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As we progress through 2025, the banking industry is set for substantial transformation driven by several key trends. Digital transformation will remain a powerful force, with advancements in AI and machine learning enabling unparalleled operational efficiencies and hyper-personalized customerexperiences.
The financial services sector is experiencing transformative changes driven by technological advancements and innovative trends. We are witnessing the integration of AI, the rise of hyper-personalization, and the adoption of advanced digital platforms, all of which are revolutionizing operations and client interactions.
The insurance industry in 2025 is at a pivotal point, with key digital insurance trends leading the charge in transforming how carriers operate and interact with customers. Customers are reacting by shopping insurance providers. However, these higher rates are having noticeable impacts on consumers.
The rapidly evolving payments industry is driving industry leaders to adapt their strategies in response to emerging trends. As technology advances and consumer expectations shift, staying ahead of these trends is crucial for success. Recommended Approach : To navigate these changes, businesses must balance innovation with compliance.
I want to take this opportunity to share the latest hyper-automation trends from my observations in working with clients in the banking industry. Next, we’re observing a continuously increased focus on customerexperience.
2023 has commenced, and rates are climbing, inflation is bubbling, and banking customers are continuing to demand hyper-personalized products and experiences from their institutions. Here are five banking trends we’re forecasting for the new year. Three prominent areas where there is a strong desire to optimize: Data.
Here are some of the biggest payment trends we’re forecasting for the new year. All of Instagram’s shopping features allow users to add items from multiple vendors into an Instagram-operated cart. Reach out to one of our subject matter experts today to learn more about how we can elevate your customerexperience.
These transformational shifts are, in turn, affecting how quick-service restaurants (QSRs) engage customers as the health crisis limits their in-person dining offerings and forces them to fast-track planned digital innovations. For more on these and other stories, check out the Trackers News & Trends section.
The pandemic has reshaped how we interact with merchants — and what we expect, as customers, from those increasingly digital interactions. Call it the transformation of CX, shorthand for the customerexperience. The trend, after all, is toward contactless transactions. “It
This blog was co-authored by Perficient’s Insurance Principal and expert: Brian Bell As we step into 2024, the insurance industry faces significant transformations driven by technological advancements and evolving customer expectations. Leveraging cloud technology for streamlined operations and enhanced scalability.
The panel included Kivanc Onan , head of B2B Payments, Financing and Protection, North America for Alibaba ; Rob Rosenblatt , CEO of Behalf ; Sarfraz Nawaz , Digital Transformation, Supply Chain at Johnson & Johnson ; Tony Uphoff , CEO of Thomas ; and Trish Fisher , senior director, Treasury Operations at WeWork. The Supply Chains.
The insurance industry in 2025 is at a pivotal point, with key digital insurance trends leading the charge in transforming how carriers operate and interact with customers. Customers are reacting by shopping insurance providers. However, these higher rates are having noticeable impacts on consumers.
As institutions adapt, Perficient’s Chief Strategist of financial services and expert, Scott Albahary, has identified six key trends to shape the banking landscape in the year ahead. Intelligent automation and other data analytic tools enable banks to optimize processes, enhance decision-making, and improve customerexperiences.
Since Square purchased Afterpay, customers can get an Afterpay card to use with participating retailers that operate with Square, which lets customers use Afterpay for in-store purchases. Afterpay is offered at thousands of merchants – notable names include Nordstrom, Bed, Bath & Beyond, and Nike.
Perficient predicts that AI / ML will influence 30% of customer interactions within the next year. We see support for this trend, as 90% of large organizations have hired a chief data officer. Increasingly, customers engage with companies that demonstrate authentic knowledge of their relationship – and this requires data.
As noted at the time by the OCC, advances in computing capacity, increased data availability, and improvements in analytical techniques have significantly expanded opportunities for banks to leverage AI for risk management and operational purposes. Co-pilots: Software supported and enabled traders to operate more efficiently and swiftly.
In the new world of digital payments, many technology developments are driven by customerexperiences. Banks are investing heavily in technological innovations and Fintech relationships to provide better payments experiences to their customers. Read the full report.
In the new world of digital payments, many technology developments are driven by customerexperiences. Banks are investing heavily in technological innovations and Fintech relationships to provide better payments experiences to their customers. Read the full report.
Recovery and emerging trends . At Twilio’s annual conference Signal 2020, Jeff Lawson, founder and CEO, discussed major trends that helped businesses thrive during what he termed as the “Great Digital Acceleration of 2020”. The Great Digital Acceleration of 2020.
A brand may bring a customer in the door, but pricing seals the deal. The pandemic accelerated this trend. A JD Power survey found that 54% of auto insurance customers took some policy action to control the cost of their policy, including 17% who reduced coverage and 12% increased deductibles.
For example, our client, a leading fabric and craft retailer , was experiencing issues with extending its customerexperience online and needed help improving inventory visibility within its supply chain and OM system. As a result, the customerexperience improved and our client saw record sales numbers during the COVID-19 pandemic.
With the rise in vaccination rates and a hopeful return to a “new normal,” it won’t be possible to put the genie back in the bottle and return to legacy operations. Looking to the future, broader societal trends will influence commerce processes used for product development and distribution. Understanding Our People .
QSRs’ first steps when reopening their locations have been upgrading dine-in areas and stepping up employee safety measures to reassure customers, explained Ray Wiley , CEO at Dayton, Ohio-based Hot Head Burritos. The Mexican food chain operates 77 locations in eight states as well as 35 Rapid Fired Pizza restaurants.
This means that thanks to recent Apple upgrades in their operating system, most phones are now capable of receiving Rich Communication Services (RCS) messages in addition to traditional SMS. Customers enjoy one-click convenience, and companies can provide real-time payment transparency. iOS or higher.
In the August edition of the Payments And The Platform Economy Playbook , PYMNTS examines how marketplaces are using technologies such as artificial intelligence (AI) and mobile payments to innovate the customerexperience. For more on this and other news in the platform economy, visit the Playbook’s News and Trends section.
According to Forrester, 31% of companies want to use AI to significantly improve their customerexperience. With an increasing number of experiences powered by AI, such as voice search and virtual agents, it’s reshaping how consumers behave and make decisions. Consumer needs simply must come first.
In an interview with Karen Webster, John Rainey , chief financial officer and executive vice president of global customeroperations at PayPal , noted that CFOs (including himself) have learned to pivot, too, with ground-level, tech-driven insights that move well beyond simply tracking money flows. What’s Important To Merchants.
By harnessing the power of AI, regional insurance carriers can streamline their operations, enhance customerexperience, and make more informed decisions. By automating these processes, carriers can significantly reduce operational costs and improve efficiency.
Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? From global customer acquisition efforts to real-time personalization of the user experience to infrastructure technology management, the opportunities are endless.”. It’s true, but not for long.
Top trends in payments. As 2023 kicks off, community banks can respond to today’s payments landscape by addressing five key trends. You can ramp up a revenue source that you’ve not had in the past and offset some of the losses in revenue that we’ve experienced or may experience. Create frictionless customerexperiences.
There are significant opportunities for mid-market B2B firms to not only digitize their sales operations, but to also emerge into more agile corporations that scale to meet their buyers' needs. As Bachalli discussed, payments will be at the center of much of these market shifts that drive modernization and tighter customer relationships.
To become more data-driven and personalize customer interactions, you need to address three key data management trends: volume, ubiquity, and user demands. Users are demanding self-service access to data and easy-to-use tools for decision support and trend identification. It’s a data-intensive business.
The enhancements include: Empowering Business Users for Operational Agility : Boomi enables business users to add, remove, or change specific parts of an EDI configuration to respond to business requirements, thus increasing business agility and responsiveness. Keep an eye on trending B2B innovations. Why Perficient.
Technology giant IBM and Dublin-based client lifecycle management solutions company Fenergo recently partnered to use AI and analytics on the IBM Cloud to help FIs more easily onboard customers. Significant digital onboarding hurdles remain even though many customers have shifted to transacting online or via mobile channels.
Better Pinpoint Your Risk(s): Predictive analytics to better target risks, artificial intelligence to identify fraud, and intelligent automation to improve operational efficiency are at the heart of insurance digital transformation moving forward. LEARN MORE: How Can Regional Insurance Carriers Harness the Power of AI?
Retail TouchPoints announced the award as part of its fifth annual Store Operations Superstar Awards, which recognize companies with the most creative and successful store operations strategies. Rue21 is a $1 billion retailer that caters to the teen market with the latest fashion trends at affordable prices.
Takeaway 1 Implementing the FedNow Service can help reduce interbank obligations, expand market reach, and enhance customerexperiences. Customize your FedNow plans Customization is key. Each institution should tailor the FedNow implementation to meet its specific needs and operational requirements.
Our goal is to deliver a compelling and optimal customerexperience across all channels, not just one.”. Conrad also said the bank is working to make sure all of its customers have access to online banking.
The ability to reuse and manipulate a single graphic to fit many situations enables marketing teams to increase their content output exponentially, providing the assets required to both achieve effective personalization at scale and react quickly to evolving market trends and campaign needs. For example, let’s say you sell pickup trucks.
WATCH Takeaway 1 Check fraud prevention is critical, especially as this costly fraud typology continues to trend upward in financial institutions. Takeaway 3 Banks and credit unions should leverage new tools to improve check fraud prevention that can ease the burden on their staff and safeguard customers.
Whether through the use of online marketplaces or proprietary supplier portals, B2B sellers embraced the opportunity to connect with business customers online, while buyers reciprocated by sourcing, procuring and paying for goods the way they do in their personal lives.
To seize the opportunity to boost revenues and loyalty during this time, QSR operators are shifting their focus to digitally upgrading the drive-thru as well as other modes of off-premise ordering, such as branded mobile apps and third-party delivery aggregators. The experience also enables customers to reorder by voice.
Customers increasingly demand seamless digital experiences91% of U.S. consumers now consider digital banking capabilities essential (Latinia, 2024)while operational pressures require us to do more with less. Efficiency Demands: With 21 branches, we need streamlined operations to compete.
Many CUs found themselves quickly shifting to new solutions and operating procedures to accommodate branch closures or social distancing mandates, and the strategies they have developed to cope with this new reality have persisted even as they begin reopening. The Drive Toward Digital.
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