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.
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For most of us, having 2020 in our rearview mirror is a welcome sight.
Customer Channels & Operations Management, Business Analytics & Data Management, Risk Management & Regulatory Compliance 8 minute read
Cutting-edge technology, coupled with the disruption of COVID-19, has driven significant change in the banking industry this past year. Consumers are now more apt to choose online banking services – a trend that’s been bolstered by the continued ingenuity of the fintech segment. And while customers are keeping banks on their toes with continued demand for new tech, we expect that demand to be accompanied by new policy and regulatory pressure in the next five years.
Customer Channels & Operations Management, Business Analytics & Data Management, Risk Management & Regulatory Compliance 1 minute read
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