The Future Of Business Banking Is Coming Fast. Are You Prepared?
Nov 15, 2022Two decades ago, I discovered that technology gave me a huge competitive advantage in business banking. Two decades later, I am a firm believer that a strategic plan without tech tools puts you on a collision course with failure! I am always looking for tech tools that will help me get things done cheaper, faster and simpler. I became and have remained hell-bent on using technology to keep a competitive edge in the marketplace. I am proud to report that my gamble with technology keeps paying off over and over and over again! Can you duplicate what I am doing? Absolutely!
I came across two interesting articles that have to do with the future of banking. The first article talks about a report put together by the folks at Wells Fargo that states that up to 200,000 banking industry workers in the U.S. could find their jobs eliminated because of artificial intelligence. I also came across another article that talks about the concept of Banking-as-a-Service which is like Software-as-a-Service but for banks! I recently posted an article that talked about Embedded Banking. What does all this talk of technology mean for Business Bankers? How will Embedded Banking, Banking-as-a-Service and Artificial Intelligence impact business banking? It is very simple! There are many banks, credit unions and fintechs that want to digitize the entire business banking experience. This means less branches, less bankers, and a lot less jobs! Should you be worried? You should only be worried if you are doing nothing to prepare for the future of business banking.
The Wells Fargo report, which I referenced above, stated that the jobs that are not likely to be impacted are those that are related to technology, selling, advising and consulting! If you are a Business Banker looking to future-proof your career, this is the blueprint you need. You need to infuse your skillset with some technology, bring your selling game up to digital speed, and learn a specialized skill so that you can easily fit into an advisory or consultative role! Like I said at the beginning of the article, you only need to be worried if you are doing nothing to prepare for the future of business banking.
Unless you are planning on moving in a completely different direction, the logical progression for a business banker is move into commercial banking! What is the difference between a business bankers and commercial bankers? Commercial credit underwriting skills and killer marketing skills! Commercial bankers with underwriting and marketing skills make a ton of money: base salary starting at $150k and higher and annual bonuses that are double the base and higher! This should be you!
If you want to take commercial lending for a test drive, check out the free Commercial Lending Toolkit at www.bizpetrol.com. It is a crash course on everything related to commercial lending: digital marketing, credit underwriting, selling strategies and more. I strongly encourage you to read the articles I mentioned above. See article links below.
Bizpetrol has information, knowledge and tools that will help you become a Business Banking Rockstar. You can start elevating your business credit skills using the free Commercial Lending Toolkit at www.bizpetrol.com. You can see all the Business Banking News articles (like this one) at www.bizpetrol.com/blog. You can access a series of how-to business banker guides https://www.bizpetrol.com/Downloads-Free.
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Article Title: 200,000 banking jobs could be lost to artificial intelligence
Article Title: 5 things to know about starlings baas product engine
Article URL: https://www.pymnts.com/news/banking/2022/5-things-to-know-about-starlings-banking-as-a-service-product-engine/
