The current issue of Fortune (September 15, 2016) has a list of the fastest growing companies in the world, and 28 are banks and other financial institutions.
Okay, Facebook is on the list too, at Number 3.
The opening note says “The behemoth banks have sometimes been vilified by protesters or scorned by politicians.” [Obviously written before the long-running Wells Fargo abusive behavior finally gained national attention.] “But here’s a different kind of responses, as customer-focused competitors rise up. Such rejuvenation is crucial for the economy…”
The list includes Bear State Financial, Banc of California and CU Bancorp which has a tight focus on Los Angeles and Orange County. Many of the banks are laser-focused on a small community for both deposits from, and lending to, locals firms and individuals.
The list also include the Intercontinental Exchange (ICE) which bought the New York Stock Exchange, which ranks just below Simmons First National Bank of Pine Bluff, Ark but above Bank of the Ozarks, in Little Rock.
It’s an intriguing list that suggests the usual focus on high tech finance may be missing some alternative business models and profit opportunities.