This document summarizes 6 major trends in the financial services industry for 2017: 1) The rise of conversational commerce and chatbots to provide automated customer service. 2) Artificial intelligence and machine learning are expected to be highly disruptive over the next decade. 3) Cyber security, especially preventing social engineering like phishing, is a top priority given threats like ransomware and data breaches. 4) Marketers are focusing on real-time, engaging content strategies to interact with customers throughout their journey. 5) Personalized marketing is a powerful tool when done properly to attract and retain customers. 6) HR focuses on branding, purpose, and multi-generational compensation practices to attract and keep

1. 6 Major
Trends
in Financial
Services
for 2017
Technology, Marketing
and HR Performance

2. CONVERSATIONAL COMMERCE
AND THE RISE OF THE CHATBOT
Financial institutions are growing
more aware of the potential behind
intelligent personal assistants such
as Alexa, Siri and Cortana.
Consumers are also growing more
receptive to an automated
service and support
experience.

3. According to a survey of executives
in the financial services industry,
artificial intelligence (AI) and
machine learning has the highest
expected disruptive capability
over the next decade.
Source: New Vantage Partners Study
The disruptive potential of AI-powered solutions, including
chatbots, was rated higher than the “Internet of
Things,” fintech innovations, cloud computing
and blockchain.

4. THE HUMAN ELEMENT OF CYBER SECURITY
Cyber security continues to be a top priority for financial
institutions. Businesses are especially concerned in shoring
up the human element of their security apparatus and
preventing social engineering incidents.

5. Social engineering is
considered the third
top threat to the data
security of financial
institutions, behind
ransomware and
data breaches.
Source: 2017 CSI survey
“Phishing,” a common social engineering tactic that
involves impersonating a real company or person
through either email or other channels, accounted for
90% of all cyber security incidents in 2016.
Source: 2016 PhishMe report

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7. NEW CONTENT
STRATEGIES:
FAST, ITERATIVE,
ENGAGING
Marketers are moving toward
real-time, “always-on” strategies
that engage consumers at
every step of the customer
journey. This means a varied,
responsive content mix.

8. Content remains king.
According to recent surveys, 67%
of businesses are creating
more content, and 75% are
looking to invest more
dollars in this area.
However, many marketing teams have no content
strategy in mind. Only 37% of marketers have a well-
defined content marketing strategy, the rest
either have no plan or rely on undocumented, ad hoc
practices.
Source: 2016 SmartInsights
and Curata surveys

9. REIMAGINING
MARKETING WITH
PERSONALIZATION
Personalization is one of the most
powerful tools available to financial
institutions as a result of
data-driven marketing.
When utilized properly, personalized marketing can attract and retain
customers, and turn them into advocates.

10. TOP MARKETING TACTICS
Source: 2016 Ascend2 survey
Customers now expect
and demand personalized
marketing, and they’re not
afraid to share a little data for
this to happen.
69% of consumers say that
personalized customer care
has an effect on loyalty.

11. ENRICHING THE
EMPLOYEE EXPERIENCE
WITH BRANDING AND
PURPOSE
HR experts are increasingly
stressing the importance of
branding and purpose to attract
and retain employees in a
competitive job market.

12. We make a point to help
employees understand each day
how they contribute to our
mission, vision and values.
We want them to know
the purpose of their
jobs.
Shawn Premer
Chief HR Officer
Consumers Credit Union

13. A NEW
GENERATION OF
COMPENSATION
PRACTICES
With as many as five
different generations in the
workplace, HR experts identify
multi-generational workforce
management as a top challenge.

14. Stay one step ahead. Over 1/3 of
top-performing companies are
changing compensation practices to
suit a multigenerational
workforce.
Innovators are taking advantage of
data and technology, introducing
change into static environments and
paying careful attention to
compliance.

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