Last month, shareholder Stuart Best attended the Michigan Bankers Association Bank Management and Directors Conference.
Besides the weather in Michigan being great, the wealth of knowledge that was obtained from the conference was amazing.
Here are three of Stuart’s top takeaways:
- Some of the most notable data was related to consumer confidence and how it has continued to drive the economy. The increase in the federal funds rate has not dramatically slowed consumer spending and corporate investment remains steady.
- HUB International Insurance’s presentation on the market provided great insight into best practices on core deposit growth and demographics of the checking account portfolio. Their data confirms that the 20-35 age group is the largest group of new accounts. That being said, they have the highest rate of switching banks. They also confirmed that online account openings have increased yet they still only represent 8-10% of all accounts.
- The future of the community banks is in flux. In the conclusions provided by the conference:
- Passivity will almost certainly lead to irrelevance
- Actively plan to evolve and achieve
It was good to see great attendance and hear that Michigan’s newest de novo bank, Community Unity Bank (CUB), whose president is Andy Meisner is going strong. Just after the conference one of our Michigan Banks, MI Bank, made the announcements that Jenny Meier would be taking over as CEO and Matt Agnone would move to chairman.
We are all looking forward to future MBA conferences in 2024 and beyond. Our team is constantly monitoring the world of collections. If you have questions about these topics or Weltman’s collection solutions, connect with Stuart at any time.
We are all looking forward to future MBA conferences in 2024 and beyond. Our team is constantly monitoring the world of collections. If you have questions about these topics or Weltman’s collection solutions, connect with Stuart at any time.
This blog is not a solicitation for business, and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.
