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• W257605986 abstract "[ILLUSTRATION OMITTED] When bankers gathered in a windowless meeting room early one summer morning to talk over future of banking they saw it, it's fair to say none of them, nor this writer, foresaw financial market free-fall that was to occur beginning after Labor Day. They did, of course, recognize that times were perilous. But focus of their comments was on fundamental business of banking and where it was heading--a challenging enough scenario at any time. And when smoke clears from conflagration in money markets business will go on for vast majority of banks and savings institutions--not exactly as usual, perhaps, but not totally changed either. At macro level, financial infrastructure may have been turned on its head, but in banking markets around country many of long-range, underlying trends continue. It is to these trends that five bankers spoke. participants are identified to right. They represent a good cross-section of industry. Only very largest bank segment was not represented. Taken together, comments present a composite of industry's strengths, challenges, and opportunities. Small business at core Under heading of strengths that banks individually and collectively possess, first to be mentioned was small business market, where, all agreed, banks should continue to do well. Said Richard Anthony (Synovus Corp.): The small business middle market is where relationships really mean a lot, and banks have an opportunity to become trusted advisors to privately held, locally owned businesses. see that our top competitive advantage. But in order to play that role, you have to have a high level of responsiveness, and have granted a certain amount of empowerment at local level. Adding to that, Stephen Gurgovits (FNB Corp.) said, We offer--and will keep offering--a full array of retail products, but most of them are commoditized. What we really focus on a core competency is small business lending--simply because it is not commoditized. Every deal is different, every business has different situations, different circumstances. Offering a somewhat different view, Guy Williams (Gulf Coast Bank & Trust) agreed that small business segment is very important, but he feels the bank charter doesn't give you an advantage on lending side. It gives you an advantage on funding side, because of deposit insurance, and on payment system side. price we pay for that is an incredible burden of regulation. Williams feels that regulation hinders banks' ability to be flexible and responsive--in lending particularly. Service trumps rate Another key differentiator identified by group is superior customer service. For banks present this was a critical difference, enabling them to compete with a host of larger bank and non-bank competitors. (There was some good-natured ribbing of larger banks at table by banks, because of fact that former referred to themselves community banks.) Warren Luke (Hawaii National Bank) offered these analogies for how quality service trumps rate: Why do people stay at a Ritz Carlton versus a Holiday Inn? Because they have certain expectations. And when you go to a top restaurant, you don't say, 'Wow, your prices are too high. If you don't lower them I'm going to eat across street.' You have to differentiate yourself, in other words, and give what people expect. closely related point--good people--is both a strength and a challenge. advantage is fairly obvious. Said Gurgovits: A difference in our bank, versus competitors, is with people that we employ, and their passion for customer service. I hire for attitude and train for skills. That's critical. …" @default.
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• W257605986 date "2008-11-01" @default.
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• W257605986 title "What the Future Holds, Post Crisis: Once the Smoke Clears, Some Familiar Patterns Should Re-Emerge-Some Favorable, Some Not-As the Industry Takes Its First Steps into the Future. Five Bankers Offer Their Views" @default.
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