Jeff Nowicki, VP of Banking at Treasury Prime, talks inflation’s bank impact.

January 25, 2024
1 min read

TL;DR: Jeff Nowicki, VP of Banking at Treasury Prime, predicts that the banking sector will face significant challenges in 2024, resulting in an overall difficult year for financial institutions. This is expected due to a struggle to secure cost-effective deposits and deploy those funds into high-yielding and secure assets. Nowicki believes that community banks will adopt strategies such as partnering with fintech companies and diversifying service offerings to compete with larger financial institutions. The banking industry is also expected to see a notable surge in M&A activity in 2024, with larger banks acquiring smaller banks for expansion and improved efficiency. Among other trends, Nowicki anticipates an increasing number of banks taking a more hands-on and proactive role in regulatory adherence with embedded finance partners and compliance being considered a critical aspect of overall business strategy.

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