Lee Bressler Explores Digital Trends Forecast to Disrupt The Financial Services Industry in 2019
New York-based portfolio manager Lee Bressler uncovers digital trends expected to impact the financial services industry going into and throughout 2019.
With the financial services sector among those most affected by the digital disruption in 2018, Lee Bressler believes he’s uncovered a number of digital trends set to further disrupt the industry in 2019. From so-called ‘open banking’ and data-driven marketing to ongoing cryptocurrency volatility, here Bressler uncovers five such forecasted trends.
“‘Open banking’ will make big waves in the coming year,” says Bressler, an equity fund portfolio manager based in New York City. So-called open banking rules require banks to allow customers to automatically share their financial data with other third-party providers as they wish. “This,” he adds,” has created an abundance of new opportunities for financial services industry startup companies to build and develop truly innovative experiences in order to win customers.”
“Customer experience, personalization, and marketing is driven by data will also be big news in 2019,” he reveals. “Emphasis will be placed on winning new customers, as well as retaining and expanding existing customer relationships, particularly in light of continued fierce competition in the industry,” adds the equity fund portfolio manager.
Another trend, says Bressler, will see established banks move to create their own, new, so-called ‘challenger brands.’
Lee Bressler Touches On Banking Changes from 2018 to 2019
“With many new ‘challenger’ banks appearing in 2018, moving into 2019, more and more existing, established banking brands can be expected to launch their own, new services, focused on mobile-only and so-called ‘open’ banking,” he explains. “The banking industry is rapidly evolving and, as such, even the most established banks must keep up by launching innovative, new approaches aimed at better serving their customers,” the portfolio manager adds.
Fourth among Lee Bressler’s forecasted trends, the financial services industry professional also suggests that banks and newer fintech startups will begin to build much closer relationships. “Given the creation of challenger brands and the need for open banking, the big banks must look to build close relationships with their newer fintech brethren,” he suggests. “This will also them to secure their market share with new generations of banking customers.”
Lastly, Bressler touches on cryptocurrencies. “By and large, cryptocurrencies failed to become the mainstream force which many expected in 2018,” he explains, suggesting that major price drops in currencies such as Ethereum and Bitcoin may be calling into question their viability in the long term. Cryptocurrency volatility, Bressler reveals, actually saw the number of merchant service providers accepting Bitcoin, for example, fall in 2018 compared to 2017.
“While the technology behind many of the big digital currencies remains incredibly important to the financial services industry, it could be that 2019 sees something of a crash for cryptocurrencies globally and across the board,” he adds, wrapping up.