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While 2009 saw a number of companies take an innovative step in the interactive world, for the most part, a fear of the unknown and regulation played a large role in companies taking cautious steps.  I think 2010 will see a lot of advancements, I do not think it’ll be a groundbreaking year for the financial industry.

Here are a few things I believe we’ll see in 2010, with regards to the financial sector.

  1. It’ll no longer be a fear of regulation that prevents involvement

    For the most part, a lot of the action in the social scene has been from smaller banks, credit unions and financial service organizations. Outside of American Express and Bank of America (plus a few other Fortune 500 brands), most larger institutions of have been hesitant to get involved with social media. Primarily, the excuse has been a fear of regulation.  In 2010, I believe more financial institutions will let go of regulation as an excuse, and instead, shift toward safety/privacy and a lack of understanding.

  2. A large financial organization will face a major security issue

    With more people trending toward mobile banking and financial institutions finally adopting social, I believe we’ll see a financial institution face a breach of security – through mobile banking, online banking or social media. It’ll be this fear that truly thwarts further acceptance and adoption of interactive finance.

  3. Payment solutions will continue to trend, yet there will be little advancement

    I’ve shared my thoughts on the mobile payment space already this year – essentially, the U.S. isn’t ready for it yet. We saw Square enter the space, followed by Verifone; however, I don’t think we’ll see much advancement. We’re still slowly shifting toward a larger portion of the population using smartphones, but I believe we’re at least 2-3 years out.

  4. Financial education will lead the interactive charge. It won’t be led by a bank

    Outside of customer service, education will be the primary use of social within the financial sector. As the economy continues to slowly recover, institutions will realize the opportunity to educate its consumers. The education will be a broad spectrum and it’ll be led by a non-bank – most likely American Express’ OPEN forum or an insurance/investment brand. Banks will continue to use the space for customer service and will continue to avoid customers best interest.

    5.  Increase use of video and increased collaboration

    What we’re seeing with American Express’ OPEN forum will continue to thrive. Rather than a direct focus on its own brand, organizations will seek to collaborate with businesses, contributors and spaces outside the traditional financial space. With this collaboration, we’ll trend toward more video use. Large banks will, for the most part, fail with this space. As a result, it’ll be smaller financial institutions, investor relations and financial service brands that benefit.

  5. Brand seek to increase conversation with consumers

    In an effort to form a stronger relationship with consumers, brands will seek to increase conversation. The primary outlet for this will be blogs. However, despite the positive adoption of blogging, we won’t see CEOs being a part of the conversation. I don’t think this will hinder the relationship building, but eventually, CEOs and other “powers that be” will need to put themselves out there. In the beginning, we’ll see blogging become a voice for complaints and a place for consumers to voice their dissatisfaction. The key will be for brands to successfully shift toward the benefits of blogging and use their voice to turn those negatives into positives.

As you can tell, for the most part, I’m bearish about the overall use of the interactive space within the financial sector. That being said, I believe those who are doing it well and have an understanding will continue to see great results. I believe we’ll see a few new brands emerge within the social space, but I don’t think the gap of those involved vs. those not involved will shrink.

Overall, I’m very excited about the opportunities the interactive space will provide brands. Technology and innovation will continue to be a major focus for brands; lets hope the results continue to be positive.