Last month we, along with CS Consulting Group and the Banking Exchange, asked bankers to complete the survey on their current challenges and what tactics they are employing to overcome those challenges. An overwhelming 79% of bankers expressed a need to find new strategies, lines of business, methods, or a transformation of their business model, to better compete going forward. While banking faces many challenges, the survey results show that bankers have a clear view of the future and a plan for how to get there. We compiled the data and present you our eBook that details those new strategies, products and methods that bankers are pursuing. In this research you will find:
- The top 10 tactics that financial institutions are doing to increase performance
- 6 changes to branch design for the future
- Tech budget trends and a list of projects that are completed and planned
- The future of regulation and the economy
Below are the seven themes that came out of the survey results that appear central to most bank’s metamorphosis. The focus for 2018 and beyond includes deepening the customer relationship, speeding up processes through digitization, enhancing cybersecurity, increasing product profitability, retaining talent and more.
In addition to the above the eBook highlights the need and fallacy of getting larger. We look at competition from fintechs, particularly online-only lenders, and we highlight the opportunities that bankers see over the next three years.
Below, please find access to our eBook complete with narrative and analysis. While this eBook is online, by going into “Full Screen” mode and looking at the top left, you will find navigation to download and print the book from the website.
Submitted by Chris Nichols on January 22, 2018