2025 and Beyond: How Ohio is Shaping the Future of Finance

The financial services industry is full of untapped potential for adopting cutting-edge technologies and driving greater efficiency. Few sectors in the modern economy are as well-positioned to take advantage of advances in artificial intelligence, cybersecurity, and risk management as banking and insurance. For companies, now is the time to review strategies for 2025 and beyond — deciding whether to innovate internally, collaborate through partnerships, or pursue acquisitions.

This shift will fuel significant investment in talent, products, or both as businesses work to foster innovation. The question is: What will spark top-line growth? What strategies will streamline operations and improve the bottom line? Or perhaps it will be a blend of both approaches.

These opportunities and challenges are particularly evident in Ohio — one of the best states for business and home to one of the nation’s most robust financial services sectors and a thriving innovation ecosystem that is driving industry-wide change. As an economic development organization, JobsOhio must continually reassess its approach to ensure that we support business growth in the most efficient and impactful way. As a leader of Ohio’s financial services sector, our job is to engage with the right companies and prospects through the right channels —essentially, are we targeting the right opportunities?

JobsOhio’s model differs from that of companies focused on bottom-line or top-line growth. Our version of “sales” is about identifying and connecting with businesses that are considering creating jobs or making capital investments in Ohio. We aim to show them how to succeed and grow in Ohio’s dynamic, forward-thinking economy. Unlike traditional sales models, we do not seek payment from companies—instead, JobsOhio provides financial assistance and industry expertise to help companies thrive.

When crafting the strategy for Ohio’s financial services sector, we treat it like selling a product. The product, in this case, is the state of Ohio itself. As the fourth-largest financial services hub in the U.S., it’s my responsibility to raise Ohio’s profile, both domestically and internationally. We have a strong presence in large and mid-sized banks and insurance companies. The challenge is: How do we attract new businesses to Ohio’s thriving ecosystem? Not every insurtech or fintech company is ready to expand into new markets, so we need to tailor our approach to the specific needs of each prospect.

The key takeaway here is that JobsOhio must be equipped with the right tools to target the right companies and industries. This includes leveraging data analytics platforms and adopting AI strategies—much like those emerging in the financial services sector itself. Additionally, we are focused on partnering with strong industry players to highlight Ohio’s unique value proposition and ensure that businesses can achieve their growth goals. We’re eager to see how the insurance industry evolves in 2025 and beyond.