Atlanta’s financial sector powers regional economy
November 2024 — As Atlanta’s financial landscape adapts to new challenges and opportunities, the sector remains a critical driver of regional economic growth, empowering small businesses and supporting the community.
At the Focus: Atlanta 2024-2025 Launch Conference, the final panel “Banking on Growth: How Atlanta’s financial sector is driving regional economic expansion,” delved into the financial sector’s role in supporting businesses, empowering communities, and navigating today’s economic landscape. Moderated by Abby Lindenberg, CEO of Capital Analytics Associates, the panel included Chris Torie, region president of Renasant Bank; Barry McCarthy, president and CEO of Deluxe Corporation; Al McRae, Atlanta president of Bank of America; and Laura King, president of Georgia United Credit Union.
Opening the conversation, McRae underscored Bank of America’s commitment to the Atlanta region, where the bank’s resources and extensive network aim to support economic growth through local initiatives and programs. “We have almost 100 markets, and we’ve strategized so that our services support organizations and institutions in the regions we operate, focusing on education and business success,” he noted.
Additionally, McRae stressed the importance of financial institutions in supporting the entrepreneurial ecosystem. “In order for this region to be successful, we must support entrepreneurs,” he emphasized, advocating for collaboration between banks, local businesses, and educational institutions to create a stronger economic foundation.
Torie stressed the importance of supporting the entrepreneurial ecosystem and advocating for collaboration between banks, local businesses, and educational institutions to create a stronger economic foundation. “We have to protect and support our communities. We have everything to be successful in Metro Atlanta,” he added, pointing out that a commitment to inclusivity and accessibility remains crucial in achieving this vision.
“We are an international city here, and we are working to be accessible to everyone,” said Torie, emphasizing Renasant Bank’s focus on providing financial resources to diverse communities across the region.
McCarthy chimed in to point out the importance of financial literacy and business insights among small business owners. “In order to gain customers and access to capital, small businesses need support. What we’ve learned is that these businesses are hungry for information,” he noted, emphasizing the role of organizations, including chambers of commerce and business support networks, in creating a cohesive ecosystem that nurtures small business growth and that allows companies to grow sustainably while contributing to the regional economy.
Supporting McCarthy’s sentiment, King shared Georgia United Credit Union’s approach to fostering financial literacy. “Financial education is key. We offer many tools to our members so they can determine what they need and avoid damaging their credit. We give our staff three service days, and we volunteer to support our community by teaching students,” she said.
Financial literacy is not just a business asset; it’s increasingly recognized as vital for personal well-being. According to the American Psychological Association’s Stress in America 2023 report, money remains one of the leading stressors, with 63% of adults from 45-64 identifying it as a major concern. Addressing this, Georgia is one of the states that has prioritized financial literacy by implementing coursework requirements for high school graduation.
In addition to education, King discussed some of the headwinds credit unions face in Georgia. “We are facing challenges from regulation to cybersecurity. In Georgia alone, credit unions have significantly decreased and merged to keep up with today’s challenges. It’s a concern,” she added, highlighting the need for financial institutions to adapt in a rapidly changing industry landscape.
Credit unions are navigating an increasingly complex regulatory environment. At the 2024 World Credit Union Conference, industry leaders stressed the importance of continued advocacy amid political uncertainties. The Basel Committee’s increased focus on risk management and governance has added pressure on credit unions to upgrade practices, despite limited resources for these costly changes.
The discussion also touched on the importance of financial institutions’ resilience and their ability to adapt to evolving market conditions. “Despite challenges, our business is strong. Decisions take time as we try to make the right ones with limited information. Inflation remains a key concern, and companies are acting to make things more affordable,” said Torie.
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