We’re well into fall, and that means two things: You can’t go far without finding something that’s pumpkin flavored or reading about financial IT predictions for next year! So grab yourself a pumpkin spice latte and settle in with this week’s FIN List, which has the most recent financial services industry tech forecast. As an added bonus, we’ve also got the latest news on Millennials.
- CIOs planning on bigger tech budgets in 2017. Data from SourceMedia Research shows that 70% of banks and credit unions (with assets ranging from less than $100 million to more than $10 billion) plan to spend more on technology in 2017. The hottest spending areas include mobile, security and compliance.
- Top community banker concerns. National survey findings revealing community bankers’ top concerns were presented at the recent Community Banking in the 21st Century Research and Policy Conference. The findings reveal that community banks will continue to grapple with small business lending, M&A activity and regulatory concerns well into 2017.
- Fintech disruption hits capital markets firms. Research directors at Celent are putting capital markets firms on notice: The fintech disruption in banking is ready to hit your firms. According to Celent, the industry is sitting at an extraordinary inflection point and collaboration may be the way forward in 2017. Overcoming the fear of engaging with fintech firms is a path to finding better and more cost-effective solutions.
- Retaining Millennial members — a challenge for credit unions. According to a studyby FICO, one in five Millennials aged 18 to 24 say they use credit unions as their primary financial institution. But this drops to only 10% for older Millennials, those aged 25 to 34. In order to retain these members, credit unions must focus on reducing fees, increasing cross-selling and ramping up member convenience.
- Courting Millennial decision-makers. New survey data reveals that 83% of Millennial decision-makers believe that the right commercial banking relationship can dictate their company’s success. Unfortunately, those same decision-makers aren’t getting what they need from their banks — with 53% looking to non-bank providers for services. Here are six tips to improve your bank’s relationship with Millennial decision-makers.
Be sure to follow us on the blog and on LinkedIn to keep up with the latest industry trends. And don’t forget to check back next Wednesday for the latest FIN List.