Vizolution Drops Word About its Mobile Payments / Fintech Predictions
After we got word from Noventis about its 2019 predictions, another company threw its own hat in that ring by dropping word our way about its own predictions. Vizolution, a company focused on providing a better customer experience, took its background therein and sent us off a rundown on just what we might do well to expect with 2019’s arrival.
Vizolution’s CEO, Bill Safran, led the predictions off with a rather stark statement, noting: “In the coming year, the #1 trend for financial institutions will be to invest in processes that provide customers with the qualities of face-to-face interactions within remote channels.”
First, Vizolution expects that the in-branch and digital experience for banks would actually start to blur together. It wouldn’t necessarily mean a complete end to the in-branch experience, though for some banks, it might. The second prediction, that the customer would ultimately be king, would make sure of that. Banks would eagerly push to make customers loyal by taking care of them, individually.
Those thinking that AI would ultimately shutter the bank branch will prove disappointed, meanwhile, as digital channels will require a human component to ensure that the second prediction actually comes to pass. To aid in this, the fourth prediction: banks will increasingly invest in technology at the customer service agent level. Significant improvements have already been seen when bringing in things like screen sharing technology, and that leads into the fifth prediction, a real bombshell.
Banks that innovate will prosper.
A bit on-the-nose, really, and not exactly a prediction. Has there ever been a period in history in which those who innovated failed miserably? Sure, some individual firms innovate in the wrong direction—just ask anyone who was involved in New Coke—but those firms that never innovate ultimately die. Sure, we’ll see innovation as part of 2019, just as we did in 2015, and 2005, and beyond. Some of it will work and some of it won’t.
Still, Vizolution’s predictions here should come out fairly right for the most part. This will be good news for mobile banking lovers, as well as those who prefer going into a bank branch. Mobile payments in general, meanwhile, will likely follow a similar track of innovation in 2019.