Wade Barnes is Hartman’s Financial Services Industry Lead. Starting his career as a bank teller, Wade advanced through the ranks to the C-suite. At Hartman, his background makes him an indispensable resource to clients in banking and financial services, who benefit from his extensive knowledge of regulations and trends.
We sat down with Wade to get his take on top priorities and opportunities for community banks and credit unions in 2022.
What is the biggest opportunity facing community banks and credit unions in 2022?
The biggest opportunity right now is to diversify earnings in non-interest income channels to drive revenue and scale. Banking as a Service (BaaS) comes in many flavors and sizes and should be a discussion in the C-suite as it can open the door to non-interest income opportunities and new client acquisition channels. It can also help drive internal operating efficiencies. Community banks and credit unions who rely exclusively on the margin spread will meet headwinds in growing franchise value and scale.
How can technology drive business success in the banking and financial services industry?
From a technology perspective, financial institutions should focus on data and systems integration. By more fully leveraging the data within, banks and credit unions can find additional ways to grow wallet share within their current client base. With a dedicated focus on building systems integration capabilities, financial institutions can drastically improve the customer experience, open new acquisition channels, and drive internal operating efficiencies – all of which impact scale and profitability.
What are the most important strategic priorities for banking and financial services executives in 2022?
- Drive non-interest income channels
- Focus on digitization and automation
- Capitalize on data
- Build a FinTech strategy that includes a hard evaluation of your current core processor
- Be curious about M&A activities, both traditional and non-traditional
If you’re a bank or credit union executive and interested in talking to Wade about these topics, please reach out today. You can also learn more about Hartman’s financial services IT consulting offerings here — https://hartmanadvisors.com/industries/financial-services/