The global financial sector has been changing every year. For instance, clients are now demanding more targeted and relevant products than they used to five years ago. This means that financial sectors have to change to fit into consumer plans. In this post, we are going to look at some of the top global financial trends in 2016.
Customer retention and loyalty are becoming top priorities
Businesses know that every opportunity they get with customers is a potential to bring high-quality sales. Also, the experience might provide an opportunity for the competitor to slide through the back door and take all the prospects. Most financial service providers, especially banks, are now using first-contact resolution mechanisms to prevent their prospects from moving to other providers. Consequentially, customers are now benefiting from excellent customer service around the globe. Thanks to severe competition and technological innovations in the financial sector.
Online content marketing is more prevalent
Content is the primary driving factor for almost everything in the financial sector. As a result, most companies use content marketing as a way to deliver valuable services to their customers. According to a research done on businessmen in Dianoni, online content marketing is an important area with a potential to grow by 12% by the end of 2016. This year the online content market will mainly focus in creating quality sale conversion. In addition, most companies are taking a wide range of approach to online marketing.
Industrial production will boost GDP growth
The financial sector was rocked by challenges ranging from slow international trade, contracting dollar strength and elevated inventories. In 2015, some financial labelled the situation and industrial recession. In 2016 the sluggish growth in production should not be there. The energy production has rebounded quickly and cut the longer offset in other growing channels in production.
The rise in dollar strength will slow down
The rising lending rates in the United States will harm the dollar strength. Most exporters are finding life difficult in foreign markets because of the stable interest rates in such markets. The interest rates have slightly risen in the country, which makes it difficult for exporters in the country to trade with others globally. However, the much-anticipated changes have become slow due to Europe’s aggressive monetary infusions and the cautious Japanese monetary policy.
Inflation is currently at the lower end
The long-term inflation has started to erode significantly. However, the core inflation remains stable due to the restrained price hikes caused by overcapacity globally. Though it was predicted that inflation would increase in 2016, we have seen the opposite.
David Milberg is a financial expert and an investment banker from NYC.