Four Decades and Still Learning

I like to think of myself as an accidental banker. I could have been a salesman or insurance agent, but instead, I found a fulfilling 40+ year career in the financial industry.  What has four decades taught me? A lot.

I’ve seen plenty of economic ups and downs, from record high and low-interest rates to a housing market boom and bust. I navigated through the financial crisis of the 80s and the Great Recession of 2008. Through it all, the most important thing I’ve discovered– it’s not the strength of the product you offer, but the personal relationship that matters the most.

The COVID-19 Shutdown That Was Eye Opening

I don’t think any of us could have predicted or prepared for the incredible tidal wave that hit us in the spring of 2020. All across our communities, businesses of all sizes suddenly shut down or scaled back. Social distancing dried up revenue, leaving many of our establishments wondering how they were going to pay employees, vendors and landlords. The COVID outbreak opened all of our eyes and reaffirmed to me why having personal relationships are so important.

Early in the outbreak, all of us on the Business Banking team at First PREMIER picked up the phone and reached out to our customers. This initial status check put us in a better position to assist them when Congress passed the CARES Act and the Paycheck Protection Program (PPP). We knew the greatest needs and were able to get those individuals the help they needed.

When First PREMIER Bank says we’re investing in your business, this is how we’re doing it. One relationship at a time. Here are a few more lessons this “accidental banker” has learned in 40 years of helping customers.

Make Eye Contact

Nothing beats eye contact. Meeting face-to-face allows you to get to know someone and see their passion. Customers don’t just want you to complete their transactions; they want you to listen and guide them. They are putting their dream in your hands. It’s essential to build a relationship of mutual respect and accountability. How can you do that if you never look your customer in the eye?

Be Your Customer

Flip the script. Put yourself on the other side of the desk. You have an idea and you need help making it happen. What do you want or need from your banker relationship? The way you answer that question dictates what your customers deserve. Walk the journey with them. I’ve had great successes and some not so successful deals. I’ve learned from each one and use these experiences to guide others.

Add a Sixth C

Most of us rely on the Five Cs of credit (character, capital, capacity, collateral, and conditions) to evaluate if the venture is worth the risk. I also include a sixth C – Care. Customers are always optimistic and passionate that their idea is going to work. That’s where I have to care enough about them (and the bank) to ask the tough questions. All the optimism in the world can’t necessarily help a business with no plan. Sometimes saying no to the dream turns out to be the best decision for your customer. In my experience, they either move on or do the due diligence to make it work. After a few years, you start to get a good gut feel if the person has what it will take to succeed. But that instinct only comes from caring enough to build a relationship.

Get Involved

I have had the privilege of working with great leaders and mentors over the years. They have always encouraged me to get involved in the community and it’s been an invaluable way to learn. For 38 years, I’ve shared my time to the Howard Wood Dakota Relays, United Way and El Riad Shrine, as well as others. I’ve been involved with the Sioux Empire Housing Partnership, South Dakota Multi-Housing Association and the Community Appeals Committee for the Chamber of Commerce. All of these opportunities opened my eyes to the needs and challenges of our community. They also provided me with a vast network of peers. I believe wholeheartedly, the more you know about what is going on around you, the better banker you will be.

Let Technology Assist – Not Replace – the Relationship

Technology advancements have rapidly changed our industry, and quite honestly, our lives. We have to be more agile than ever to meet the needs and wants of our customers. Technology is a tool we use to make life easier and more convenient. But we can’t let it take away the personal aspect of banking. We need to make time to visit our customers—with the appropriate social distance for now—on their terms and their turf. It’s not always easy or convenient, but it’s always worth it. Banking is a caring business, and success is built one customer relationship at a time. I say it over and over again, let technology help you not replace you.

Member FDIC.