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Post-COVID-19

What Banks Are Going to be Looking for Post-COVID-19

The Coronavirus outbreak is destined to halt hiring in certain industries. Some industries are putting a hold to interviewing and hiring altogether, while others have just temporarily postponed their hiring efforts for a week or two as a precaution. However, banking institutions still need professionals during this difficult time. Here are four areas that banks need to keep in the back of their minds for the post-COVID-19 market.

Special Assets

With all the panic happening in the markets at this time, it is time to start ramping up the Special Assets Group at the bank. They might not be busy at this point, but having them in place or at least at the ready, will help your bank with the inevitable calm of the post-COVID-19 market. It will take some time for the markets to recover from this, but they will recover. We are America, and we always find a way to keep moving forward during times like this. At this time, there is no telling how long this bear market will last, but we will likely know more over the next few weeks.

We have ramped up our bench in the Special Assets area and are ready to help our clients with those professionals. Whether you need them on a contract basis or as a permanent member of your team, Johnson Search Group can help fill these critical roles during these difficult times.

SBA Lending

Another area to turn your attention to is the SBA space. With the government just about completely opening all avenues for SBA loans, banks are going to need people that can sell them, as well as perform all the back-office operations to process, underwrite, close, fund, and service those loans. This is probably going to be more on a temporary basis; however, finding these professionals will be challenging for hiring managers. Banks will need to rely on experts in the SBA space to ensure they get the right talent immediately to help them service the businesses that need the funding. Our team at Johnson Search Group are experts in recruiting within the SBA space. We have a team dedicated to this market and will help you find the best talent for your team.

Mortgage Lending

The third area banks should focus on is the mortgage space. We haven’t seen much in the new purchase/new construction metrics at this point. Still, with the declining stock market, people will be hunkering down and looking to capitalize on the low-interest rates to help them uncover a little extra to assist with the rest of their budgets. I am in the midst of this myself with refinancing my home mortgage. I am moving to a 15-year mortgage, and my payments are going down by a couple of hundred dollars per month. Banks are already experiencing this and will be seeing more of this with fewer governmental restrictions to help during this time of need. Banks will need the back office support roles, processors, closers, funders, underwriters, and other miscellaneous mortgage folks. Many of these are going to be contract positions to accommodate the growing demand at this time.

Commercial Lending

Another area I am discussing with my clients is commercial lending. This is coming from banks that have ramped up for a potential economic downturn and are ready to capitalize on the banks playing catch-up. We recruit heavily in this market and have a number of clients that tightened their belts in the last couple of years, so they can expand when the time is right. Just like the stock market, you buy when it is low and sell when it is high; these banks are preparing to get top tier candidates that can help them land new business.

Get some help for the post-COVID-19 market

The current situation can be scary due to the Coronavirus outbreak. However, hiring is not freezing in many markets within the banking and finance industry. Therefore, banks must prepare for the post-COVID-19 market now. If your team needs one of these banking professionals during all of this uncertainty, let’s have a conversation. My team and I can help you source the talent you need during all of these economic fluctuations. Reach out to me today. And if you’re searching for a new job during this madness, check out our job board for exclusive banking opportunities.

First Tech Credit Union

The Coolest Banking Centers Around The World

The Banking Industry has been making waves in the digital world. This shift in focus and new target market has given them the opportunity to transform their banking centers into digital-friendly hubs that appeal to technology-dependent customers. These customers want flexibility, fast service, and innovative ways of working and digital friendly spaces.

Here are some of the coolest banking centers in the world.

Standard Bank- South Africa

coolest banking centers

Source: BusinessTech

This institution created the “Playroom” in hopes that this hub will allow them to get a better sense of data and market testing strategy. The Playroom is basically a lab to research and test in a controlled environment before releasing new solutions into the market. The Mastermind behind this project is Vuyo Mpako, head of innovation and channel design at Standard Bank. “The centre will be at the forefront of solutions testing to make the customers’ banking experience simpler and more seamless. The ultimate aim will be enabling convenient, 24-hour banking from any location.”

Macquarie’s – Australia

This investment bank headquarters in Australia aims to enhance a more collaborative and creative approach amongst its employees. This building includes a library, a dining room, individual pods for workers, plazas, and even a tree house! It’s a 330,000 square foot building that the bank has dubbed as a “workplace of the future.”

In fact, employees don’t have designated workstations or cubicles. Rather they’re given an “anchor point” — their designated “home base” with a locker and storage. This allows employees to choose how and where they work every single day!

C1 Bank- South Florida

The bank designed the branch to show off the art and design galleries around it. Instead of the standard desks that most banks have, this location offers ‘pods’ that are similar to restaurant booths with round tables. Each pod has a unique design and instead of using computers, the bankers use iPads.

After hours, the inside of the branch glows in neon green, which makes the building stand out in the evening! C1 Bank is currently developing three more branches in South Florida and each are expected to continue with this unique design.

First Tech Federal Credit Union- Bellevue

Instead of traditional desks, First Tech Federal Credit Union has comfortability in mind. This allows bankers and customers the flexibility to sit on the couch and talk about transactions. This allows the credit union to be more consultative with a ‘Central Relationship Center.’ There are also private member suites for more complex, private conversations. The financial representatives are able to facilitate this more casual setting with their mobile technology right at hand.

“To be a true partner, we believe we must transform from a servicing environment into a stronger consultative environment where we’re collaborating with our members, determining their needs and recommending solutions that help them move forward financially.” Noted Stephen Owen who is First Tech’s Chief Retail and Marketing Officer.

Umpqua Bank- Portland

Umpqua Bank

Source: Medium

For starters, each Umpqua branch offers a phone that dials directly to the CEO, Ray Davis. Each branch offers two conference rooms, available to reserve to the public free of charge. Rather than aggressively trying to sell their products, Umpqua tries to create an environment that people would like to go and visit. Tellers hand out chocolate to customers whenever they make an account withdrawal. Financial reps are equipped with iPads, outdoor seating, loaner bikes, and interactive touch screens.

A new age in banking

The banking industry seems to be in the midst of a digital shift. As the years go on, we are going to see major changes in how banks and financial institutions are going to shift their focus and make it easier for their customers to interact with one another and the way they bank.