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Spinnaker News

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Shawn’s 5-year Banking Industry Outlook

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.