What will banks focus on in 2016?June 10, 2016
We blinked, and we’re already halfway through 2016! Before any more time passes, let’s see what one senior vice president forecasted U.S. financial institutions will focus on this year. And, if you missed last year’s predictions, you can catch up on them here:
2015 Prediction #1
2015 Prediction #2
2015 Prediction #3
Prediction 1 – More products
With PxV revenue growth in most bank treasury management units remaining elusive and low, generally in single digit figures, banks with significant growth goals will work in 2016 to identify their next big product offering, similar to what the purchasing card has meant to revenue growth for the past few years. Many will employ professionals with both the skills to discern what those critical product extensions will be, and have the ability to either launch entirely new products or acquire promising technology from smaller firms to be the nucleus of the bank’s new offering.
This sounds easier than it is. FI’s have many competing priorities (which is great – lots of good ideas are far better than having no new good ideas). In addition, the FI’s are operating in an environment of intense risk management and compliance initiatives. Scoping out that spot on the horizon, where the next big thing is, and then being able to go and get it will grow in importance an intensity in 2016.
What do you think … is he spot on so far?
Stay tuned for the next two predictions….
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