This IDC Financial Insights report provides an overview of what has happened in the U.S. bank and credit union industries in 2013, now five years removed from the financial crisis. The public has continued to heal their anger toward the financial services industry, and for the sake of positive thinking, we can now officially call off the end of the financial crisis. Yet there are still significant challenges being faced by the financial services industry in the United States and around the world. Interest rates continue to hover at historically low levels, competition continues from both traditional and non-traditional financial service firms, and mobility and digital channels provide a huge opportunity and risk in reaching more customers, particularly the unbanked and underbanked.
"Clearly our industry continues to consolidate, particularly among the smallest size institutions," says Marc DeCastro, research director at IDC Financial Insights. "The challenge today is to drive value out of the investments made over the past few years in technology. Unfortunately, many institutions simply do not have the resources - budget and personnel - to fully embark on the next level that will lead to more consolidation."