Writer: Ryan Gandolfo
2 min read April 2024 — Amid a higher interest rate environment, an election year, and shifting customer demands, bank leaders are finding new strategies to generate growth in South Central Texas.
During the opening panel of the Invest: San Antonio 2023-2024 Launch Conference, titled Staying Power: How San Antonio is remaining resilient in a higher interest rate environment and the trends and technology shaping the rest of 2024, the region’s top banking leaders shared their viewpoints on industry shifts, innovations propelling growth in Greater San Antonio, and the importance of applying technology in the banking world.
“It’s about creating better experiences for everyone. Currently, we are able to offer enhanced experiences thanks to these technological advancements,” said Vantage Bank CEO Jeff Sinnott, who was joined by fellow panelists April Bailey, president of the Central Texas market at Amegy Bank, and Bank of Texas Market President Parker Hensley.
Sinnott has spearheaded technology initiatives at Vantage over the past few years that have led to the community bank’s digital transformation, from deploying CGI All Payments to replace legacy Fedwire and the ACH processing solution to working with True Digital, which helps bankers with digital upgrades and fintech partner due diligence. Vantage Bank’s trailblazer mentality in the tech space led it to become one of the first Texas employers to announce Bitcoin savings plans for employees in March 2022 –– and despite a drop-off in 2023, the popular cryptocurrency is trading nearly 50% higher since the announcement.
Further into the panel discussion, speakers highlighted the intricacies facing financial institutions and businesses across South Central Texas.
“The challenge, as you can imagine, is multifaceted. It’s not only about navigating higher interest rates but also contending with increased labor challenges,” said Bailey. “We’ve faced supply chain issues, alongside the rising costs of products and labor. As partners, our job as managers is to fully understand what our clients are experiencing and to plan and provide help accordingly. We navigate these cycles together, working closely with our clients to address concerns, such as higher interest rates and the associated costs on the lending side.”
Amegy has adopted new revenue streams to now boast its broadest banking platform ever for its commercial business partners, including fee-based products and services from fraud and cybersecurity threat protection alongside its wealth management platform and interest rate hedging business.
Hensley reinforced the pillars of partnerships for lasting viability.
“This emphasis on relationships ultimately leads to better outcomes for both the bank and its clients. It’s not merely about what we can do for you today; it’s about focusing on long-term, mutual success,” he said. “How can we achieve that for both parties? That’s the question we continually ask ourselves.”
Consensus shows that banking leaders are future-focused while taking lessons from the past and applying them.
“While interest rates are higher today, they’re still not that high. But they have changed how banks and businesses think,” said Hensley.
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