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Industry Landscape
The U.S. banking industry is stable, driven by consumer spending and business investment. Digital transformation continues to reshape services, with fintech innovation pressuring traditional banks. Rising interest rates and economic uncertainty pose challenges, while specialized services and community banking maintain relevance.
Total Assets Under Management (AUM)
Total Assets of Commercial Banks in United States
~Approximately $23.5 trillion (as of Q4 2023)
(5-7% CAGR)
- Driven by loan growth and increased deposits.
- Influenced by economic conditions and interest rate changes.
- Digital adoption by consumers and businesses is a key factor.
Total Addressable Market
23.5 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Artificial Intelligence (AI) & Machine Learning (ML)
AI and ML can revolutionize fraud detection, personalize customer experiences, automate routine tasks, and enhance data analytics for risk assessment and predictive modeling in banking.
Open Banking APIs
Open Banking APIs facilitate secure data sharing between banks and third-party providers, enabling new financial products, services, and seamless integration with fintech solutions.
Blockchain and Distributed Ledger Technology (DLT)
Blockchain and DLT offer enhanced security, transparency, and efficiency for cross-border payments, trade finance, and digital asset management, reducing intermediaries and transaction times.
Impactful Policy Frameworks
Basel III Endgame (2023)
The Basel III Endgame proposal, introduced in July 2023 by U.S. banking regulators, aims to revise capital requirements for large banks to strengthen the financial system, primarily by increasing capital for operational risk and market risk.
This policy could necessitate First Westroads Bank to adjust its capital reserves and risk management practices, potentially impacting its lending capacity and profitability, depending on its asset size and classification.
Consumer Financial Protection Bureau (CFPB) Open Banking Rule (2023)
The CFPB proposed a new rule in October 2023 under Section 1033 of the Dodd-Frank Act that would grant consumers more control over their financial data, requiring financial institutions to share consumer data securely with third parties at the consumer's request.
First Westroads Bank will need to develop secure data-sharing mechanisms and potentially revise its data privacy policies to comply with the CFPB's proposed open banking rule, which could also foster new partnerships.
Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA)
CIRCIA requires critical infrastructure entities, including financial institutions, to report covered cyber incidents and ransomware payments to the Cybersecurity and Infrastructure Security Agency (CISA) within specific timeframes.
First Westroads Bank must enhance its cybersecurity incident response planning and reporting capabilities to comply with CIRCIA, ensuring timely notification to CISA in the event of a significant cyberattack.
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