Banking Industry Trends 2019

Posted by Jessica Toney | Dec 20, 2018 8:06:22 AM

Growth and Profit at Community Banks and Credit Unions

At the end of every year, pundits like to publish think pieces on banking industry trends. 2019 is no different, so we thought we’d add our hat to the ring with our predictions for what will most impact growth and profit at community banks. Please read on for our five top picks for banking industry trends!

  • The Digital Playing Field: Leveled

    It has never been more critical – nor easier – for community banks and credit unions to implement digital self-service tools. According to the FIS Consumer Banking Report, 72% of all bank interactions are digital. Products like Epic River’s Patient Lending program can bring your financial institution up to date and up to speed.

    Our 2019 prediction: Community banks and credit unions will intensify their focus on delivering the same technologies as the big guys in order to meet customer expectations and usage habits.

  • Advisory Services Take on More Importance

    The statistics about Americans’ poor financial knowledge and habits are oftentimes staggering. The thing is? They know it too, and they want and need trusted advisors to meet them at every price point and across every channel.

    Our 2019 prediction: As the news about Americans’ lack of liquidity and retirement savings continues to grow, demand will increase for trusted financial advisory services.

  • Community Reinvestment Act (CRA) Revamped

    It’s no secret that the CRA is ripe for retooling, and politicians on both sides of the aisle seem to think so as well. In fact, we recently published a white paper on how to best prepare for changes coming to the CRA.

    Our 2019 prediction: Community banks and credit unions that have analyzed current CRA activities and spent the time to develop new ways to make an impact will prosper no matter what happens to the CRA.

  • Relationships First, Profit Second

    From the Bernie Madoff disaster to Wells Fargo’s phony account creation, it’s no wonder that the financial service industry is the least trusted by consumers. Banks and credit unions that focus on creating relationships within the communities they serve have seen impressive return on investment, including Silver State Schools Credit Union in Nevada, which has seen nearly two dozen quarters of growth following this strategy.

    Our 2019 prediction: Bankers that seek new ways to authentically connect with their communities will build trust and drive profit.

  • Collaborations on the Rise

    Strategic partnerships have always been critical for growth and profit, and perhaps never more so than in community banks and credit unions that need to amplify both their brand power and sales opportunities. Smart financial services pros will look beyond the obvious, and use intuitive technology solutions like Epic River’s electronic delivery and signing platform to develop connections with local businesses and consumers.

    Our 2019 prediction: Collaborations will be made easier – and more effective – with smart, turnkey platforms that benefit financial institutions and consumers alike.

Have you noticed a trend in our banking industry trends? That’s right: according to our gurus, 2019 will be all about technology, relationships, and building relationships through technology. With interest rates on the rise and the regular introduction of new tech-focused products and services, there has never been a better time to drive growth and profit by reaching people in your community who need and want your services. They may not be standing in your branch lobby, but they’re out there. And with technology, smart partnerships, and a little ingenuity, you can find them — and convert them.

If you want to learn more about how Epic River can help your acquisition and retention goals with our eSign platform and innovative, turnkey Patient Lending program, please don’t hesitate to contact us.

Topics: esignature services, financial institutions, medical billing solutions, health credit services online, healthcare finance, patient lending

Written by Jessica Toney

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