Jennifer Chandler, President, Bank of America Dallas

Jennifer Chandler, market leader at Bank of America, talked to Invest: about Bank of America’s role in the growth of North Texas and the benefits of a diverse economy. She also explained the bank’s commitment to giving back to the community, as well as developing and hiring talent that reflect the diverse population of the region.

What do you consider to be Bank of America’s most significant milestones or achievements in Dallas over the past year?

The last year has been one of great growth. We see consistent economic growth due to the diversity of the economy in North Texas. Bank of America (BofA) supports individuals from opening their first account to their investment and retirement needs up to the largest corporations aligned with our strategy of “Responsible Growth.” This includes supporting our teammates and giving back to the community. We often talk about this in the context of “profits and purpose.” In North Texas, we’ve volunteered over 217,000 hours and nearly half of our more than 14,000 teammates are volunteering. We work side by side with many business leaders to support their financial needs while helping to grow the local economy. We’ve seen client satisfaction scores continue to rise as we remain focused on delivering an exceptional client experience.

What is your overview of the banking and financial services industry in North Texas at the moment, are there any trends taking place that we should definitely be aware of?

We’re seeing a strong trend of growth for financial services across North Texas. We’re continuing to invest in our financial center network and hiring great talent. In fact, this year alone, we hired nearly 1,150 teammates.  Overall, the outlook for banking remains strong due to our diverse economy and growth with about 475 people moving here every day. We’re not concentrated into one sector or industry in North Texas. The balance and growth across services, manufacturing, technology, and biotech have been a great source of strength for this economy.

What are some of the biggest challenges and opportunities facing the banking industry in North Texas specifically over the next few years? 

The dynamic regulatory environment continues to be a challenge, although that may level out in 2025. The industry continues to hire great talent. Workforce development could be a challenge in the future, but we’re helping to stay ahead by working with higher education institutions to build out curriculum and programming based on the needs we’re hearing from local employers who are clients. Internally, we’ve raised our minimum wage to $24 an hour. We have talent applying for every position we have. We want the industry overall to do well, so we’re making sure to help individuals acquire credentials and attract new talent to North Texas.

What changes do you foresee in state or federal regulatory environments with the new administration, and how is Bank of America preparing to adapt?

Our responsible growth strategy makes us ready for any administration. Responsible growth mandates everything we do and there isn’t any massive shift one way or the other. We are anticipating a lighter regulatory environment. We will wait and see on the economy, and we’re optimistic about more rate reductions next year. 

With technology becoming increasingly relevant in today’s banking landscape, how is BOFA leveraging innovation to optimize client service?

It all starts with the client. We’ve been smart about how we leverage technology and always keep the client front and center. We have one of the highest digital adoption rates in the United States. Clients use the mobile app to make basic transactions. In North Texas, we are continuing to invest in financial centers where our clients come for guidance and advice. People want the fluidity and the convenience of online banking, but there’s no lack of folks wanting to walk through our doors to get advice. 

What are some of the initiatives that best illustrate your commitment to Dallas’s social and economic development, and the role that impact investment plays in that?

There’s a lot of economic and population growth in North Texas. At BofA, we want to help bridge the divide between wealthy and low-income communities. Philanthropy plays a key part in that. I see it firsthand since my team oversees endowments and foundations across our enterprise. It’s also important to understand the capital that we’re providing, which plays a significant role. We can have all the philanthropy in the world, but if we’re not providing capital and jobs, we won’t have the impact. For example, we offer a small business grant for $25,000 to help minority and women business owners’ real estate needs. So, it’s about bringing all of our capabilities to bear and bringing people together to tackle our most pressing challenges. 

In terms of talent acquisition and retention, how is Bank of America adapting to labor market shifts, and what steps are you taking to foster a strong workplace culture?

We have to represent the communities we serve, especially with the growing Hispanic and Asian populations in the market. This is reflected in our employee base, language capabilities and hiring practices. The Bank of America Academy gives us the ability to shift and skill-train as needed. One of the things we learned through COVID was how to pivot. During that time, we reskilled 25,000 people to do different roles. In a high-inflationary environment, when mortgage volume is going down, we don’t lay people off, we reskill them to fit current needs. When you think about how quickly our industry and other industries are evolving in the years to come, I believe the institutions and large organizations that can shift to whatever that need is in the future, will be the ones that continue to thrive.

Looking ahead, what are Bank of America’s top priorities and strategic goals for growth and innovation over the next 2-3 years?

We have an incredible CEO who just celebrated his 15-year anniversary. He’s got us all singing from the same songbook through his tenure, which is to drive responsible growth by delivering for our clients and upholding our values. It’s living those values, delivering together, and helping make financial lives better for our clients. We’re passionate about hands-on and local experiences. When you walk through our doors, you know us and we know you. We want people to feel that we are their partner throughout their experience and journey.