Our thoughts on: “Predictions 2022: Banks Will Double Down On Innovation”
In a recent blog post, Aurelie L’Hostis discusses her thoughts on what banks will focus on for 2022.
With the Great Resignation happening in North America, in particular the U.S., all organizations, but especially banks, need to review their workforce, their policies and their employee morale.
As our CEO Katherine wrote recently, financial institutions could do much more to keep their staff engaged and motivated. Forrester, and other think tanks, have done significant research demonstrating that a more engaged workforce means a better customer and member experience, which in turn translates into higher loyalty and share of wallet.
The temporary habits to “deal” with the pandemic and ensuing lockdowns has now become permanent behaviors for many financial institution customers and members. L’Hostis posits that investment in technology to enable these behaviors will continue to ramp. Forrester estimates that 25% of banks will increase tech spending by 10% or more to accelerate their “end-to-end digital transformation … and fend off competition.”
She also discusses that open finance will expand, with leading financial institutions looking to integrate with other providers to add value to their services and look to elevate “connected architecture” as part of FI’s ongoing transformation.
We’re glad that Forrester is seeing evidence of continued prioritization on how to elevate the customer and member experience. As others have noted, 20% of financial institution customers plan to leave in the next year.