The world is changing...

I get interviewed a lot... and I love offering my thoughts and comments on all things banking.  One interview I had on Friday was inquiring on Ohio banks and how the majority of them had not yet repaid the TARP money. 

My comment...no incentive to pay it back early, you have to be clearly profitable, and the emphasis on the TARP issue has largely been swept away.

However, in thinking about the larger question, in my mind at least, is what has and what must change in our industry to ensure longevity and success.

Here is my top 5 list...

1. Banker's must adapt to clearly seeing the world from the consumer's perspective and not the banker.  Is your bank ready to put on your "consumer glasses?
2. The customer will choose two options going forward...an online partner and an off-line partner. They could be the same...but they WILL have these...are you ready to be them both?
3. The industry will forever be different in terms of start-ups... denovo's will be a different breed and many will simply buy an institution and work to change it, vs. start new.
4. Regulators will swing back...but it will be a LONG and tiring process...be ready to invest in compliance and legal staff that can help you shorten that curve.
5. The business owner and retail consumer will merge closer than ever and we have to be ready...
   is your focus on meeting both needs?

 Think about each of these five (5) items...kick them around in your head, analyze the impact, think about your institution's readiness...

and then set a meeting within your bank/CU to discuss them.

I think they are game changers...and most certainly HOW we play-the-game-changers!

Cheers...

Bruce Clapp