Bankers and advisors view AI playing supporting role in relationship-centric industry
[fusion_builder_container type=”flex” hundred_percent=”no” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” id=”” background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” background_parallax=”none” parallax_speed=”0.3″ video_mp4=”” video_webm=”” video_ogv=”” video_url=”” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” overlay_color=”” video_preview_image=”” border_color=”” border_style=”solid” padding_top=”” padding_bottom=”” padding_left=”” padding_right=””][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”1_1″ background_position=”left top” background_color=”” border_color=”” border_style=”solid” border_position=”all” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” center_content=”no” last=”true” min_height=”” hover_type=”none” link=”” border_sizes_top=”” border_sizes_bottom=”” border_sizes_left=”” border_sizes_right=”” first=”true”][fusion_text]
Writer: Ryan Gandolfo
June 2024 — In a landscape marked by rising interest rates, an upcoming election, and rapid technological advancements, banking and finance leaders in Middle Tennessee are innovating to sustain growth.
At the Invest: Nashville 2023-2024 Launch Conference, the opening panel, ‘Tailor Made: Trends and Technologies Driving Innovation in Banking and Finance,’ featured top regional leaders discussing key advancements shaping the industry.
“Our purpose is to build and inspire better lives in communities. Banking has always been about relationships,” said Johnny Moore, regional president at Truist. “At some point, you’re going to need a mortgage, a business loan, and you’ll need to talk to an individual. That’s where relationships come in.” Moore was joined by Bradford Vieria, regional president and CEO of ServisFirst Bank of Tennessee and Wealth Strategies Partners’ President & CEO Paul Allen. Joyce Heames, dean of the Jones College of Business at Middle Tennessee State University, moderated the panel.
During the discussion, panelists highlighted a greater need for technology to safeguard against threats and bolster their relationship with clients. “We have got to utilize technology to be competitive and to provide a better client experience. Cybersecurity and fraud is a massive problem for the financial services industry,” said Vieira. “AI can help us provide a better client experience and ensure operational efficiency. We can onboard clients quicker and be more responsive. But the face-to-face model isn’t changing anytime soon,” he continued.
Allen agreed, adding the emotional component of investing cannot be understated. “When it comes to AI, yes, we are embracing it. I think it’s going to make things much more efficient and productive. But I feel like 90% of what we do is not math; 10% of it is math. The rest is acting as a counselor, a psychiatrist, to keep people from making emotional decisions regarding their money.”
That sentiment carried over to another overarching theme in the morning’s first panel — relationships. “Commercial banking is very much a relationship-centric, face-to-face type of banking. I don’t think, at least I hope not, that we’ll be replaced by chatbots anytime soon. But AI can help us provide a better client experience, especially on the operational side,” Vieria pointed out.
Building on the theme of evolving client relationships, Allen highlighted the growing demographic of female millionaires in the United States. “By 2028, there are going to be more female millionaires in this country than male millionaires. Financial planning firms are going to have to learn to listen and communicate with the female investor,” he shared.
Even with technology playing an ever-increasing role, businesses in the area are in a good place given the attributes of Nashville and Middle Tennessee. “Nashville is a very unique city with so many great resources. When you look at just the foundation, education sits at the core. You got a skilled workforce here. When you couple that skilled workforce with a city like Nashville that has so much rich culture, it’s just the total package,” said Moore.
For more information, visit:
https://www.servisfirstbank.com/
https://www.truist.com/
https://wealthstrategiespartners.com/
[/fusion_text][fusion_youtube id=”https://www.youtube.com/watch?v=9p-J9-q7ewg” alignment=”” width=”” height=”” autoplay=”false” mute=”false” api_params=”” title_attribute=”” video_facade=”” margin_top=”” margin_bottom=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” class=”” css_id=”” structured_data=”off” video_upload_date=”” video_duration=”” video_title=”” video_desc=”” /][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
