There’s no question that traditional banks are under siege from rapid technology disruptions. The link I’m sharing today – Bank Think-Banks Haven’t Gone the Way of Blockbuster – Yet! by Alan McIntyre, July 07, 2017 is well worth the read. “Yet” is the operative word in the title because disruptions are happening but probably won’t be noticed with a Big Bang. Traditional banks are being squeezed by the big three: new competitors, new technologies and changing customer expectations.
According to research conducted by Accenture, up to 35% of traditional bank market share might very well migrate to non-bank players over the next five years. This loss of market share, coupled with low interest rates and increased regulatory costs, will put many banks in a precarious position. A strategy of simply digitizing what they already do will not be the solution. The business model needs to change and encumbered as they are, it’s a mighty task to say the least.
As I mentioned above, this article is well worth the read!
That said, what about the precarious position the employees of these banks face? As banks change their modus operandi ever so ‘gently’, the question is begged …what happens to the employees? Where will they land? Will they have a job? Will they be out on their ear with very little notice?
Maybe now really is the time to consider a Plan B. It seems that investigating options would be a prudent move. Starting now, looking at alternative avenues of income, allows one time to do something part time, learning the ropes of whatever opportunity is chosen, while you’re still employed, earning a salary with benefits and at the same time, start building a supplemental income that could provide a real life line should your situation need one.
I have direct experience in the financial industry and particularly banking, where I’ve experienced these types of changes.
Message me and I’ll share my story and hopefully it will give you some direction.