There is little doubt that the immediate impact of the transition to higher rates has been rapid – and this is likely just the beginning

Demand and originations for small-business loans and lines of credit have ebbed and flowed, but were on an upward trajectory this summer

Wealth customers are already responding to rising rates differently than they have in previous cycles, raising the stakes for financial institutions to better understand the ways in which these valuable customers behave

It may be a year before we see higher rates, but there's no time to waste when it comes to planning a new playbook. And while you'e at it, toss out the one that you used in the last cycle because this time will be different.