Podcast Listener
ComplianceOctober 15, 2020

Episode 11: Banking on the Way People Change with M&F Bank NC

Let’s talk about Customers, Culture, and Operations.

How has your bank responded to and pivoted during the current environment, including the pandemic and social unrest?

What’s worked? What has not?

Listen to this podcast episode, “Banking on the Way People Change,” to learn about adapting banking processes and client outreach in the current environment.  Our host, Wolters Kluwer Vice President of Banking Compliance Solutions, Samir Agarwal, is joined by Skipper Hines, Vice President and Credit Underwriting Manager with M&F Bank NC, to share his experience serving customers in this unprecedented time. Together, they provide practical suggestions for ways financial institutions can overcome challenges, create opportunities, and navigate regulatory change requirements brought about by the pandemic. They also offer insights into enhancing customer contact channels and automating as many internal tasks or processes as possible.

M&F Bank NC answers these key questions and more:

  • Where is the bulk of M&F Bank’s commercial lending business?
  • How did M&F Bank serve business clients during Paycheck Protection Program lending, and how are they managing those loans through the forgiveness process?
  • How is M&F Bank evaluating portfolios and planning for the future with so much uncertainty around getting back to normal?
  • What opportunities does M&F Bank see in streamlining operations, enhancing customer care, and adapting for growth via new technologies?
  • What are M&F Bank’s banking customers’ most significant concerns?
  • What will M&F Bank be able to do to help?
  • What if business clients can’t make their payroll or customers lose their job?
Today’s customer demands and uses multiple channels to interact with banks and expects them to be robust and responsive to their needs. There is a huge opportunity to enhance our care by enhancing these channels to improve customer care and improve internal operations and our ability to respond. 
Skipper Hines, Vice President and Credit Underwriting Manager with M&F Bank NC

Podcast solution spotlights:
Wolters Kluwer CASH Suite™: Increase profits and grow top-line revenue by achieving straight-through-processing across every commercial loan lifecycle step. 
Wolters Kluwer CASH Workflow™: Get visibility and control of your commercial lending process.
Wolters Kluwer Online Applications: Our robust online loan application platform is ready to become your bank’s fully branded digital sales channel.

Sign up for Wolters Kluwer COVID-19 Regulatory Resource Bulletin

Transcript:

Greg Corombos, News Director at Radio America  00:06
Hi, I’m Greg Corombos. Welcome to Banking Compliance Insights, a podcast series from Wolters Kluwer. This series was created to deliver insights on compliance trends and strategies for navigating today’s regulatory and risk environments. Today’s episode, “Banking on the Way People Change,” will focus on adapting banking processes and client outreach in the current environment. Here to lead our discussion on this subject is Wolters Kluwer Vice President of Banking Compliance Solutions, Samir Agarwal, and he is joined today by Skipper Hines, Vice President and Credit Underwriting Manager with M&F Bank, to share his experience serving customers in this unprecedented time. Samir, let me pass the conversation over to you.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  00:53
Thanks, Greg. 2020 has been a tough year for sure. We’ve got a pandemic going on, social unrest, and it’s a challenge that’s continually pushed us to put focus on the ways we relate to each other. Society and the channels we use to connect with each other have changed, including how we conduct business. Today, we’ve invited Skipper Hines, Vice President and Credit Underwriting Manager with M&F Bank. He’s here to discuss some of the practical insights into how M&F successfully adapted its operations and customer relations during this time. A from what I’ve been able to put together, he’s found some significant opportunities to help enhance customer care and how they conduct business and serve customers. Welcome, Skipper. I’d like to start to understand your background and your institution better as it relates to how you’ve navigated the pandemic and social unrest in the economy?

Richard N. (Skipper) Hines III, Vice President and Credit Underwriting Manager with M&F Bank  01:49
Thank you, Samir. It is a pleasure to be here with you today. Certainly, some challenging times that we’ve all been faced with over the last six months. Trying to navigate that has certainly been a chance to revisit how we do business on all levels, and as you mentioned, deal with each other on a daily basis. This time has been really interesting for M&F Bank. We were chartered in 1907. We’re one of 21 minority-owned banks in the country, which is down from about 50 in 2000, and we are the second oldest Black-owned bank in the country. We’re headquartered in Durham, North Carolina, which was once known as Black Wall Street, and have seven locations throughout the state. Approximately 75 percent of our loans are extended to the Black community as a minority depository institution, community development financial institution, and a founding member of the National Bankers Association, which originated as the Negro Bankers Association. Our history is storied with supporting Black communities and other underserved minorities. So, you can imagine what all of the social unrest and the Black Lives Matter (BLM) movement has done to our communities and the demographics we serve.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  03:29
Wow, it’s definitely a different angle to our conversation than most of our customers, and it makes them very intrigued to kind of have you on today. Tell me a little more around how the social unrest has started to impact your business. Has business gone up because of it, or are you in more of a distressed mode based on what’s happening socially?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  03:54
You know, as unfortunate as what’s going on is, we’ve actually benefited a little bit being a minority and Black-owned bank, you know, the Black Lives Matter movement is not necessarily new, but obviously earlier this year, it got reignited. What we have seen is a migration of people within that community and in those minority demographics flock to our bank. In May, we saw a 30 percent increase in deposits and new accounts from individuals and the Black business community. So, at a time where we’re not able to allow people into the branches, at a time we have to operate differently, we’ve seen an increase in activity that requires a lot of interaction with customers. The other thing that we’ve seen is earlier this year, the Office of the Comptroller of the Currency, the federal banking regulator updated the law to provide clarity around CRA credit to non-minority banks that partner with minority designated banks. The attention that this social unrest and movement have brought on the banking community is that large banks, who have always been supportive, if you will, of the minority banks have been taken to another level. They are investing in minority banks. Our President, Jim Sills, has probably entertained 20 different large national banks with interest in investing in our bank, knowing that 75 percent of the loans that we make in our communities are to the Black and minority-owned businesses and individuals.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  06:15
Skipper, that’s really intriguing. What I’m sensing here is that it’s a social movement that’s transcended into a political movement, and ultimately creating almost a win, win for an institution with your demographic. I want to talk a little bit first about the social movement, and with individuals that fall into the minority category, moving accounts to your bank. What’s happening in your local community with other banks? Do other banks fall short now with how they’re performing, and that performance is coming over to your institution? Or is it kind of a competitive situation where, okay, you’re gaining but they have other places that they’re winning where you’re not?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  07:02
I think it’s probably a combination. Obviously, there is a loss of business on their part when somebody leaves and comes to bank with us. As a community bank, we can’t be all things to all people. But we are focused on serving our demographic and fulfilling our community development mission. I think that while we’re probably the biggest beneficiary, but there are other ways that those banks are probably finding out how to capitalize as well.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  07:42
From an operations perspective, I know you just told us that there’s a large increase in your business. Tell me what you’ve had to do to adapt to this environment? We’ve got you winning because of social unrest, but then we have this pandemic going on. Are branch lobbies still open, or has your team been restructured or positioned to operate in that world?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  08:02
In North Carolina, there are still a number of restrictions on us by the governor, and rightly so. But our branches are open by appointment only. The doors aren’t open for people just to walk-in. Our drive-thru is open, and we’ve got all lanes open rather than just two like we used to. So, at the branches not open, we’ve had to result in using alternative channels for transacting business with our customers. We’re utilizing virtual appointments, having webinars and FaceTime conversations. If someone needs to get into the branch, say to get into a lockbox, we will schedule appointments. Obviously, we’ve got all the safety products at hand, masks, gloves, things of that nature. But basically, the branches are in effect closed, and our customers have had to adapt to that. We’ve been re-educating our customers to utilize these other channels, which they have not been exposed to, or had a reluctance to use as a secondary source of transacting business.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  09:25
Can you give me a couple examples of the tools that you’re using? Are you using virtual meetings now?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  09:31
Yes.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  09:32
Both internal and external?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  09:34
Yes, we’re doing virtual meetings, internal and external, continuously working to improve our ability to open accounts online and apply for loans online. The use of our mobile banking application and our online banking application usage has skyrocketed as compared to what it was before. In the introduction, it was mentioned, “changing the way people bank and banking on the way people change,” the pandemic is definitely doing that. Customers and businesses are adapting to that pretty resiliently. Change is never good in most people’s minds, doing things differently. But everybody has kind of risen to the challenge and understanding that we’re all in the same boat.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  10:29
Do you find customers adapting and accepting, or does it create more frustration with your customers?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  10:35
You know, honestly, Samir, we haven’t seen a lot of frustration from our customer base. Surprisingly, so, given the stress and strain that they’re under. But they have been very accepting of that. I use the word resilient – everybody from the millennial to the older adult. They’ve adapted, and they’ve adapted well, and have welcomed some of these new channels. With the knowledge and having experienced somewhat that, this really is a good way to do business. It’s something that I think will probably continue to be a channel that they’ll use in the future.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  11:22
Would you consider the current economic environment that you guys are experiencing as putting you in a better place or having to have learned faster than some of the competitors, in terms of that you’ve got higher volumes because of the social piece of it? How would you rate yourself compared to the local competitors?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  11:40
I would rate ourselves excellent compared to our competitors. What has really occurred is there are lots of things that we had on the horizon that we wanted to improve, including the way we approach our customers and the opportunities they have to interact with us. We’ve accelerated that into “let’s start doing those things now because our customers need to have those available to them.”

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  12:15
In the realm of camaraderie, what would be the number one piece of advice you would give a competitor?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  12:20
That’s a really good question, Samir. You know, we’re all friends in the banking business, and we’re competitors. I think we all need to understand that we each have our strengths, and we each have our weaknesses. But at the end of the day, our job is to invest in our communities and support our customer base to get through whatever the near future holds for us. And we need to do that together.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  12:53
I’m going to rewind a little bit. Let’s go back to CRA. That’s the other kind of tone, even though the increase in business kind of says, all right, here’s how we operate in the pandemic. And I think you guys are doing well from what you were telling me. How do you see another increase in your business via CRA? You have large institutions trying to partner with you in terms of origination, and is that mainly because the larger institutions don’t originate themselves, or how are they getting CRA credit?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  13:19
Yes, from a banking perspective, and there’s another level of support from a minority bank that I will touch on. But from a banking perspective, the fact that 75 percent of our loans go back into our communities, to Blacks and other minority groups is tremendous, and other non-minority institutions. I mentioned the change, or the clarification and the CRA guidelines, that a non-minority bank can put $10 million on deposit with us knowing that $7,500,000 of that will support the minorities in our community. They get credit for that because they are providing capital to us to deliver to that community in that demographic.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  14:24
That’s a great way to do it. So, it’s not even a warehouse line. This is pure investment from the means of a deposit, using the capital ratios and deploying funds. It’s a pretty smart way to get CRA credit, a pretty smart way to reinvest in the community. Are there other ways?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  14:43
One of the other things that has occurred throughout all of this, with the attention that this has given minority banks, is large corporations and large nonprofits. Not just non-minority banks are seeing it as a way to invest in minority institutions for social purposes because we’re the vehicle with to help the Black and minority communities. It was in the news 30-to-60 days ago about Netflix pledging roughly $100 million for that purpose to support minority organizations. Part of that included, I think, a $25 million pledge directly to minority financial institutions, where they would place those funds on deposit. So, we could deploy that out to help those people in our communities.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  15:48
I would imagine that this would come out as a viral tactic for many institutions. I mean, it’s almost risk-free, to some degree, other than the large amount of money. But it’s being put in a deposit account; it’s not being put in an investment account. So, that’s very, very interesting. Do you expect that to take on more and more? I mean, Netflix is doing it? Do you see other corporations following suit?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  16:14
Yes, there have been a number of others. As I mentioned, we’re a founding member of the National Bankers Association, and they are receiving inquiries from a number of organizations like that on a really large scale. Being part of that organization allows them to help all of the member minority banks do that. But to answer your question, yes, there have been quite a few other large organizations and small ones that follow Netflix’s lead. As to how long that will continue, who knows. A lot of this social unrest is very well-founded. It’s getting a lot of attention. Hopefully, that will bring about an opportunity for us to improve, all of us, as citizens of the country. But how long that will last, I don’t know.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  17:25
What keeps your management team up at night? What are the things that you guys worry about in the current operating environment?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  17:31
There are really two primary things. Obviously, we’re concerned about shareholder value and the thing that every company is worried about. But, at the end of the day, we’re worried about keeping our employees safe. Taking every step that we can to serve and protect our customers, and help them through these troubling times. You know, a lot of people think that the pandemic has created an environment where people are spending less time at work, when in fact ,we’re spending more time at work and reaching out to those people in our community to find out how we can make a difference. So, it’s really about our people, and it’s about the people in our community. Obviously, you worry about what the long-term effects are going to be. What the government support and response is going to be and continues to be. We all want to get back to whatever the new normal is – starting with there being an ability to get back to not having to wear a mask, and that’s probably not going to occur until the vaccine is released.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  18:59
It seems like a concentrated focus on two main goals to keep the business moving. Looking at your business, are you more centered on the consumer side or on the commercial side?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  19:09
More on the commercial side, a lot of commercial real estate. We do a lot of lending to faith-based and nonprofit organizations. We deal with a lot of churches, and we deal with other nonprofits. We deal with a lot of commercial real estate. We are looking to diversify more on the commercial side so that our faith-based work is not such a large percentage of our portfolio, even though it’s a great part of our portfolio, but we are a commercial bank. We do consumer lending, but that’s a small part of what we do.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  19:55
Were many of your clients able to take advantage of the SBAs Paycheck Protection Program?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  20:00
Yes. We’re proud of our involvement with the PPP loan program. We helped 172 businesses secure PPP funding with gross dollars of about $16 million, and of course, 75 percent of that went to the Black and minority-owned businesses. That may seem small in the grand scheme of things, but it’s huge for a community bank of our size. We’ve put some numbers together about probably saving 1,300 jobs in our communities. We’re fortunate that we were able to do that.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  20:43
It’s a commendable effort, a huge effort. Did you guys end up using software, or was this homegrown, just human capital processing?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  20:52
We have a lender services provider that is a partner of ours that helps us with our SBA Lending, which we do, and previously did before the pandemic. We were set up, and they were prepared to support that effort for us. We couldn’t have done it without their help because we just wouldn’t have had the resources internally to try to manage all of that in such a short amount of time.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  21:21
Do you anticipate any negative impact from the loans being made? Are there any forbearance requests or any deferrals that are being asked for now from your clients?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  21:33
Initially, when things kind of went, it was determined that, “Hey, this thing is here, and it’s serious.” The states and the government started shutting everything down. We had already put a plan in place to help people with deferrals, businesses, and consumers. And so, we did in April and early May, we extended. I can’t remember the exact number, but it’s in the hundreds. About $90 million in loans were deferred, and most of those were deferred for 90 days, some of them for 180. We’re staying in close touch with those people. Their payments started resuming in August and September, and fortunately, they’ve been able to get back to some sort of operation that’s allowed them to start making payments again, and hopefully that will just continue.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  22:41
So, there must have been a huge stress for the operation of the bank. Was the decision to go there just that’s how you support your community? It was more qualitative than anything quantifiable.

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  22:55
It was what we had to do. It was what we needed to do. It was the right thing to do for lack of a better way to put it; and there still is a lot of uncertainty out there. But you know, I think things have kind of calmed down from that original hysteria, if you will, or initial hysteria. But, when all of this sort of came about, it was a huge unknown, and if nothing other than to show our support for the customers, and fortunately, being in a capital position to be able to do so. We were very proactive in offering deferrals.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  23:40
So, I’m very curious about how you guys do your forecasting. I mean, I can drive in my small town here and see many businesses just turn over, and there’s a lot of empty shop space waiting for new businesses to come in once the economy turns. How is M&F looking at those portfolios? Which customers are at-risk, and how do you evaluate what to do with those situations?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  24:02
Yes, forecasting is always a challenge. In this situation, obviously that level of challenge is even higher than we could ever imagine it would be when we’re trying to figure out where’s the business going to come from.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  24:21
The risk indicators have changed, right?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  24:23
Yes, exactly. The first thing we did when we realized this was not just a little short-term bubble is we took our portfolio information and looked at the industries that were at highest risk and what was the makeup of that in our portfolio, and we made the decision. There were certain industries where we would not extend financing temporarily until the crisis, and everything was understood about that. You’ve got a situation where businesses are being forced to close, and they have no choice at that point. I’ll use restaurants as an example. They are one of the hardest hit right off the bat. Fortunately, PPP was a way to help them, at least through the short term. Those restrictions for us are still in place. We’ll be doing two things. We’ll be carefully monitoring who we target. There are certain industries that have benefited from the change in behaviors. Amazon, just to name the one that everybody thinks about. But everybody’s gone to that online platform, and things of that nature, to drive business. We’re targeting industries, and some we’re not targeting like we were in the past. I think that probably for the foreseeable future, we will be relying on Small Business Administration and other guaranteed loan programs to give that additional support and help do things that we might not be able to do conventionally until our economy has a chance to recover.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  26:26
It’s an interesting point. Do you feel that many people in the lending space are going to start to rely on SBA loans versus traditional commercial loans?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  26:35
Yes, I do think so. Certainly, in the community bank space, it’s critical that be part of our approach. In the large bank space, they may have some different thoughts about that. But I do think it’s critical for us. In many cases, what that does is it doesn’t make a bad deal good, if you will, but it may make a good deal better because it might offer some advantages to the borrower that helps them preserve cash flow.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  27:11
That just really makes sense on a strategic play, and I don’t know if you meant to state it this way. But the way I’m receiving it is that is some great advice for competitors or other community banks. They’re in this space of how you navigate and strategize about your next move.

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  27:30
Samir, sorry to interrupt. But I think a really good example of that is in the late 80s with the SNL Crisis, and coming out of that, in the early 90s. The SBA and guaranteed programs were a huge part of that recovery effort, and it might need to be in this one, too.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  27:53
When we talk about that being one of the avenues, are there any other avenues? Do you look at other opportunities that are now coming about? One is clearly guaranteeing around commercial lending. Are there any other opportunities to streamline operations or enhance how customers are cared for from by banking institution?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  28:13
There’s only so much you can change in what a loan package looks like and the types of loans that are made. But what you can change is how you go about that approach. That’s something we really need to work on, particularly in the business space. We can’t visit a business owner today, for the most part, and they can’t come to visit us. You can’t necessarily drop off information and things of that nature. We’ve got to figure out a way to use technology just like we do on the consumer side, and in so many other aspects of the business world, to engage with the business and commercial client to improve that process. So, I think that’s the opportunity. The big differentiator between banks, regardless of size, is how you treat your customer and how responsive you are while being able to maintain a good close personal relationship where they feel comfortable, and you can instill that trust. We’ve all got to work on that. That’s an area of opportunity that I think we excel at, but something that we can’t just sit where we are and rest on our laurels. We’ve got to make things better in the business space.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  29:53
Does that mean that it’s inclusive of the medium that we’re communicating? It took a while for text to take off, but now you’ve got text and other types of communication, whether mobile device or not, that customers just get drawn to. Does that mean banks have to adapt? Have you guys adapted to that type of communication on mobile and nonmobile mediums?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  30:18
Yes. We have some, but this experience that we’re going through now has identified that we need to do more of that, and we need to do more of that faster. Historically, community banks may or may not have the resources to have the most current technology as some of our competitors. A lot of times our customers and our employees think of these alternative channels, like online banking, mobile banking, like, and scheduling virtual meetings with your customer. So, because they can’t come to the bank, now they don’t even have to leave their home and see you face-to-face. Those are things that were all out there, and we considered secondary. This pandemic has forced us to use those, and I think that’s a good thing. Because what we considered secondary has now become primary and going forward, it just opens up a completely new avenue. And while it may seem a little less personal, in fact, it can be more personal and a lot more efficient because you’re having a conversation with each other, and nobody has to drive to get there or doing things after hours. You hear numbers from time-to-time about how many people do their banking in the wee hours of the morning or the wee hours of the night.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  32:02
Yes, big decisions are made, I think I was reading, between 11:00 p.m. and 1:00 a.m. in typical households. Now, it’s almost as if there was a fortune teller in our midst. In the 80s in the United States, if you remember “Back to the Future,” they depicted a lot of interaction taking place on the family television screen, whether it was work, banking, other types of services, everything took place through video on one of those screens. It almost feels like we’re now living in that environment.

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  32:32
Your right. It’s one of those things that you always said, some people have that, some people do that, and now it’s like everybody’s doing that.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  32:43
That’s a lifestyle change. So, in that environment, how do you guys think about growth? Where is growth in that environment? Now, it’s not about the strategic geographic placement of where I am at the right time or right place for that matter. Now, interaction and opening a new interaction or lead has changed. How do you position yourself for growth in this world?

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  33:04
That’s another good question, Samir. Any growth is going to be initiated in two ways. One is being out in the space where the demographic is that you want to grow. You’ve got to be in that space, and you’ve got to either do that through marketing, targeted marketing, and social media. I think social media has been a huge aspect of the Black Lives Matter movement, and back in 2016, there was a movement that got a lot of energy. At that time, it was all because of social media with Bank Black Week and Bank Black Month. So, you’ve got to be on that Internet and in the social media space to attract attention to your demographic. And at the base of every good relationship, you’ve got to make some connection with them by reaching out to people and providing an avenue for them to reach out to you. I was never a big fan of trying to do too much over the phone because I like them to see them in person. So, you can imagine how much I’ve had to change over the years. I think that you’re going to have to target, and you’re going to have to reach, and you’re going to have to be efficient and responsive and be better than the other guy down the street.

Samir Agarwal, Vice President, Banking Compliance Solutions, Wolters Kluwer  34:54
Well, Skipper, it’s been a pleasure to speak with you today. I think there’s an excellent amount of information that you’ve provided and a lot of guidance into how to operate demonstrated by your business. Navigating the pandemic is one thing that most of us are going through. Navigating another piece of it where the social movement is meeting a real economic and political movement is another. Great to hear your suggestions and how you’ve navigated through those. Let me just say thank you. I think that our listeners are going to really gain some insights into how they can apply them to their institutions.

Richard N. (Skipper) Hines, III, Vice President and Credit Underwriting Manager with M&F Bank  35:34
Thank you, Samir. I really appreciate you having me on and wish you all the best, all of us, in the days ahead.

Greg Corombos, News Director at Radio America  35:43
That’s Wolters Kluwer Vice President of Banking Compliance Solutions, Samir Agarwal, joined by Skipper Hines, Vice President and Credit Underwriting Manager with M&F Bank. Wolters Kluwer hosts this podcast and a market-leading provider of advisory services and technology solutions for optimizing compliance and risk management programs. For more information and additional guidance, please visit Wolters Kluwer.com or call 1-800-397-2341. Please join us for a future podcast focused on navigating emerging trends in regulatory compliance.

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Wolters Kluwer
CASH Suite™
Increase profits and grow top-line revenue across every commercial loan lifecycle step.
Wolters Kluwer
Online  Application
Robust platform ready to become your bank's fully branded digital sales channel.