ORLANDO—“In many ways banking is a leading indicator for other categories in the retail world.”
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Jennifer LeClaire |
jenniferleclaire |
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Updated on August 03, 2016
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ORLANDO—Global financial crises are shifting longstanding interest rates and investment strategies. That’s one of the takeaways from Crossman & Company ‘s just-released Second Quarter 2016 Southeast US Market Report Update, The Evolution of Retail Banking. The six-page report analyzes retail banking’s past, present and future. Crossman interviewed executives from financial institutions representing a broad range of sizes and markets. Bankers interviewed represented more than 7,100 branches and $1.16 trillion in deposits across the US. “The second quarter focus is an assessment of national analytical data that reflects staffing, size, expansion, acquisitions, regulation and the increasing impact of financial technology on retail banking,” Crossman & Company president John Crossman , tells GlobeSt.com. Here are four takeaways from the report: • Global financial crises are shifting long-standing interest rates and investment strategies. • Changes in governmental legislation and regulatory pressures are having a profound effect on the industry. • Technological advances or “FinTech” are enabling customers to have mobile transactional access to their bank. • Shifts in the size and demographic make-up of consumers are creating new expectations of service and value. “In many ways banking is a leading indicator for other categories in the retail world,” says Crossman. “Other players see them winning market share by offering a better customer experience through new channels and products. We are not predicting that the essential foundation of trust and value as source of finance, and facilitator of transactions is about to drastically change.” The report, however, outlines how significantly the landscape will change in response to the evolving forces of consumer expectations, regulatory requirements, technology, demographics, new competitors, and ever shifting socio-economics. Finally, the report demonstrates how retail banking is extremely useful as a metaphorical “canary in the coal mine” because it sits squarely at the intersection of dynamic and seemingly opposing forces listed above. Have you read about the new boutique investment firm that invaded Central Florida? Check out my recent column . Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit? Join us at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE.Learn more.
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