Things is a'changin'

Did I tell you I'm a Systems Analyst for a bank now?

 

I don't think I did.  The job's pretty sweet - but it brings a lot of the effects of industry change to light.

 

All of this bank regulation - which I'm all for, by the way - has been a boon to consumers, but could cause quite an upheaval in the banking world.  Particularly so in my relatively small bank, which is fee-based and makes the majority of its fee-money from Overdraft.  Now, you see, customers have to OPT IN to allow overdraft protection (and therefore fees) - and if that doesn't happen, banks lose a lot of their revenue.

 

This lost revenue, if not made up in some other way, is going to end up in lost jobs.  Lost jobs, starting with the new guys like me!

 

Fortunately, I'm part of a very bright team of people working to recover as much lost money as possible - this time through CUSTOMER-FRIENDLY means.  Reducing overdraft fees, creating an overdraft cap and other such consumer-focused strategies are our wave of the future in an effort to resume business as usual, and, in fact, to continue growth. 

 

What amazes me is that these types of strategy weren't implemented before!  Then I remind myself that in a capitalist society (which I enjoy being part of), businesses make as much money as they can in every way possible - human nature, corporate nature, only cares about taking care of their customers needs to the point that it's profitable. 

 

This is why these new banking regulation are in place - and I suspect that these regulation decisions will become among the best decisions the Big Floating Heads have made in a long time.