BANKING
Adapting to a Changing Market : A Bank Presidents Roundtable
The COVID‐19 pandemic has upended society and finances .
Compiled by John Joseph Parker Contributing Editor
Banks in New Jersey have navigated the pandemic with technology , banking by appointment and drive‐thru options . Loans have continued with the addition of the federal Payroll Protection Prgram , and the economy has needed banks to keep serving customers despite many new challenges . COMMERCE asked the following banking industry leaders to address how their bank and the industry has adapted to the new normal
Bank of America , New Jersey By Alberto Garofalo , President
Last year we witnessed the dramatic effects of the pandemic on the economy , the financial services industry and our operations . So far in 2021 , we are seeing signs of a recovery , led by increased consumer spending , strong markets and solid investing activity . As we look to the future , we are confident that we can continue to deliver our purpose : making financial lives better for our customers and clients , the communities in which we live and work , and our employees here in New Jersey .
Blue Foundry Bank By James D . Nesci , President and CEO
Blue Foundry Bank is entering 2021 in a strong position , having made strategic pivots to our products , company culture and the way we service our customers , managing change through the global pandemic . The bank has innovated its product assortment to meet
Blue Foundry has unveiled Blue Carbon Business Loans for small- and middle‐market businesses .
the needs of its customers , including the successful Q1 2020 launch of Blue Carbon Business Checking , which is already servicing nearly 1,000 customers . Most recently , our teams have embraced a customer first , agile style evidenced by our efforts to support over 950 PPP loans . The bank has crafted solutions for today ’ s tech‐savvy customer to include digital and mobile banking , personalized video chats and one‐on‐one conversations . By embracing the needs of customers , we are ready to continue to respond to an ever‐changing industry and landscape .
Columbia Bank By Thomas J . Kemly , President and CEO
Columbia Bank and the banking industry as a whole are in a great position to support meaningful economic expansion for the business community . With interest rates still historically low , and substantial government stimulus available , we feel the economy is poised for growth . As the country recovers from the impact of the pandemic , contactless payment will be more popular than ever as it is safer and more convenient . Tools such as Zelle and Venmo will continue to rise , as customers become more comfortable going cashless . Customer experiences will become more virtual , and services such as Chat , and Appointment Scheduler , and digital hand‐holding for processes such as mortgage and commercial loan applications will become more commonplace . With the increase of digital services , there will be increased focus on cybersecurity and fraud protections for consumers , and we expect in-
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Photo : Getty Images / iStockphoto
Photo : Getty Images / iStockphoto
Banks have ramped‐up their access to online banking and drive‐thru banking to keep clients COVID‐19 safe . 30 COMMERCE www . commercemagnj . com