Banking Is a Team Sport / Zelle / Public Bank for New Jersey?

By: Sharon J. Lorman
Jeffrey P. Marsico
Richard B. Trauger, Jr.

Guest: Anne Deeter Gallaher, Owner/CEO of Deeter Gallaher Group LLC

Podcast Show Notes:

Our This Month In Banking (TMIB) podcast features discussion with colleagues and other industry thought leaders on interesting banking news that happened this month. TMIB will be available on the last Wednesday of every month here, and on Apple and Droid podcast apps for your listening enjoyment. Join us on your commute or at your desk.

Topic 1: Banking Is a Team Sport
Start time 2:00
Our guest this month is Anne Deeter Gallaher, Owner/CEO of Deeter Gallaher Group LLC, a PR, marketing and digital media firm with offices in Harrisburg, Pennsylvania and Nashville, Tennessee. Driven by measurable performance, Anne and her team create award-winning results for clients in financial services, food and retail, engineering, banking, commercial real estate development, construction, health care, and music entertainment. Honored as one of Pennsylvania’s Best 50 Women in Business, Anne is a frequent speaker and writer on entreprenWomen in High Gear: A Guide for Entrepreneurs, On-Rampers, and Aspiring Executiveseurship, women in business, social media, PR, leadership, and higher education. She is the author of Women in High Gear: A Guide for Entrepreneurs, On-Rampers, and Aspiring Executives. We are delighted to have Anne join us on this episode of This Month in Banking.
Does diversity of thought come from gender? An article in American Banker written by Barbara Byrne , vice chairman in the investment bank at Barclays, advocates for diversity in banking and states that, “The world is a lot more open to different ways of thinking now than when I started in this business. Today, success and diversity work in tandem. Nobody wants a client meeting where everybody looks and thinks the same: homogeneous groups produce homogeneous results. Clients want different perspectives.” Ms. Byrne further states that “we still need to do more to seek out the unique perspectives that women can bring.” Do you agree that diversity of thought comes from gender?

Topic 2: Zelle Is Here! What Took So Long?
Start time 27:27
Zelle, a new payment service backed by more than 30 US banks, was introduced in June and launched its standalone app on September 12th to take on competitors like Venmo and Square Cash. Participating are some of the biggest names in banking, such as JPMorgan Chase & Co., Wells Fargo & Co., Bank of America Corp., Citigroup and Capital One Financial Corp., as well as many smaller banks through partnerships with leading payment processors. The ability to make quick and easy peer-to-peer payments across banks has existed for a few years now, although most banks haven’t had this capability. Why?

Topic 3: Would a Public Bank Be an “Uh-Oh” for Community Banks in New Jersey?
Start time 36:14
The election of Phil Murphy as New Jersey’s next governor has given hope to advocates of public banks that New Jersey could become the second state in the country to establish a public bank (the only operating one is in North Dakota). Murphy supports the creation of a public bank as a vehicle for funding infrastructure projects and economic development in underserved communities. Such proposals for public banks face stiff opposition from the banking industry. New Jersery Bankers Association is concerned that many community banks would lose municipal deposits. Other states have made an attempt to set up public banks in the past but have chosen to work with the banking industry rather than creating another competitor.

Watch for episode 24 of This Month in Banking to be released on Wednesday, December 27, 2017 and a new episode on the last Wednesday of every month.

Thank you for listening!

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