While attention is diverted by the cost of cash at the Fed window, a truly existential threat remains closer to home. Peril is lurking at every institution’s door in the comfortable cloak of ‘pressing pause’ on strategy and digital innovation. The stakes are mounting by the day. The ultimate cost of deferring these plans will be deadly for local FIs. Corporate organizations and larger FIs already recognize the demise of traditional platforms as consumers rapidly adopt digital forms of money and banking.
The new world of ‘internet money’ has arrived.
This metamorphosis of money is only accelerating, and the nature of financial literacy, and the value of your products & services will naturally wilt if your FI retreats into the ‘great recession’ cocoon!! Your initial reaction may be, we are waiting to see what happens with the market. Or, perhaps you’re inclined to attempt to stick it out on that old core for however long this downturn lasts. Maybe there’s a mindset in your management team or your board that those ‘IT projects’ can wait until the economy stabilizes or your investment portfolio bounces back. Wouldn’t it be great if business was that simple?!
Our Next Gen CUSO partners with community-based financial institutions to define and protect modern strategy, optimize operations, and extend relevant experiences that will preserve local financial services, foster financial literacy, and advance local economies, digitally. Here’s our take, and why we’re committed to providing bold, visionary, inspired consulting to our clients…
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