1 minute read
Jan 22, 2020
Written by: Shawn Sweeney
As we are wont to do at the turn of each year, January is a time when we humans attempt to prognosticate the trends or major events to come over the next 365 days. And with this year being the start of a new decade, we’re feeling that tendency ten-fold. So, when Forbes Finance Council asked me about what changes I expect to see in the banking industry over the next 5 years, I jumped at the opportunity.
Customer experience, emerging of technology from FinTechs and within big banks, blockchain and greater decentralization of banking and lending were just a few of the topics hit on by contributors. Given Spinnaker’s experience on the data and analytics front, my insight leaned into the growing divide between mid-market and big banks, driven primarily by big bank’s growing competitive advantage in leverage customer and operational data. In an attempt to keep up, I anticipate a greater frequency of mid-market bank mergers, so that smaller banks can better leverage assets and talent. With that in mind, don’t be surprised if in the next 5 years, those smaller banks get added to the endangered species list.
Curious what other council members are forecasting over the next 5 years? Check out the full article here.
Recently, I was invited to participate in Forbes Magazine’s Finance Council, which is a collection of senior-level financial services executives from across the country who’ve been tapped to share advice and resources. Last month, the editorial board asked council members for strategies to identify critical business metrics – and they appreciated the Spinnaker perspective on measurement, and the need to evolve reporting as business goals change. The crux of our recommendation: select metrics that drive decision making and for every metric you add, attempt to eliminate an old one.
Spinnaker News 1 minute read
It's fair to say that most business owners are working toward greater profitability and growth. And while growth presents businesses and their employees with countless opportunities, the downside is the potential of having to stroke a big check to the Internal Revenue Service come tax time. Pile on ever-changing tax codes, exemptions, regulations and deadlines – and it’s no wonder that everyone is reaching for headache relief during tax season.
Business Analytics & Data Management 1 minute read
Earlier this year, I was chatting with a prospective client whose professional experience looked much like mine, and many of our consultants, before coming to Spinnaker: a senior VP from a fortune 500 financial institution who’s hired countless consultants to solve complex problems.
Critical Initiative Delivery, Business Analytics & Data Management, Regulatory Compliance & Risk Management 3 minute read
Like how we think? Subscribe to have our articles delivered direct to your inbox each month.
Headquarters: 8000 Franklin Farms Drive, Suite 100, Richmond, VA 23229
©2020 Spinnaker Consulting Group. All rights reserved.