With a new year comes speculations about what new developments and trends will impact the financial industry. I jumped into the fray in 2019 by focusing on four areas of tactical concern within consumer banking that I feel bank executives will make significant progress addressing.
How accurate were my predications?
I wrote an article in Bank Business about the big 3 consumer banking trends I see happening in 2020. But before I did so, I gave myself a self-evaluation for my 2019 predictions.
I graded, based on their accuracy, the four predictions I made last year:
- Banks will get smarter in the war for deposits – grade A
- Digital transformers will realize they have a silos problem – grade C
- Emerging payment solutions will grow up – grade B+
- Payday lenders will face more robust competition – grade C+
For the year 2020, I decided to talk about 3 big trends I see happening this year:
- The personal loan business will become the retail installment space
- Despite the risks, the automotive lending industry will continue to do more negative equity loans
- The big consolidations that we saw in 2019 will continue
The last thing I predict for 2020 is to expect the unexpected. With the analysis of my previous predictions, we can assume that unexpected developments will happen in 2020. If you want to read the details of these predictions, check out my article and let me know what you think. Do you agree or disagree with my predictions?