Banking Leaders Discuss Industry Challenges at Recent Meeting

At a recent meeting in Bristol, Va., several banking industry leaders offered their thoughts on a wide range of issues facing the banking sector, from attracting millennials to bank consolidation.

An article published today in the Kingsport Times News recapped the conversation among ABA President and CEO Rob Nichols; ABA Chairman Jeff Szyperski, chairman, president and CEO of Chesapeake Bank in Kilmarnock, Va.; North Carolina Bankers Association President and CEO Peter Gwaltney; Tennessee Bankers Association President and CEO Colin Barrett; Virginia Bankers Association President and CEO Bruce Whitehurst; and Leton Harding Jr., president, chairman and CEO of Powell Valley National Bank in Jonesville, Va.

Nichols emphasized that the industry is focusing on attracting younger generations in to the banking sector by highlighting the many different job opportunities that exist within the industry. With many young workers now facing crippling levels of student debt, banks are also succeeding in “appeal[ing]to millennials to attract and retain and reward them by offering very creative student debt paydown at their banks,” Nichols added.

Szyperski also offered his thoughts on the rapid pace of technological evolution in the industry, adding that when it comes to attracting younger customers, “banks really have to be technologically adept to [attract millennials].”