking your bottom line.
Take advantage of change
Industry and customer research shouldn’t just be to predict disruptions and crises. The volume of insights available in the conversations
Since 2016, companies and consumers have amped their discussion around FinTech in general, as well as and specific sectors like insurance tech and cryptocurrencies. After a year of increased discussion, people now talk about FinTech about 25,000 times a day.
Brandwatch analysis of 20% of Financial Technology conversation from Jan 1, 2016 – March 1, 2017
Diving head first into this data can unlock valuable insights that can help you stay ahead of your competitors and emerging, disruptive technologies.
Revamp your data communication
How does your company communicate important information? How well does your company act on that information?
At every level in financial service companies, there is vital information and data that employees and executives need. Successful data communication can provide the insights to teach advisors how to communicate with their customers, restructure a team’s role in a department, or shape the entire mission of a business unit.
Having a cutting-edge data communication platform like Vizia 2 can ensure that every person gets the information that is important to them. Go beyond centers of intelligence, and bring real-time data visualizations to the screens and phones of the people ready to act.
Tapping into the rich, real-time insights online cannot just be a job of analysts.
Social insights are an integral part of the intelligence needed to succeed in the financial sector. Entire businesses must be experts in the news and trends of today in order to best capitalize on tomorrow.