Today’s consumer is obsessed with the new. Inventors and startups seem to be launching innovative products and services on a daily basis. Some inventions, like movie-unlocking beer bottles, acoustically transparent hoodies, and drumkit pants, are frivolous, yet make perfect sense. Others, such as a social robot for the home, a pocket-sized projector that transforms any surface into a touchscreen, and Lego-style building blocks address more practical needs. They all share a common goal of improving our lives, from simply delighting us through saving us time and money to extending our lifespan.
Trendwatching.com calls this trend Newism. “New” is no longer a time-worn marketing tactic (“new and improved!”). It's now a genuinely exciting proposition for consumers. We’re seeing more products and services that satisfy shortening attention spans and the rising demand for instant gratification.
The banking industry has recently begun to address evolving consumer needs by rethinking their branch strategies, product portfolios, communication methods, and business processes. Yet any traditional financial institutions (FIs) may find themselves encumbered by legacy infrastructures in nearly all facets of their organizations. They’re also finding themselves competing with nimbler, less regulated competitors from the tech, telco, and retail spheres.
FIs that gain a deeper understanding of Newism and delivering the “new” in engaging, lifestyle-enhancing ways will see revenue growth, higher retention rates, and boosts in customer loyalty and advocacy. By selecting the right technological partner, banks and credit unions can quickly and cost-effectively transform complex and confusing processes, such as mortgage closing, into a convenient, yet personal, experience that suits the lifestyle of today’s time-pressed consumer.
Consumers have come to expect the new in most aspects of their lives. They crave experiences that surprise and delight – especially experiences that save them time and money. Simply incorporating a single browser-based communication, collaboration, and closing solution into their online infrastructure can elevate an FI’s Internet banking channel to a complete branch banking experience on any device, anywhere, any time.
Meet eFace2Face CEO Dave Patten online to see how eFace2Face can help you deliver the “new” that consumers desire.