Abel Iglesias, President & CEO, International Finance Bank

In an interview with Invest:, Abel Iglesias, president and CEO of International Finance Bank, shared his insights into the bank’s recent achievements, including surpassing $1 billion in assets, adapting to economic challenges, advancing technology, and maintaining a balance between innovation and personalized client service.

What were the key achievements for International Finance Bank over the last year?

We surpassed $1 billion in total assets and have undergone a significant transition, particularly in leadership. I joined in May as part of this transformation, with the entire C-suite being reshaped to position the bank for future growth.

We’re also investing heavily in technology to meet clients’ increasing demand for connectivity. While many prefer digital banking, they still value human interaction. For example, they want reassurance that their calls will be answered promptly.

People often ask how many branches we have. I tell them we have two, one in South Florida and one in New York. Traditionally, the number of branches represented a bank’s reach and convenience. However, today, it’s all about technology. People care more about how user-friendly the digital platform is and how effective the bank’s online services are.

That said, the human connection remains crucial. Clients want the convenience of technology but also the reliability of speaking to someone when needed. We are focused on balancing these priorities while continuing to expand in South Florida, gain market share, and strengthen our community presence. Reaching $1 billion in loans alongside our asset growth is another testament to our progress.

How is the bank adapting to the economic environment?

The challenges posed by inflation and high interest rates are something we face daily. These pressures affect our clients and the community as a whole. As a community bank, we take our role seriously, whether it’s contributing to affordable housing or supporting local businesses.

With fewer community banks remaining — about 15 in Miami-Dade, down from 40 — our role has grown in importance. This scarcity gives us a greater responsibility to meet the community’s expectations and deliver exceptional service.

While we can’t control the interest rate environment, we can prepare for it by managing our balance sheet, ensuring liquidity, and staying attuned to the needs of the community. These challenges are part of our everyday operations as we strive to provide the best products and services for our clients.

What do clients expect from their bank, especially in today’s fast-evolving financial landscape?

Clients want personalized service. They expect seamless and effortless banking, whether it’s transferring money or managing their accounts. But beyond technology, they value relationships. They want a bank that knows them, understands their business, and is readily available to address their needs.

This applies to all our clients, whether they’re small business owners, real estate developers, or homebuyers. What matters most is responsiveness; clients want quick answers, even if it’s a no. It’s about speed to market. Whether resolving an issue with an account or responding to a loan request, timeliness is key.

At IFB, we emphasize prompt communication. Clients deserve to know quickly whether we can help and guide them forward. Responsiveness has always been, and remains, the cornerstone of excellent banking.

How does hiring talent contribute to IFB’s ability to serve its diverse client base?

Our hiring strategy is centered on attracting talented bankers who understand their client base and the unique circumstances of the countries where they operate. Knowing your customer is crucial, not just from a regulatory perspective, which is fundamental, but also from a service standpoint. It’s about understanding the specific needs, challenges, and macroeconomic conditions clients face in their home countries.

This approach allows us to tailor our recommendations and products to meet our clients’ needs. We emphasize deep market expertise and strong relationships, ensuring our team understands clients’ unique situations. By staying closely connected and engaged, we provide exceptional service and deliver value that clients truly appreciate.

What initiatives has the bank implemented to engage and support the local Miami community?

We focus on helping first-time homebuyers and supporting multifamily projects that provide affordable and workforce housing, critical areas for our community. We work closely with developers specializing in this space.

We also partner with nonprofits and community organizations to extend our outreach, promoting financial literacy and supporting initiatives like the Crystal Academy for children with autism and programs addressing affordable housing.

We prioritize going out into the community. Our team actively volunteers and engages in impactful initiatives. By supporting organizations addressing key needs, we leverage our resources to drive meaningful change.

How has Miami evolved to attract so much attention, and what are the challenges that come with it?

Miami has grown into a vibrant and diverse hub for culture, arts, sports, and technology. This transformation didn’t happen overnight; it’s the result of years of effort by organizations like the Beacon Council, the Greater Miami Chamber of Commerce, and tech leaders.

However, rapid growth has outpaced housing supply, driving up living costs and making affordability a critical issue. Retaining young professionals is essential for sustaining a thriving workforce. Addressing this requires collaboration and incentives for developers to prioritize affordable housing.

What are your top priorities and goals for the bank over the next two to three years?

Growth is a key focus, but our main priority is a technological transformation. We’re investing in advanced technologies within regulatory guidelines. Enhancing our digital footprint and ensuring we offer the right products and services are central to our strategy.

We are dedicated to strengthening our role as a trusted community bank, offering the personalized service that clients value. As the industry evolves, our commitment to relationship-driven banking sets us apart, allowing us to better serve our community and meet the growing needs of our clients.

What role do community banks play in the economy, especially during crises?

Community banks address the specific needs of local businesses and individuals. During the pandemic, they processed a significant share of PPP loans, helping many small businesses survive.

Banks played a vital role in providing financial support that helped maintain stability. These efforts were essential in fostering resilience and economic continuity.

Today, the focus is on maintaining economic balance. The Federal Reserve has done a remarkable job navigating these challenges and deserves recognition for its thoughtful approach.