9 pivotal trends that will shape banking strategies for 2022

Trends are always a continuum, but each year brings unexpected challenges and opportunities. The list below impacts responsibilities of bank and credit union executives that oversee credit, retail banking, technology, payments, customer experience and security.

No one would be shocked by the conclusion that banking will see much change in 2022. They might be relieved if the pace slowed for a year, but the market never waits for anyone or any institution. One consolation is that some of next year’s changes will be related to existing trends, such as the increased use of cloud services.

Other shifts — such as growth in lending — are the result of the rebounding economy. But some of the forthcoming changes will likely surprise even seasoned participants within the industry. Many trends are positive, but not all.

Below are nine key trends we believe will set the stage for, and impact, the now rapidly evolving business of banking.

1. Generous Credit Card Offers and Increased Cross-Selling

Consumers will benefit from a swath of new credit card offers in the year ahead as card issuers try to cash in on a likely continued surge in spending. Based on quarterly earnings calls, card spending already surged significantly during the first half of 2021 versus the same period the previous year, impacted by the pandemic lockdowns. Already some banks, including Wells Fargo and Citibank, launched new cards with generous benefits, that have included welcome bonuses and cashback on all purchases. In early December, Bank of America weighed in with super-generous offers on its new high-end metal Premium Rewards Elite card.


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