Hey, Business Bankers: You Need To Future-Proof Your Skill Set!

Like many of the topics I write about, the topic “neobank” has been coming up more frequently!  What is a neobank anyway?  A neobank, as I understand it, delivers the same products and services that a traditional bank does except that it does it without branches and bankers! A neobank is as close as the industry is getting to a complete digital banking experience!  As I have said before, digital banking is no longer just about logging in online and getting account balances!  No!  No!  The whole banking experience is getting digitized!  I recently came across an article that talks about the state of neobanks and where they are headed.  See article link below.  Why is this important to you, Business Bankers?

It is not just neobanks that are hell-bent on digitizing banking and going branchless and bankerless!  Traditional banks and credit unions are all rushing to figure out how to keep up with the digitization trend!  It is happening!  It is very real! Is the future hopeless?  Absolutely not!  This is why I am here…to help you future-proof your career!  The folks at Wells Fargo prepared a report earlier this year stating 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 good at business development and have a sought-after skill, you are likely future-proofed!  What sought-after skill is relevant to business banking?  Commercial credit underwriting!  If you want to jump start your commercial lending skills, check out the free Commercial Lending Toolkit at www.bizpetrol.com.  It is a crash course on all things commercial lending. I completely agree with the folks at Wells Fargo…BTW, it is where I started by career in Business Banking!  The combination of solid business development skills and commercial credit underwriting will be in demand even in a completely digitized banking environment!  

The article (see article link below) states that US-based neobanks had a good year in 2021 but face an uncertain future.  The article goes on say that the folks at Forbes are predicting the end of the neobank era.  I completely disagree!  There is a chance that the “neobanks” today may not make it, but there a lot of traditional banks and credit unions that want to transform themselves into neobanks.  I would not discount neobanks. A neobank, by design, is more nimble than a traditional bank.  It is more likely to quickly implement the strategic changes necessary to ensure survival.  The question remaining is: are you prepared for the inevitable transformation that will happen in business banking?  You will either ride the future of business banking or get run over by it! Follow #bizpetrol if you want see more articles like this one in your feed!     

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.

Follow #bizpetrol on LinkedIn if you want to see more articles like this one in your feed! If you found this article to be useful, please do me a huge favor and spread the knowledge by sharing the article with your colleagues! 

Article Title:  Neobanks – the State of Play in 2022

Article URL: https://techhq.com/2022/07/fintech-neobanks-business-intelligence-2022/