Spotlight On: Tom O’Connor, Market Executive, Synovus
June 2025 — Tom O’Connor, market executive at Synovus, spoke with Invest: about the bank’s role in the robust and growing Nashville market: “We want to be stewards of the community and be actively engaged in the nonprofit sector and our school systems. It’s not just about banking — it’s about making Middle Tennessee one of the best places to live, work, and play.”
What are some significant milestones and achievements for Synovus in the Middle Tennessee market?
We continue to grow year over year. Over the last three years, we’ve grown at a more significant rate than ever. We pivoted towards the middle-market and private wealth spaces, alongside commercial real estate and healthcare. These four areas are showing a lot of growth in Middle Tennessee, and we’ve taken a proactive mindset to target these areas and create mutually beneficial partnerships to create value for us and our clients.
What are some notable changes and trends you have observed in client expectations in the past year?
In November, we were excited to gain clarity around policy direction. Now, in May, there is much less clarity than expected. We’re now in a bit of a waiting and holding period. Some industries are facing headwinds, while others are benefiting from tailwinds, depending on how much of the product is sourced domestically versus internationally. Once the tariff situation is clarified, it will be easier to build plans. Most conversations we’re having with clients revolve around planning for short-term, midterm, and long-term. We are connecting with peers throughout our footprint that may have similar challenges, so they can interact with each other and find best practices, and build a network. The future remains uncertain — we might have clarity in three months, or we might not.
Besides tariffs, how are current economic conditions impacting the current business sentiment among your commercial clients?
Many thought we would see interest rates come down, but that hasn’t happened. The Fed is in a tough spot trying to balance inflation with the risk of recession. They are trying to avoid knee-jerk reactions. There’s tension between inflation and the stimulative impact of lower interest rates on consumers and businesses. As we move through this year, we will gain more clarity and be able to find direction. We see meaningful capital projects being put on hold before they push to the next level.
How do you see technology changing the banking and financial industry?
We’re always exploring ways to improve payment processing and how to ensure our online platforms are user-friendly. We’re leveraging AI to help discern policy changes and solve inefficiencies that impact frontline client interactions. Technology will continue to play a role in enhancing efficiency, digesting data, and helping us make well-informed decisions quickly, all while maintaining essential human interaction.
What efforts are in place for fraud protection and cybersecurity?
AI is a helpful tool. Fraud and cybersecurity threats continue to increase. We encourage our clients to use all of the fraud protection services we provide and to stay vigilant beyond their accounts. Internal education is critical, and it takes a collective effort, with everyone looking out for each other. If something feels off, like an urgent wire request via email, double-check it. We use AI tools that operate in the background to identify red flags to prevent fraud. We want to catch it before it happens. We keep people educated to identify suspicious links and emails. It’s essential to take a moment, pause, and question if the communication method is appropriate.
What are the unique challenges that middle-market businesses are facing in Tennessee today, and how are you adapting your strategies to better support them?
We look at everything that happens in an economic cycle. Our region is experiencing rapid growth, with an estimated 50 to 100 new residents daily. We have a talent gap right now. The number of jobs isn’t supported by the number of qualified people. Retraining the labor force, providing additional education, and working with universities and trade organizations will help create a workforce that has the skill sets needed. If this were an easy issue to solve, it would be resolved by now, but it’s a good problem to have. The focus should be on increasing educational opportunities for everyone.
What are your top priorities for Synovus over the next two to three years?
We’d like to continue to grow our staff and add talented bankers across the middle market, private wealth, and commercial real estate spaces. We want to be stewards of the community and be actively engaged in the nonprofit sector and our school systems. This means contributing money and time to ensure we are doing things that help make our community a better place. It’s not just about banking, it’s about making Middle Tennessee one of the best places to live, work, and play. We encourage our teammates to get involved with organizations meaningful to them. We’re not just participating — we’re taking the lead on issues we care about and contributing productively.
What emerging opportunities or market shifts are you monitoring that could reshape financial services in the Southeast over the next couple of years?
Consolidation in the financial services industry will likely continue, especially in heavily banked markets like Middle Tennessee. Consolidation has pros and cons, but it’s inevitable. At Synovus, we want to remain independent and stay at the front end of changes in the industry. We’ll continue to add top talent to help control our future. We’re closely watching the regulatory environment and the growth of the private credit market, which is competing more with the banking sector. Another area of interest is the evolving relationship between banks and fintechs, and creating partnerships that could lead to better offerings for clients.
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