8 Emerging CRM Trends

that will shape the future of the Banking
and Financial services in 2024 and beyond

The banking and financial services is at the forefront of significant transformation, driven by technological advancements, evolving customer experiences, and global economic shifts. We are entering an era where the foundation of banking is shifting towards a digital-first approach. Moreover, the sector is also getting committed to sustainable finance, contributing to ethical decision-making and long-term goals. Simultaneously, the rise of open banking ecosystems is opening up a spectrum of possibilities for customers to access an array of financial services seamlessly. In short, the industry is not just responding to transformations; it is creating a future in finance where sustainability, digital innovation, and customer-centricity reign. In this article, we will explore the pivotal trends that will redefine the future of the industry in the years to come.

Banking and Financial industry trends to observe in 2024


Proactive Engagement


Reward & Loyalty Programs


Engagement via WhatsApp



1. Mobile First
Core Transformation for the Financial Ecosystem
In the age of smartphones & digital connectivity, Mobile-First orchestrates a transformation in the financial landscape, offering unparalleled convenience and efficiency to customers. Adopting a mobile-first approach requires agile and responsive operations within the BFSI sector. This includes streamlining processes, reducing errors, and delivering efficient and faster services to customers. By delighting customers with unmatched mobile experiences, banks and financial services can attract and retain customers, differentiate themselves from competitors, and drive sustainable growth in the digital era.
According to RBI, the number of digital wallet users in the country has increased by 40% in the last two years.
2. Proactive Engagement
Proactive engagement in the banking and financial services stand as a pivotal trend that goes beyond transactional interactions, focusing on forging lasting relationships and instilling a sense of trust. By leveraging data analytics, AI, and real-time insights, banks and financial institutions can gain a deep understanding of customer behavior and deliver experiences they expect. This can also help the industry identify opportunities to cross-sell or up-sell relevant products or services, thereby increasing revenue and customer lifetime value.
70% of consumers consider a consistent experience across channels to be extremely or very important in choosing their primary bank
– Deloitte
3. Hyper-personalization
Putting Customer-Centricity into Action
Hyper-personalization is a transformative trend in the banking and financial services. At its core, hyper-personalization is a data-driven strategy that goes beyond traditional personalization strategies, delving into a realm where every interaction and transaction is tailored to meet the unique needs of each customer at each step of the lifecycle journey.

From personalized product recommendations to customized user interfaces, this approach aims to create a deeply personal and individualized experience. By incorporating insights into customer behaviors, financial institutions can nurture strong relationships & enhance user satisfaction.
As per a recent study, 75% of customers expect personalized products and services aligned with their needs.
4. Reward & Loyalty Programs
A Driving Force to Elevate Customer Experiences
Loyalty programs are becoming a dynamic driving force that takes customer relationships beyond transactions. By introducing rewards and incentives, financial institutions can forge a deeper connection with customers, fostering a sense of appreciation and recognition. Customers, in turn, will find themselves not only attracted to the program’s inherent perks but also feel emotionally invested in the institution. Such reward programs also encourage repeat buying behavior, transforming one-time buyers into loyalists.

Innovative, well-implemented, and valuable programs set banks apart from their competitors, and are able to meet evolving needs of customers. By offering exclusive perks like cashback, discounts, or reward points for transactions, banks incentivize customers to continue their services, thereby boosting retention, conversions, and nurturing strong relationships.
According to reports, repeat customers spend 67% more than first-time buyers and have proven to be more profitable
– invesp
5. Gamification
Turning Transactions into Rewarding Experiences
Gamification in the banking and financial sector involves integrating game-like elements and mechanics into traditional financial activities to encourage user participation, drive specific behaviors, boost engagement, and transform routine interactions into memorable experiences. This innovative approach offers a way to motivate customers beyond rewards. By introducing challenges within the loyalty program, customers can be motivated to explore various financial offerings, resulting in higher engagement, which, in turn, leads increased Customer Lifetime Value (CLV).

Navigating the world of gamified loyalty landscapes can be challenging, thus, at Easyrewardz, our expertise in gamification solutions is designed to elevate your BFSI institution’s loyalty program. Our team of in-house experts understands the unique dynamics of gamification to enhance loyalty, and maximize ROI.
Gamification is forecasted to increase at an annual growth rate of 26.5% through 2027, and financial institutions that adopt it see up to a 700% increase in conversion rates
– International Banker
6. Engagement via WhatsApp
Convenience at your Fingertips
In an era where instant communication and seamless transactions are paramount, WhatsApp banking stands as a revolutionary trend that offers real-time convenience and accessibility to customers. This innovative solution brings so much power to customers, empowering them to access banking services in the palm of their hands. From quick customer support to efficient transaction updates, WhatsApp facilitates a level of personalized engagement that aligns with the customers’ lifestyles. By harnessing the power of this application, financial institutions can send tailored offers and personalized recommendations to their valuable customers. This level of convenience not only breaks down barriers by making banking convenient for customers but also enhances their experience and incentivizes them to engage further.
India has the largest number of monthly active WhatsApp users at 535.8 million
– What’s the Big Data
7. Chatbots
Revolutionizing Customer Experiences
In the realm of customer engagement, AI-powered chatbots have emerged as a game-changer in the banking and financial services. Acting as self-help enablers, chatbots provide instant and personalized services, significantly changing the dynamics of CX. Unlike traditional customer support channels, chatbots operate 24/7, ensuring customers can seek real-time assistance whenever they need. Advanced chatbots are equipped with machine learning capabilities, making interactions more engaging and relevant to each individual.
85% of banks and businesses will perform customer engagement with the help of AI chatbots by 2023
– Reve Chat
8. XaaS
The next big leap in the world of CX is XaaS (everything as a service). XaaS has evolved much more than just a mere trend; it is set to supercharge how businesses and their customers engage with each other. XaaS entails BFSI institutions evolving from product offering providers to service providers.

This on-demand, cloud-based approach perfectly aligns with all other key trends like mobile banking, hyper-personalization, and engaging via platforms like WhatsApp. XaaS enables agility, reduces costs, and unlocks cutting-edge solutions, empowering BFSI leaders to deliver superior customer experiences and drive future growth. As financial institutions continue to embrace technological innovations, XaaS will play a major role in allowing to them offer further products as services, resulting in increased ROI.

Final Thoughts

As the BFSI industry continues to grow and evolve, these trends are going to reshape the way customers interact & transact with institutions and manage their finances. By being early adopters of these trends financial institutions can cater to the ever-evolving needs of customers and deliver convenient & accessible services.

Easyrewardz is an industry-agnostic cloud-based CRM & Loyalty platform that enables a seamless omnichannel customer experience. Our end-to-end solutions are designed to help financial institutions build strong and lasting relationships with their customers by providing personalized experiences and meaningful rewards.
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