The year ahead will bring a host of unknowns – including legislative and regulatory intervention, the resiliency of credit quality, and an unclear economic trajectory. A murky outlook will make it challenging for banks to determine a strategic course of action without hesitation.
Topics: Revenue, Deposits, Expense Management, Regulation, Client Management, Credit Quality
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It will be difficult for financial institutions to boost revenue in 2022 – many will need to be more innovative than ever to add customers, book loans, and bring in fees.
Interest rates should remain low next year, and competition will intensify as loan demand returns. Customers’ shifting preference for digital channels will require tech investments that will further pinch bottom lines.
Financial institutions are looking at niche businesses, acquiring loan portfolios, and creative revenue strategies to offset those pressures. Here’s a look at some tactics being employed.
Topics: Fintech, Bank Vendor Management, Credit Union Vendor Management, Buy Now Pay Later, Cannabis Banking, Revenue
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