KEY FINANCIAL INDUSTRY TRENDS

PRESENTED AT MAY CENTRAL JERSEY BREAKFAST SERIES EVENT

Chapter Holds May 2018 Meeting in Central Jersey Region
 

ARTICLE AND PHOTOGRAPHY BY DAVID LAUWE - META4 COMMUNICATIONS

 

The NY/NJ Chapter recently held the May 2018 Central New Jersey Breakfast Series meeting designed specifically to enhance the professional development of financial managers at community banks in the central New Jersey region. The meeting was held at the Radisson Hotel of Freehold on Tuesday, May 22, 2018 in Freehold, NJ. The Chapter holds regular monthly meetings at the Stony Hill Inn in Hackensack, NJ which primarily serve community bankers in the northern New Jersey and metropolitan New York regions.

 

Chapter Members enjoyed a hot buffet breakfast followed by a very informative presentation by Mike Cohn of Wolf and Co. entitled 10 Financial Industry Trends You Can’t Ignore. Mike noted how rapid changes in technology are changing the world we live in and he discussed the implications these trends are expected to have on the banking industry. He noted the difficulty in recognizing whether we are at the “end of a trend” or the “end of the beginning” of another.\

The 10 key trends for 2018 that Mike defined along with significant points that he stressed

  1. New Bank Formation - Minimal new charters since 2010;    Reduced regulatory compliance costs is required to encourage new charters

  2. Interest Rate – economy remains strong; develop customer relationships and deliver new products/services

  3. Credit – small institutions will lose out to large unless regulatory compliance costs are reduced.

  4. Capital - Capital Risk Assessments will emerge in the CFO’s and Chief Risk Officer’s toolboxes

  5. Compliance – Regulatory pressure is ever present

  6. Transaction – Mobile payment systems vs. peer-to-peer providers (venmo, Zelle)

  7. Strategic – Non-banks vs. traditional banks

  8. People – Millennials disrupted societal norms; big users of consumer loans

  9. Vendor – Third parties provide broader risk; expanded due diligence

  10. Cyber – No institution is too small to be a target; more technology required to maintain safety

Topics and Speakers

10 Financial Trends You Can't Ignore

Michael Cohn, CPA
Member of the Firm
Wolf & Company, P.C.
617-428-5488
mcohn@wolfandco.com
www.wolfandco.com
Slide Presentation

1 North LaSalle Street | Suite 875

Chicago, IL 60602-3908

312-578-1300

FMSChapter@FMSinc.org

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