Today’s business bankers are worried. Financial technology (FinTech) is advancing exponentially and the traditional banking model is being challenged. FinTech-fueled banks with easy-to-use applications, like Chime and PayPal, are popping up constantly. Moreover, tech giants, like Apple, Amazon and Google, are poised to move into the industry. Without significant changes on their part, business bankers could be replaced or even made obsolete within the next decade.
The simple fact is, community banks and branches are losing customers, particularly young customers. Who needs a human banker when there’s an App, a portal, or bot — Right? Wrong.
By properly preparing and positioning yourself as a business advisor who delivers strategic insight and steers investments in the right direction, you can still beat out the bots, even those loaded with predictive analytics, machine learning, or artificial intelligence. But first, you need to rethink how you are doing business – and how you can change for the better in 2023.