The Gift of Change

Fad diets, self-care recommendations and admonishments to “turn the page.”

We all know what’s coming up in our news feeds. But before we give into these New Year’s cliches, let’s take a minute to appreciate how so many throughout the financial industry were able to pivot in unexpected ways.

Knowing that one can successfully change should serve many well in this new year.

While resilience — and perseverance — took center stage this year, I find culture, technology and growth showed up in new ways as well.

CULTURE, REVEALED

During the darkest of economic times, we were amazed by examples of creativity, commitment and collaboration to roll out the Small Business Administration’s Paycheck Protection Program. When social issues exploded, we were proud to see industry leaders stand tall against racism, prejudice, discrimination and bigotry. With work-from-home pressures challenging the concepts of teamwork and camaraderie, we were delighted by how banks embraced new and novel ways to communicate.

TECHNOLOGY, FIRST

Seeing industry leaders share their intelligence and experiences to help build others’ confidence stands out. So, too, does how few shied away from technology, which clearly accelerated the transformation of the financial sector. The rush to digital this spring forced banking leaders to assess their capabilities — and embrace new tools and strategies to “do something more.” As the financial sectors’ technology integration continues, this mindset of finding answers — rather than merely identifying barriers — should benefit quite a few.

GROWTH, POSSIBLE

Many banks considered JPMorgan Chase & Co, Bank of America Corp. and Citigroup as their biggest challenges and competitors entering 2020. Now, I’d wager PayPal Holding’s Venmo, Square and Chime command as much attention. However, competition typically brings out the best in executives; with mergers and acquisitions activity poised to resume and new fintech relationships taking root, growing one’s bank is still possible.

So here's to the optimists.

Leaders are defined by their actions, and many deserve to take a well-earned bow for making their colleagues' and clients' lives better. While we leave a year marked by incredible unemployment, economic uncertainties and political scars, I’ve found a negative mindset never leads to a happy life. Rather than lament all that went sideways this past year, I choose to commemorate the unexpected positives. As I do, I extend my best to you and yours as we enter 2021.

With appreciation,

Al

*This reflection first appeared in Bank Director's newsletter, The Slant. A new addition to our editorial suite of products in 2020, I invite you to sign up for this free Saturday newsletter here.