Nearly two dozen banking industry leaders met at Walton College at 2nd & Main in downtown Little Rock to discuss the future of banking. The result of the collaborative efforts of the University of Arkansas’ Sam M. Walton College of Business Executive Education and the Arkansas Business Association is the recently published “Future of Banking” whitepaper.
“The Future of Banking is a collaborative, facilitated discussion among our state’s banking leaders to discuss how Arkansas bankers are advancing the future of banking.”
According to the Whitepaper
These leaders addressed some of the most challenging issues facing the banking industry in Arkansas, including the most pressing: People. It sounds simple on the surface: Arkansas banks just need to hire the right people.
But intense competition and misconceptions about banking as a career choice have created obstacles to this “desired state.”
If Arkansas banks are to reach the “desired state” mentioned in the summit, the industry must continue to “hire and retain people who can effectively serve their communities” as well as create a pipeline of new knowledge workers. Banks are a vital part of communities and should promote themselves as offering “a variety of interesting career options with opportunities to help others each day.” The many career paths and variety of work means that anyone – regardless of their background or skills – can find a fulfilling career in banking.
Report Highlights
- Reducing regulatory burden on community banks prevents them from consolidating and allows them to better serve their communities.
- Finding the balance between modern technology and brick-and-mortar banks to best meet customers where they are will be key.
- Managing the impact of inflation and interest rates affects everything from money market accounts to home loans.
- People will be the future of banking and attracting a diverse, talented pool into this field is as important as ever.
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