Rolling into the holidays and the end of the year, it’s worth looking back at what we learned from our readers about what has been on their minds this year. Here are the topics that dominated your peers’ thoughts and concerns in 2023.
First Party Data
Our post, Bringing a Gun to Knife Fight, got the most reactions by far this year. The power of 1st party data resonated, and with it, the need for concrete steps to move forward and take advantage of one of your most differentiated assets.Top comment:
Our data is one of the most important resources we have. Even discounting for compliance issues, the inability to put it to work for customers will likely be the difference between beating and missing our goals.
Also see: Your Valuable Data, and 1st Party Data, the key to community banking success.
Next on the list was, I'm sure no surprise, AI. Threats and Opportunities from AI, topped the list, in particular, NYU Professor Scott Galloway's provocative take:
ChatGPT will likely be weaponized — at least in the short run ... large language models will produce 15 snackable, tweetable, Instagrammable statements that feel real and are false.Top comment:
The availability of (skilled) talent is as big a concern as the technology itself. Getting the right help at the right level is a consistent problem for (smaller institutions).
Also see: ChartGPT and Your Data, and The Good and Bad News of AI and Banking.
Rounding out the list is regulation, and in particular, the CFPB's Rohit Chopra. The agency's OpenBanking Rules, more stick than carrot, drew especially pointed views of the stifling of small banks to the direct benefit of tech firms:Top comment:
The lack of governmental oversight for the CFPB and allowing it to self fund through penalties and create "regulation" through enforcement is outside our democratic government process. I can't reconcile that.Also see: CFPB at the Supreme Court, and Jamie Dimon - Long on America
And in the vein of New Year’s Resolutions, we’re starting a podcast by and for Community Banking Leaders. It’s called Behind the Vault: Conversations with Customer-Driven Bankers. If you or someone at your institution would like to be highlighted and share your story, apply here -> behindthevaultpod.com/guest