Banking has not been immune to the volatile conditions of todays rapidly changing world.
Here is a preview of what we expect to see from banks in 2022.
Heres whats likely to come in 2022:
1.
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But when COVID-19 shut down the economy, rates plummeted.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Its been a sellers market for more than a year now, with home prices at historic highs.
Economists are predicting that interest rates on mortgages will start to increase.
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3.
At the start of the last quarter of 2021, credit card rates averaged more than 16%.
Expect that to remain true into 2022.
Understandinghow to pay off credit card debtwill be as useful next year as it was this year.
In other words, overdraft fees just make the poor poorer.
In 2020 alone, Americans paid $12.4 billion in overdraft fees.
But in 2021,Ally Bank, Americas largest digital bank,officially eliminated its overdraft fee.
Not to be outdone,Alliant Credit Unionfollowed suit just a couple of months later.
Check out our review for thebest online banksof 2021.
Experts predict that AI will replace 7% of U.S. jobs by as early as 2025.
But it doesnt have to be all doom and gloom.
Artificial intelligence, when used strategically, can greatly improve the customer experience.
Robots in banking are nothing new.
For example, many investors choose to userobo-advisorsfor their investment portfolios instead of traditional financial advisors.
Better Mobile Apps and Digital Banking
But AI is just one part of the customer experience.
Banks that cant offer a seamless digital customer experience will fall behind.
For example, people are still looking for an increasing amount of self-service options.
and even video banking and interactive teller machines (ITMs).
Because, after the last couple of years, we all deserve a break.
It sounds appealing right?
Check it out here!
