Banking apps are including online retail features and functions
Trend - Banking apps are becoming increasingly functional, now with extended features that allow people to shop (or sell) within the apps. These features help customers consolidate some of their lifestyle habits, merging banking and shopping to create simpler online experiences.
Insight - As the ecommerce industry continues to expand, consumers have come to expect consolidated virtual solutions for their various online purchases. Now, the brands that are able to best prioritize convenience and ease-of-use for everything from online banking to virtual shopping are most appealing to consumers.
Insight - As the ecommerce industry continues to expand, consumers have come to expect consolidated virtual solutions for their various online purchases. Now, the brands that are able to best prioritize convenience and ease-of-use for everything from online banking to virtual shopping are most appealing to consumers.
Workshop Question - How is your brand prioritizing convenience for its customer base?
Trend Themes
1. Convenience and Consolidation in Virtual Shopping - Brands that prioritize convenience and ease-of-use in virtual shopping and merge with online banking or other services are most appealing to consumers.
2. AI-powered Shopping Assistance - Grocery shopping apps that use artificial intelligence to provide users with personalized recommendations and help them make better purchasing choices are a disruptive innovation opportunity.
3. Instant Resale and Circular Economy Contribution Apps - Apps that streamline the resale process and offer instant payment to users for used items while contributing to the circular economy can break new ground in the world of fintech.
Industry Implications
1. Mobile Banking and E-commerce - Mobile banking and e-commerce industries can benefit from developing integrated features and reward programs that enhance user experience and provide financial solutions.
2. Personal Finance and Wealth Management - Personal finance and wealth management industry can benefit from developing better all-in-one finance apps with features such as direct deposit, bill pay, investments and crypto conversions.
3. Fintech and Sustainability - Fintech industry can benefit from developing apps that offer instant cash resale, promote circular economy and act sustainably. These apps can appeal to millennial and Gen Z users.
