Why banking?

// March 19th, 2010 // Banking, Banks, Innovation

It’s funny. When people ask me what I do, I tell them I fancy myself as a banking industry innovation entrepreneur.  After a few seconds of furrowed brows and a couple “hmmm’s”, the question is always the same:  ”why banking?” (This is even more pronounced when we’re talking about Creative Brand Communications: “you focus on BANKING? Do you ever think you’ll expand your focus?”)

Since that question I get is so consistent, my answer has become equally so.  I think banking is a great industry to be an entrepreneur in, because:

  • There are VERY few real entrepreneurs in banking. There are lots of people who started or own banks, but that doesn’t really make them entrepreneurial necessarily.
  • The industry bar is quite low. There’s not a whole lot of real innovation happening.
  • Banking is ripe for revolution. Many of the old guys holding the keys to the banking kingdom are very protectionist, doing whatever is possible to resist change.
  • Banking is among the most important sectors to the success of our nation. I truly believe that. In a funny way, improving the banking world is an act of patriotism.

If you’re reading this, there’s probably a good chance you’re in banking, too. Why do YOU like it?

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4 Responses to “Why banking?”

  1. Lori Philo-Cook says:
    March 20, 2010 at 11:59 am

    I have spent my career in bank marketing. I am passionate about community banking and helping small businesses. I am proud to work in this industry.

    There are so many angry comments about banks in the social/media and bankers seem to be hunkering down and hoping it will all pass. Instead, we must be proactive.

    I would like to say, wake up community bankers and communicate the great things you do—helping people buy homes and cars, fund college, make home improvements, plan for retirement, manage their money, start and grow businesses… It’s amazing, really, but greatly undervalued and unappreciated right now.

    I have had the opportunity to work for some great bank execs who were willing to do things differently through unusual market positioning, participative mgmt philosophies, and innovative products and services. I also had the opportunity to build a bank from the ground-up, the right way. It was a wonderful experience.

    It’s too bad that innovation in banking is the exception. We need to be much more innovative if we are going to survive the threats coming at us from all sides. We need to embrace social media, too, as a way of engaging with our communities and building loyalty and goodwill. We need to win (back) the hearts and minds of our customers if we are going to survive.

    I love bank marketing, and while some are surprised when I say banking is an exciting industry to be in, it is. We have an important mission and banking is going through so many changes it’s hard to keep up. I do my part to help other bank marketers whenever I can.

  2. Sheri Fitts says:
    March 22, 2010 at 7:46 pm

    I feel the same passion for the financial world that I market to and for. In fact I often say that helping folks understand the issues surrounding their 401k plan is an honorable goal. I hadn’t quite considered it patriotic, but in fact it is. The financial health of our retirees points to the financial and long term health of our country.

  3. Jeff Stephens says:
    March 23, 2010 at 12:03 pm

    Lori, thank you for your thoughts. It’s clear you’re passionate about the industry, and that’s great to see! I too agree that there is so much potential for good, for innovation and for having an impact on people’s lives. In my opinion, it will take a new generation of banking leaders to really take the industry “to the next level”–many of today’s banking execs would prefer to just turn back the clock to the good-old days of making money several years ago. Unfortunately for them, that’s not going to happen!

    Keep up the good work!

  4. Jeff Stephens says:
    March 23, 2010 at 12:08 pm

    Sheri, thank you for chiming in. And you’re 100% right: the work of the financial industry is indeed honorable, whether you’re helping people retire, or buy car, or whatever. But there are a couple problems. One is that some bankers have ruined it for the rest of the industry by acting in a way that was detrimental to everyone involved (including themselves in the long run), so it’s tainted overall opinion of the industry. Secondly, I think people in general need to remember, though, that banking is a business and businesses need to make money. While a lot of the shouts of “corporate greed” toward the banking industry are indeed true, at the same time these banks deserve to make good profits if their business performs well.

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