Interviewed By Emmanuel Daniel
In a conversation with Ron Shevlin, a renowned banking thought leader, we delved into how the US banks navigate regulatory challenges amid economic uncertainty and strategic shifts
Ron Shevlin, chief research officer at Cornerstone Advisors discussed with me the gloomy outlook of the US banking industry, highlighting the impact of regulatory pressures on banking operations. We explored factors such as declining loan demand and decreasing non-interest income.
We identified significant threats to the banking industry, including regulatory pressures from proposed legislation. Four out of 10 bank CEOs surveyed pointed to the US government as a significant threat. The looming Credit Card Competition Act poses risks to banks, potentially reducing interchange rates and income streams.
Shevlin's insights revealed bank’s strategic responses and challenges, such as Goldman Sachs' withdrawal from Apple's partnership due to mismatches between expectations and customer demographics, and Capital One's balancing act in pursuing mergers, particularly for Discover's network acquisition.
Aside from regulatory pressures amid economic uncertainty, we discussed innovation and technology, including bank-fintech partnerships and potential growth opportunities in the fintech sector. We also analysed competition from fintech companies.
Key points from our conversation include:
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