Ken Yager contributed to this article for the Foresight for Development.
While digital banking may help with that from a cost perspective there are some elements of business support that we have to be careful about. The biggest risk for businesses is that they inevitably make mistakes. Some of them can be big and hurt the business. The question of survival does not come down to interest rates or even covenants, but rather relationships.
If an individual banker can act as a strong advocate over time and be willing to lose some customers over it, long term they will gain more respect from the business community for consistency and partnership than any submission to ticker symbols. Banking is not a trading game – it is a long term process of building on consistent strong advice and support. 15 years from now, bankers should morph into more advisory work.
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