Most of the consumers who have opened a new checking account over the past three years are young and embrace technology.
As the chief economist of the American Bankers Association, James Chessen keeps an eagle eye on bank earnings, credit-card delinquencies and other metrics that provide insight into the state of the industry.
Most banks still operate in channel silos despite vast amounts of research that show this structure leads to lost revenue, undue credit risk and widespread inefficiency.
The role of marketing in customer acquisition is becoming increasingly important as banks navigate rising rates, competition from fintechs and the digital migration.
Most consumers are keeping their money in low-yielding savings accounts even as rates climb ever higher and competitors try to woo them with sweeter deals.
Stop taking those off-premise ATMs for granted.
The banking industry is in strong financial shape, but the ability to manage deposit costs will be one of the biggest challenges of 2019. How does a bank find the right fit with customers?
The banking industry appears to be in a good place as we head into 2019. The economy is strong, regulatory pressures have eased, credit losses are low and consumer confidence is high.
Don’t be so quick to close that branch.
The 2018 report reveals a perfect storm of factors that traditional brick-and-mortar banks must navigate in order to stay competitive over the next decade.