Holly O'Neill, President ofConsumer, Retail and Preferred,
Transcription:
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Holly Sraeel (00:12):
Hi, I am Holly Sraeel, founder of the Most powerful Women in Banking, and senior vice president of Live Media at American Banker. I'm here today with Holly O'Neill, president of consumer at
Holly O'Neill (00:29):
Holly. That's right.
Holly Sraeel (00:30):
In our respect roles. It's great to
Holly O'Neill (00:30):
Be here.
Holly Sraeel (00:31):
Yeah. So I feel like in banking right now, we're at this moment in time, we've seen about a decade of transformation, but it feels like something unprecedented is on the horizon. Can you talk to me a little bit about what you see coming in terms of innovation and the impact it may have on the industry?
Holly O'Neill (00:49):
Well, you said it Holly. We've had a decade plus of transformation and the industry with digital and all of the technology, and I think we're sitting in a place where we're going to see equal or more transformation as we look out over the next decade. When you think about the generative AI technology that's becoming available, it's becoming more mainstream. I think we are entering a whole nother phase of transformation in the business.
Holly Sraeel (01:20):
Do you think that the industry is prepared? On a scale of one to 10, where would you put the preparation for this kind of monumental transformation?
Holly O'Neill (01:29):
Well, I think we're very prepared, and we've been through a decade of transformation. So we've learned, and I think as with any new technology and innovation, you learn as you go. But I think we've learned so much over the last decade how consumers change behavior, how you integrate new technology and how you make those transitions. So we've learned a lot. We'll certainly apply it as we move forward. I am sure we will learn things as we step into generative ai. The power of that technology is incredible. So we will undoubtedly learn things. We have no idea what's on the landscape, but we've learned so much and we'll apply that as we move forward for our
Holly Sraeel (02:17):
Customers. So I want to talk a little bit about how this radical transformation that we expect innovation, also geopolitical instability, the integration of FinTech partnerships into enterprises. It all is introducing new risk, right? A decade plus ago, when you looked at risk, it was managed by the chief risk officer and the risk, were pretty known today because of all these different factors. Really, risk is embedded in every single business. Your business is huge. So talk to me a little bit about how you see the difference in risk today versus a decade ago.
Holly O'Neill (02:56):
Well, you're right. It's geopolitical, it's technology. It's the external environment. And that changes so rapidly, and you said it right. We have a risk framework. We understand what the traditional risks in the business are, but as we step into new environments and different technology, you've got to account and really think about what new risks will be introduced. And that changes at warp speed. And as you know, the news and information flow is so rapid. That is one of the biggest challenges is really adjusting and course correcting for that pace of information. And you plan for that, but you also have to plan to pivot at a moment's notice, depending on what is happening in the external environment.
Holly Sraeel (03:52):
So I think with that said, can we talk a little bit about the changing dynamics of leadership? What do you see as an imperative today to be a really good, effective, strong leader, say, given all these market dynamics?
Holly O'Neill (04:11):
Well, I think you first have to have a team that comes to the table with diverse experiences from a technology background, a business background for my business, for a consumer background. And so you've got to have a team who covers all facets of that business. And you've got to take information flow in real time. You've got to account for different demographics. We handle. So in our business, we handle almost 70 million clients, some of whom are Gen Z, some of whom are boomers. And they all have different preferences and different ways that they want to do business. So as a leader, you have to account for that. And it's the same in your workforce, and you span those different demographics in your workforce. And if I look back 20 plus years when I was first starting, engaging that workforce is even more important today and engaging the different preferences of who you've got on your team and no different than how you engage with your clients.
Holly Sraeel (05:25):
So when you look at everything going on in the industry and also in society, there's so much change. There's so much information that people have to absorb on a daily basis, both your customers, your employees, et cetera. And the news sometimes can be dark. But I want to talk to you about what you're most enthused about, all of this Hara side. What are you most enthused about?
Holly O'Neill (05:52):
Well, there's a lot to be excited for, and I think the news can be dark. But one thing that we talk about every single day is you have to look at both what the news is telling you and what your data and information is telling you. So for our business, what are consumers hearing and seeing, and then what are they actually doing? And sometimes the two do not gel. So today the consumer is fairly healthy and they came through the pandemic and they're very healthy. And I think that is one of the things I'm really excited about. The other element, I think, is what we talked about earlier, and that is the innovation and the possibilities that innovation gives us to better serve our client. And as you think about how clients emerged out of the last decade, they're all depositing checks on their phone. They're not having to walk into financial centers or branches. That's a huge advantage for your customer. You've made it easier for them. And I think when you step into this next decade and you see the possibilities of generative ai, that's exciting because it enables you, me, to manage this massive business at scale, 70 million clients and enables you to do even more
(07:19):
For those 70 million clients. Now you've got to do that responsibly. You've got to understand the information that you're using and apply it in the right way. But that is what excites me the most as we look forward.
Holly Sraeel (07:32):
Okay. Last question. If you could give your customers a piece of advice on how they should consider their banking lives going forward over the next year, what simple piece of advice would you give them?
Holly O'Neill (07:46):
Use the information that's available at your fingertips. Use the digital technology to make your lives easy. And that includes the financial education that's available, correct? Right. Sometimes finances can be daunting for the individual. I think back when I was starting, it's daunting, but what we see in Gen Z today is that they are consumers of information and they're using it to take action and to make their lives better. So that is a terrific trend that we're seeing, and I think more people should do that. Use the information, use the tools that are available to make your life better. Don't be scared by the information.
Holly Sraeel (08:29):
So it's so great to have you here. Thanks again, and congratulations on the honor being named one of the most powerful women in banking, and we're looking forward to seeing you at the gala. So we're going to see a lot of you in coming years, I'm sure.
Holly O'Neill (08:41):
Well, thanks Holly. It was great to be here with another fantastic Holly.
Holly Sraeel (08:44):
Thank you.
Holly O'Neill (08:45):
Thank you.
