The digital-first era begins to shake up Minnesota’s finance giants
Their actions shaped investor sentiment in the sector, which soured after soaring during 2017 in anticipation of the windfall they received last year from the federal tax reform. Of the state’s largest financial firms, only
In the biggest move over the past 12 months,
One reason the two firms were driven together, executives said, was the need to spread the rising costs of new technology across a bigger base of customers and revenue. “Scale becomes more important every day,” Dahl said when the deal was announced.
In the process, it remade its entire approach to technology projects, adopting the Agile Method process of working in incremental sprints with regular meetings to spot problems and adjust schedules. It remodeled five floors of a downtown office building for its revamped tech team.
Not every bank can afford such big investments, and the prospect looms that the banking and finance sector will become yet another where the analog-to-digital transition creates long-term winners and losers. As a result, companies are narrowing their focus to concentrate their spending.
And last week,
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