Writing in Forbes Alan McIntyre of Accenture talks about some troubling signs that are headed towards banking in 2020; banks need to start showing they can grow different revenue streams; can fintech startups who have amassed customers lower acquisition costs and eventually reach profit; mid sized banks need to start looking towards M&A; relationship managers now have the relevant tools and it is time for them to start making the investment in digital pay off; open banking has shifted to empower the customer in owning their data but banks and fintechs need to prove they can be trusted with the data; purpose driven banking is set up to succeed but banks need to understand what that means and stop preying upon vulnerable customers who live paycheck to paycheck; credit quality is trending in the wrong direction and if a downturn comes there might be serious issues ahead as many models have yet to be tested; digital currencies might finally reach the mainstream, though banks and regulators might have enough power to keep the market in its nascent status. Forbes
