Competitive Pressures

[00:00:00]So there are three primary competitive pressures out in the marketplace today in commercial business banking. The first is that every bank is prioritizing growth in this segment. So that's just creating a ton [music] of competitive pressure as every banker is out there trying to deepen relationships or prospect and find new customers [music] because there's just a lot of incentive and focus on these segments. Number two is AI. Banks are investing heavily into AI and that's creating advantages for the banks that are making those investments because they're able to bring insights and value to their customers in ways that other banks are not. And the third competitive pressure is fintech. It's a whole new category that is coming up adding [music] pressure to the traditional deposit that banks always felt as a secure way of keeping a customer. It's being easier to transfer money away from a bank or to a fintech [music] and that's making it harder to retain that customer. So again, needing to invest in [music] bankers, relationship ability for a banker to be seen as that trusted advisor, to educate [music] a customer about their business in ways beyond just pitching your product. You really have to make those investments now to [music] shore up your your base and look to grow by bringing in other customers that are [music] unhappy with their current banking relationships.