Presented By: Jack R. Salvetti, Principal S.R. Snodgrass, P.C.
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1 Presented By: Jack R. Salvetti, Principal S.R. Snodgrass, P.C.
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3 Emerging Trends Industry Consolidation Branch Banking/Digital Services ecommerce Payment Systems Artificial Intelligence Customers Facing Disruptive Innovation Funding the Loan Growth Demographic Succession Organizational Succession Business Analytics Leader of Leaders Wealth Coaches and Wealthcare 2018 S.R. Snodgrass, P.C. All Rights Reserved 3
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5 2018 S.R. Snodgrass, P.C. All Rights Reserved 5
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7 Number of Commercial Banks ( ) 9,000 8,500 8,315 8,082 8,000 7,500 7,887 7,767 7,628 7,523 7,397 7,279 Number of Institutions 7,000 6,500 7,077 6,829 6,519 6,275 6,072 6,000 5,847 5,607 5,500 5,340 5,112 5,000 4,918 4, Year Source: Federal Deposit Insurance Corporation s Historical Statistics on Banking 7
8 Number of Commercial Banks ( ) 9,000 8,500 8,315 8,082 8,000 7,500 7,887 7,767 7,628 7,523 7,397 7,279 Number of Institutions 7,000 6,500 7,077 6,829 6,519 6,275 6,072 6,000 5,847 5,607 5,500 5,340 5,112 5,000 4,918 4, Year Source: Federal Deposit Insurance Corporation s Historical Statistics on Banking 8
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10 Number of Commercial Banks and Bank Branches ( ) 9,000 Institutions Branches 85,000 83,056 83,130 83,203 83,576 82,735 8,500 8,000 7,500 8,315 8,082 7,887 7,767 7,628 7,523 7,397 79,269 7,279 82,646 81,990 81,541 80,089 79,163 82,500 80,000 77,500 Number of Institutions 7,000 6,500 6,000 70,978 73,613 76,682 7,077 6,829 6,519 6,275 6,072 5,847 75,000 72,500 70,000 Number of Branches 5,607 5,500 68,272 5,340 67,500 66,954 5,112 5,000 65,682 4,918 65,000 64,916 4, Year 62,500 Source: Federal Deposit Insurance Corporation s Historical Statistics on Banking 10
11 Number of Commercial Banks and Bank Branches ( ) Institutions Branches 9,000 85,000 83,056 83,130 83,203 83,576 82,735 Number of Institutions 8,500 8,000 7,500 7,000 6,500 6,000 8,315 8,082 7,887 7,767 7,628 7,523 7,397 76,682 73,613 70,978 79,269 7,279 7,077 6,829 82,646 6,519 6,275 6,072 5,847 81,990 81,541 80,089 79,163 82,500 80,000 77,500 75,000 72,500 70,000 Number of Branches 5,607 5,500 68,272 5,340 67,500 66,954 5,112 5,000 65,682 4,918 65,000 64,916 4, Year 62,500 Source: Federal Deposit Insurance Corporation s Historical Statistics on Banking 11
12 Deposit Concentration The three largest U.S. banks by assets (JPMorgan Chase, Bank of America, and Wells Fargo) have added more than $2.4 trillion in domestic deposits over the past ten years, a 180% increase, according to a Wall Street Journal analysis of regulatory data. At the end of 2007, the three banks held 20% of the country s deposits. By the end of 2017, they held 32%, or $3.8 trillion. Last year, about 45% of new checking accounts were opened at the three largest banks, even though those lenders had only 24% of U.S. branches, according to research by consulting firm Novantas. The average balance of JPMorgan Chase checking accounts increased from $2,000 to $7,000. Top 3 banks entering new markets every day. 12
13 Pennsylvania Branch Deposits 2018 S.R. Snodgrass, P.C. All Rights Reserved 13
14 Changes in the Household Savings Rate 14
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16 The Changing World has both cyclical patterns and Historic Vectors (fundamental change) 2018 S.R. Snodgrass, P.C. All Rights Reserved 16
17 The Future of Branch Banking? The question is, What work will be done in the branch office in the future? 17
18 Amazon Is the Least of Banking s Problems Banks problem is much bigger than whether or not Amazon becomes more of a threat in financial services or not. Banks core value proposition is not nearly as important as it used to be. The real value of money is based on what it can do. And if people no longer need banks to hold their money, the business model is fatally flawed. Banks should plan for an overhaul on the value their industry provides to customers. Amazon is the least of banking s problems: Ben Gaddis March 19, 2018 American Banker 18
19 Amazon Is the Least of Banking s Problems And yet there is a fundamental flaw: These innovations are built upon the ancillary service banks have always provided around their core value proposition of holding people s money. In other words, for you to experience a bank s innovations, you have to have your money in said bank. Until banks start rethinking that basic premise, they ll continue to iterate on their current business model while customers pass them by. Amazon is the least of banking s problems: Ben Gaddis March 19, 2018 American Banker 19
20 Value Creation Sequence: Please: Set aside all your Mission/Vision/Values work and answer a simple question concerning your Value Creation Sequence: Does your Bank seek to create customer loyalty or does it seek to enhance the customer s life? Shapes your strategy 2018 S.R. Snodgrass, P.C. All Rights Reserved 20
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22 GenZ GenY GenX Millennials After Pre-Boomers Boomers Before
23 The Wealth Cycle TRANSFER PRESERVE CREATE 23
24 GenZ GenY GenX Millennials Preserve Boomers Pre-Boomers 24
25 Core Banking Model The Integration of online, offline, logistics and data Discovery Online Digital Value Chain Fulfillment Information Offline Product/Svc. Assisted Service Process Person 2 Person Payments System 25
26 Follow the Retail Industry s Moves 26
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28 Banking is necessary, banks are not Bill Gates
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30 The Payment System The prevalence of smartphones as well as the launch and flourishing of several tech startups, including Uber, Airbnb and Venmo, have helped create the sharing economy. The sharing economy encompasses the peer-to-peer production and distribution of goods and services. P2P payment services such as Venmo provide convenient alternatives to cash and checks. Millennials, in particular, predominantly use Venmo due to the app s connectivity to Facebook and the ability to easily split the costs of social events. As the app continues to grow, the adoption of mobile payments by non-millennials will require increases in security and safety. Sources: Shobhit Seth, Venmo: Its Business Model & Competition. Trevir Nath, How Safe Is Venmo and Why Is It Free? 30
31 Mobile Banking Companies and Applications The following is a list of leaders in the Financial Technology (FinTech) & Mobile Banking Application industry: PayPal Operates a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional payment methods. Venmo A mobile payment service owned by PayPal. It goes beyond just the payments and serves as a community where users can interact with and engage others. Apple Pay A mobile payment and digital wallet service by Apple, Inc. that lets users make payments using an iphone, ipad, Apple Watch or Mac. Revolut A digital banking platform that includes a pre-paid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments S.R. Snodgrass, P.C. All Rights Reserved 31
32 Mobile Banking Companies and Applications (Continued) The following is a list of leaders in the Financial Technology (FinTech) & Mobile Banking Application industry: Zelle A U.S. based digital payments network that enables individuals to electronically transfer money from their bank account to another registered user s bank account (within the U.S.). Malauzai Software A software development company that builds a suite of mobile and online banking solutions for community banks and credit unions. Varo a mobile banking business that offers access to an all-in-one banking app that can help you manage your expenses, pay your bills, and build your wealth. Amazon Pay provides the option to purchase goods and services from websites and mobile apps using the payment methods stored in an Amazon account. Recently, Amazon is offering up its discounts on credit card fees to other retailers if said retailers turn to Amazon s online payment service S.R. Snodgrass, P.C. All Rights Reserved 32
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35 The Looming Challenge Your commercial business customers are subject to the effects of marketplace disruption. A top line customer s business model may be negatively impacted, thus resulting in a temporary or permanent financial setback. How might this impact your asset quality position. Leading to the ultimate question of whether you will continue to finance the business of a long time excellent customer that must finance the modification of their business? 2018 S.R. Snodgrass, P.C. All Rights Reserved 35
36 The Questions Remain What is the Future of Banking? What is the Future of Your Community Bank?? What is the Future of Your Community??? What will be Your Legacy???? 2018 S.R. Snodgrass, P.C. All Rights Reserved 36
37 Epilogue The development of this presentation caused me to leave many of the subject matters that I have long espoused as being essential to leading a successful bank on the cutting room floor in order to address the most essential themes of the day. That experience of finally letting go of more traditional subjects allowed me to experience what my clients are reckoning with in this time of transition. Along the way, I met many new CEOs who are addressing these challenges as great personal and organizational opportunities. But the sheer velocity of innovative disruption will pose new experiences to all leadership teams. And strategy, which has always been focused on what s next, just got a whole lot more interesting. SRSNODGRASS.COM P:
Presented By: Jack R. Salvetti, Principal S.R. Snodgrass, P.C.
Presented By: Jack R. Salvetti, Principal S.R. Snodgrass, P.C. 2018 S.R. Snodgrass, P.C. All Rights Reserved 2 3 Number of Commercial Banks (2000 2017) 9,000 8,500 8,315 8,082 8,000 7,500 7,887 7,767 7,628
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