We launched a new section designed to give you insight into what’s going on across a range of sectors by asking three local executives to answer a pertinent business question from the viewpoint of their respective industries. Their replies provide a snapshot of the current business landscape in our area.
Senior Vice President, Director of Retail Banking, Parke Bank
“It is my experience that the regulatory environment in the financial services industry is a major obstacle. Not only has the process of being compliant become a burden to the industry, the cost associated with having to comply with the increased regulations is climbing each and every year. Banks have to continue to add staff to work through the mounting paperwork and additional steps required to open and maintain customer relationships. A close runner-up is the cost in protecting your institution and clients from potential cyber security threats.”
Vice President Networks Plus
“The biggest issue facing our industry at the moment is the same issue which we have been facing for over 10 years—rapid advancements in inter-communication in the world have vastly improved the productivity of the workforce. The Internet of Things (IoT) has placed everything we need at everyone’s fingertips. From your Barca Lounge connected internet device, you will freely hand strangers passwords to your accounts, wire them money and accept their attachments and links. Our challenge in IT is to continue to educate the masses that they live in an extremely dangerous world, despite how colorful their desktop screen saver is. They should trust few and verify everyone that they come in contact with.”
President and CEO, AAA South Jersey
“The biggest challenges that AAA faces for the foreseeable future are keeping pace with the changes that technology is bringing to the driving public (such as the connected car, driverless cars and ride-sharing programs like Uber and Lyft), as well as the recruitment and retention of millennials. Both of these challenges involve continuing to make ourselves a necessary and vital part of our current and future members’ commute and their overall lifestyle by offering new products, services and discounts.”
Published (and copyrighted) in South Jersey Biz, Volume 8, Issue 1 (January, 2018).