Changes associated with new financial technology and generational transitions are an exciting opportunity for banks, American Bankers Association President and CEO Rob Nichols said in an American Banker op-ed today. “I’m…optimistic that the banking industry will build on our centuries-old history of innovation and successfully meet the customers of the future with the technologies of the future,” he wrote.
However, Nichols emphasized that banks cannot rest on their laurels. To help banks navigate these changes, Nichols announced two ABA staff task forces to help ABA “reimagine” its role and new opportunities. “While we have long been involved in conversations about fintech and millennials, I recently convened two high-level staff task forces — comprised of our fintech experts and future industry leaders — to bring together our work on these critical topics and make recommendations that can benefit the entire industry,” he said.