Kevin Gillen, Market Executive, Synovus
In an interview with Invest:, Kevin Gillen, market executive at Synovus, discussed the bank’s significant contributions to the Greater Orlando region. With a focus on relationship-building and innovative payment solutions, Synovus was recognized with 25 Greenwich awards, emphasizing its commitment to excellence amid diverse economic landscapes.
What have been the bank’s overall contributions in the Greater Orlando region over the past year?
As a newcomer to the Greater Orlando market, we’re thrilled about the opportunities it offers, given its diverse economic landscape. Our focus is on building relationships over transactions, and our payment solution platform is top-notch, earning us 25 Greenwich awards last year among 500 banks nationwide.
Enhancing fraud protection has been a key priority for us, alongside our commitment to adding value through informed decision-making. Throughout the pandemic, we’ve proactively engaged with our community, hosting virtual Payment Protection Program symposiums and cybersecurity events with government agencies like the FBI and CIA.
Recognizing the need for succession planning among businesses, we’ve launched the Business Owners Wealth Strategy program, offering a comprehensive advisory solution from start to finish. Working across specialized teams, these efforts provide a single point of contact, and reflect our dedication to supporting Orlando’s businesses and offering valuable educational resources. We are highly focused in helping our customers prepare and maximize their business value and achieve their goals.
How is the bank leveraging technology and innovation to operate more efficiently?
In 2023, our “focused execution” strategy prioritized proactive solutions tailored to our client’s needs, especially for small to medium-sized businesses facing current economic challenges. Using benchmarking resources, we’ve boosted productivity and strengthened client relationships.
Our corporate and investment banking efforts are particularly pertinent, aligning with financial market trends like stable interest rates and growing M&A activity.
We’ve also launched Maast, an embedded finance provider that enables independent sales organizations (ISOs) and independent software vendors (ISVs) to offer business checking and high-yield savings accounts directly to their merchant client base. This enhances the value they provide to their merchants and also creates new residual streams. With Maast, ISOs and ISVs can deliver a more comprehensive financial package, increase client retention, and differentiate themselves in a competitive market.
What are the major challenges and solutions you are focusing on in the current banking climate?
The current rate environment, alongside regulatory pressures and inflation, poses challenges like margin squeeze and compression. Despite this, our recent business climate survey reflects cautious optimism, especially in industries serving wealthier demographics, which aligns well with our business owners’ wealth strategy. In healthcare, despite a strong performance, margin compression persists due to changing reimbursement rates.
In Florida, challenges such as insurance and infrastructure demands are prevalent, but initiatives like the I-4 expansion and improved public transportation, including the new high-speed Brightline train running from Orlando to Miami, show progress. We’re providing innovative financial solutions to address these issues, supporting companies in affordable housing, medical/dental, education, construction, fabrication and warehousing,,with the necessary financing, and researching captive insurance solutions for rising healthcare and property insurance costs.
Amid banking crises, we’ve strengthened our balance sheet and grown deposits through proactive client communication. Our focus on growing the bank drives relationship deepening and capability expansion. Investments in payment solutions empower clients to manage finances effectively, showcasing our commitment to growth and efficiency amid broader and localized challenges, ensuring resilience in the banking sector.
What are the positive aspects and strategic approach of the bank’s business plan in Florida, particularly in light of significant migration trends?
The dynamics of migration are significantly shaping our business strategy in Florida. According to state officials, on average, about 900 people a day are moving to Florida, declaring it their new home. This influx has had a profound impact on various sectors, particularly international travel and investment, which have spiked dramatically. Interestingly, Orlando is emerging as a new hub for international investment, diversifying beyond the traditional hotspot of Miami, which has been known for attracting funds from South America.
The scope of growth in the Greater Orlando area is remarkable. According to the Chamber’s 2030 plan, our focus aligns with key areas such as housing, infrastructure, transportation, technology and investment, healthcare, education, and affordable housing. These sectors are rapidly evolving to meet increasing demand, and it’s where our business is strategically positioned.
Our ability to support this growth stems from our strong balance sheet, state-of-the-art resources, and robust platforms. Still, the most critical factor is our people, who are capable of fostering deep and long-term relationships with our clients. This comprehensive approach allows us to not only meet the current needs but also anticipate future demands in these booming sectors.
What is Synovus’ role in addressing community needs?
A significant challenge that keeps many business owners awake at night is the issue of affordable housing, which is also a major focus for us at Synovus. We have actively supported community initiatives, particularly in affordable and workforce housing. Our efforts are not only about providing financing but also about being advocates for these causes. Many of our team members, myself included, serve on various committees and boards that foster these developments.
We are particularly excited about a grand opening in Orlando — a project representing a successful public-private partnership in a previously challenged area. The Palm Gardens Orlando Apartments, completed in phases, has transformed the lives of its residents, offering them a new beginning. The emotional impact of these transformations is profound and underscores the importance of our involvement.
Beyond housing, we place a strong emphasis on financial education, offering programs that span from early education to adults. This includes significant involvement in Junior Achievement events and active participation locally in elementary, middle and high schools, colleges, and notably, technical schools. These educational initiatives are crucial not only for personal financial management but also for supporting the skilled workforce necessary to sustain and enhance community development.
In all these efforts, our goal is to address the financial, educational, and practical needs of the communities we serve, helping to ensure more sustainable and inclusive growth.
