State governments ($1.57 trillion, +5 percent; with $0.7 billion to print) will dramatically increase borrowings to lock in pre-inflation interest rates; good news for financial printers.
The highest achievement, and most profitable, private sector is banking/insurance ($2.65 trillion, +5 percent; with $14 billion to print, +8 percent). Commercial banking ($9 billion to print, +20 percent) will be the biggest double-digit growth category as consolidation continues, and institutions are permitted to issue charge cards other than from MasterCard and Visa. Bank on substantial personalized digital communication and signage, but not on paper payment documents. "Check 21," passed by Congress last year, will reduce demand by perhaps 20 percent in '05.
- People:
- Vincent Mallardi