Most Powerful Women in Finance: Katy Knox, Bank of America
President, Bank of America Private Bank
Katy Knox believes that the future profitability of Bank of America's Private Bank depends on hiring more advisers and using technology to make the client experience more personal.
So Knox has been investing heavily in recruiting and mobile technology since becoming head of the private bank in early 2018 — and it didn't take long for those efforts to pay off.
BofA's wealth division, which serves clients with a minimum investment capacity of $3 million, ended 2019 with a record $288 billion in assets under management, after adding 64% more households than it had served in the previous year. By launching the Branded Client Experience — a digital platform to guide, measure and manage meaningful client interactions — Knox helped the private bank establish 3,900 new client relationships, a 60% year-over-year increase.
When the COVID-19 crisis struck, Knox showed effective and empathetic leadership - guaranteeing that the robustness and resiliency of private banking services were not compromised, while ensuring that the mental and physical health of her employees remained a priority.
Through her well-orchestrated regimen of daily team updates and real-time check-ins, her team was able to feel engaged and maintain productivity while working remotely. Her clear guidance assured that the private bank service model, which relies so heavily on face-to-face interaction, could shift to a virtual domain, with minimal interruption or decline in service.
Knox has long worked to advance the careers of women. She established the National Business Banking Women's Conference, a program that provides professional development and training to high-potential female leaders, as well as a communications coaching program within BofA to help female managers build confidence.