Today The Financial Brand released a repository of over 200 banking charts. It's a useful collection not just for marketers (as their headline declares) but for everyone who's involved with banking at any level — bank executives, fintech folks, tellers, etc. Everyone. We recommend that you download the full set of charts.
Here are nine of our favorites, separated into three categories: banking priorities, millennials, and data analytics. Our commentary beneath each chart shows how they all work together to form a cohesive argument for a more informed and engaging digital banking experience.
As shown here, financial institutions increasingly feel pressure to satisfy account holders and retain market share. The urgency of both sentiments has risen at least 10 percentage points since 2012 in this recurring survey from Temenos, indicating a trend worth paying attention to. It's a trend that matches the 2014 results of the survey below from KPMG:
Again, we see that customer demands and rising competition are a major concern for bankers. It's no wonder, then, that channels and customer experience are the top areas of investment for financial institutions, according to data from Infosys Finacle below:
All of this directly relates to giving millennials what they want, as we'll see in the next section.
Millennials — users between the ages 18 to 34 — lead the way when it comes to mobile adoption. Anticipate this number to rise this year:
For millennials, mobile banking is on the rise, and in-branch and telephone banking are on the decline.
When 87% of the rising generation says that their smartphone never leaves their side, night or day, financial institutions should know they've found a channel worth investing in. But it's not enough to just offer an app. Financial institutions also must leverage data to make personalized offers through that app to meet the needs of account holders. That's why data analytics are such a crucial piece of the puzzle, as we'll see below:
According to this survey from Capgemini, financial institutions need data analytics software that will quickly aggregate data for the benefit of the entire organization. This directly relates to the stats above about improving the customer experience, since analytics can and should be used to that end.
As shown in this data, the pressure's on for regional and community financial institutions to find effective analytics capabilities. If these small and medium-sized players don't catch up quickly, the dozen biggest banks will outsmart them through sheer analytical force. Again, it's all about the increased competition for market share.
If financial institutions are looking for ways to better make use of data analytics, this breakdown from Celent and Accenture gives them quick pointers on how to move forward. Banks and credit unions can use the infographic as a checklist to make sure they're getting the fullest use of their data.
We've only highlighted 9 of the 200+ charts from The Financial Brand here, and, again, we encourage you to download the others. Also check out The Financial Brand's 2015 Forum if you haven't already. The Financial Brand consistently gathers the best insights in the industry, especially now that they've picked up Jim Marous, Rob Rubin, and Ron Shevlin. We look forward to more from them in 2015!