I’m in the Nordics this week and awoke to more grim financial news, as WaMu becomes the largest bank failure in US history. However, not all banks are in severe financial distress, for example banks in Northern Europe that fall into what I call the “watching carefully” crowd.
This morning I gave a presentation to banking executives in Stockholm entitled, “Key IT Initiatives in Lending.” I see four main IT initiatives and innovations that banks should be focusing on in their lending organizations:
- Lending services hub
- Organizational inefficiency
- Web 2.0 strategy and technology
- Social networking strategy
Focusing on these initiatives is going to transform a bank’s agility, transparency and efficiency – all of these being things that lenders are badly in need of. Banks that are able to focus on innovation like this will emerge from the market cycle much stronger and more competitive than they are today.