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Trends for 2018 include financial improvement apps based on behavioral economics and artificial intelligence.

Just as consumers track their steps, sleep quality and calories, Mintel Comperemedia forecasts consumers will soon be tracking finances.

Read: Lack of savings could delay retirement indefinitely, study finds

“We predict that do-it-yourself financial wellness will pave the way for financial services marketing to focus on a more holistic, customer-centric message that brings financial products into every aspect of the customer journey,” says Lily Harder, vice-president of research at Mintel Comperemedia, in a release.

She expects personal financial management strategies will be incorporated into existing digital financial offerings.

Read: Consumers want more digital communication from banks: survey

The company also predicts insurance companies, faced with increased competition, will expand to offer risk mitigation and more services.

“Insurance companies will need to rewrite outdated service models and develop products that offer more value, ushering in a new age of insurance-as-a-service,” says Caitlin Moling, insights director of insurance at Mintel. “We predict that growing consumer dissatisfaction, combined with digital disruption, will tip the scales toward transformation for the insurance industry in the coming year.”

Overall for 2018, Mintel predicts successful businesses will provide consumers with four things:

  • transparency, which fosters trust;
  • competitive prices for services;
  • self-care, as consumers seek to improve themselves; and
  • automation, such as voice- and visual-based devices and software.

Also read:

Financial services sector grew 28% in a decade: report

How to take part in the digital revolution

Originally published on Advisor.ca
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