Control-Alt-Delete

Well, what a year 2008 was.  Right now, a lot of people are wishing they could just do the ol’ three-finger salute on the whole banking industry.  Between the sub prime crisis, close to 30 bank failures and Big Daddy Madoff, it’s no wonder.  Getting back to basics is what is needed to turn everything around in 2009.

I’m really looking forward to seeing what this year brings.  For one, I believe SMS will emerge as the standard in mobile banking.  Last year, a lot of banks started researching this channel.  This year, we will begin to see a lot of rollouts.  In our market, we’ve already seen a few banks launch a mobile banking product.   I’m sure there will be even more announcements by the end of the year.

Seeing how the receivers of TARP funds use their new capital will be interesting also.  I suspect that a few banks will use their excess cash to pick up a competitor or two.  Also, will we lose one of the big three this year?  Citi is looking kind of shaky right now.  Bank of America still has to integrate Merrill Lynch.  If the next fallout happens in credit cards, both could be in even more trouble.

All in all, I’m excited about what this year may bring.  With a new administration, I expect to see some major changes.  Here’s to brave and exciting New Year.