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One of the biggest challenges Jennifer Smith, EVP and Chief Operations and Technology Officer, has faced this year at
"This directive reflected in a headline can sound so simple, yet there are often immediate favorable and unfavorable reactions," Smith said.
Particularly as it relates to IT employees, regional banks have hired people from all over the country to source the best talent, she said. "There are cases where we cannot find some talent locally in our markets," she explained.
And it isn't easy for many employees to adjust their personal and family routines to fit hybrid and remote work, she added. At the same time, she said, she believes the best work is often done with a team that can be in the same space, "when we can experience the feelings of shared energy, excitement and disappointment."
Navigating these two realities has been hard, she said. But, she added, "I am incredibly proud of the employees and leaders with whom I work. They were consistently professional and committed to their teams, even with varying perspectives."
Late last year, Smith led her technology, data, operational and transformation divisions through the completion of Zion's multi-year initiative to overhaul and modernize its core technology systems, which included the integration of generative AI.
Today, 56% of Zion's workforce uses generative AI for tasks such as reviewing contracts, prepping for relationship reviews, drafting credit presentations, and sorting through customer emails to streamline daily tasks. Smith has also led Genovate, an employee AI training initiative at the bank, that facilitates peer coaching on the technology.
Overall, Smith said, "We are able to deliver new products that rely on the core environment 20% faster."
Currently, the $90 billion asset-bank is building AI capabilities that include copilots to help bankers personalize customer support, assistants to help them navigate complex databases and advanced detection tools to spot fraud and security issues.
Under Smith, who has been in her current role for a decade,
Smith and her divisions are also continuously developing and implementing new products and features, including digital account opening capabilities and increased credit auto decisioning, which, she said, increases the bank's ability to quickly book business.
One of the biggest challenges facing the banking industry over the next decade will be sourcing technical talent, she said. "The adoption curve for generative AI is steeper than that of previous transformative technologies, meaning we'll have far less time for the labor market and educational systems to adapt," she said. The salaries offered will also have to reflect this limited supply, she added.
"This talent will be essential to shaping the future of banking," she said. "Organizations that can attract and afford it will have a clear advantage."
Outside of the bank, Smith serves her community as chair of the University of Utah's College of Social and Behavioral Science Advancement Board and through membership on the Utah State University's Data Analytics and Information Systems Advisory Board and the Children's Center of Utah's Board.
