Strong economy, strong banking sector, strong competition


By wmadministrator

The view from the 29th floor of the Omni Louisville hotel will now be the 2nd highest in the city. 07/14/17

The demand for banking and loan services in Kentucky is high, and competition for this business is vigorous. Banks expect continued loan growth in 2022 and are increasing the number of loan officers in Kentucky and elsewhere. One aspect of competition is efforts to provide more digital services to customers while improving personal interaction. Interactive ATMs that connect customers with bankers via video are a growing trend. There are concerns about the possibility of hiring enough qualified employees, supply chain issues, the unfolding pandemic and tight margins. Despite this, the consensus is that the financial services industry is large, robust and growing.

“In 2022, the success of local small businesses will once again be vital to the health of our economy. While we would expect to see businesses in recovery mode, we are optimistic that many industries will return to or exceed their pre-COVID performance. We also anticipate that the financial services landscape will be increasingly competitive, as consumer expectations for digital banking platforms will be higher than ever. While digital capabilities will be the key to success, the trend towards a preference for relationship banking is expected to continue. As a result, we will continue to recruit team members to serve our growing customer base. “

Luther Deaton President / President / CEO, Central Bancshares Inc.

“We expect the economy of Kentucky and the United States to continue to grow moderately in 2022, as we believe there is abundant pent-up demand and significant liquidity, both for small and large businesses and consumers. The persistent threat of new strains of coronavirus and inflationary pressures could reduce economic activity. Our Community Trust bankers are optimistic, however, as we believe opportunities will be available to help our business and retail clients, particularly in our central region. Our capital spending will increase in 2022 in the area of ​​information technology and as we complete new branches. We continue to seek to hire employees to return to staffing levels similar to pre-pandemic levels. “

William J. “Bill” Jones Market President, US Bank

“We expect housing demand to remain strong and a sustained increase in business loans. As manufacturing and distribution companies continue to search for employees, this will impact the economy in a number of ways. Hiring at US Bank remains strong and we are actively seeking various positions. Throughout 2022, we hope that capital spending and staffing will meet market demands. Overall, personal and consumer banking services are thriving, with changing customer preferences and behaviors towards mobile and digital. Our popular mobile app and new tools to serve clients personally but remotely position us well to meet this demand. “

Downtown skyline with the moon hanging out in the morning. Photo of Mark Cornelison | UKphoto

Marc Gooch President, Community Trust Bancorp Inc. and President and CEO, Community Trust Bank Inc.

“We are optimistic about 2022 and the direction of the Kentucky banking industry. As the benefits of fiscal and monetary stimulus wear off, we are likely to see the pace of economic growth return to a slower, but more sustainable, pace in the years to come. Low interest rates are set to continue, leading to intense competition in the lending industry. Stock Yards Bank & Trust is confident that our relationship-based community banking model will continue to appeal to our existing clients and to new clients who join the bank through mergers with Kentucky Bank and Commonwealth Bank & Trust. These significant investments allow us to provide a high level of service and to remain strong in 2022 and beyond. “

James ‘Ja’ Hillebrand Chairman and CEO, Stock Yards Bank

“We believe that Kentucky’s well-diversified manufacturing, healthcare, distribution, service, technology and knowledge economy will continue to grow at or near pace with our nation’s economy. Headwinds of inflation, supply chain disruptions, labor shortages and the unknown future effects of the pandemic will govern the pace of the recovery in Kentucky and the United States throughout. 2022. The financial services industry is large, robust and growing. Meeting the needs of our customers with innovative, timely and valuable solutions will always be a priority. In addition, increased investment in technology, data security, product innovation, high quality customer service and workforce development will continue to be paramount for the industry throughout. long from 2022. “

Chuck denny Regional President-Louisville PNC Bank

“Our economic outlook for 2022 is cautiously optimistic. Negative pressures are present, including inflation, supply chain issues, available labor and an increasing yield curve. Infrastructure legislation will increase construction and demand for equipment. Locally, we believe that demand will remain healthy. Residential and commercial real estate markets remain at higher levels, although some segments such as retail and office will need more time for longer term clarity. We intend to increase the number of lenders in our market and across the organization. We expect to continue to experience loan growth as we remain nimble to respond to market developments. “

Todd zieglar President of Kentucky Central Market, Republic Bank

“Despite challenges related to COVID, Kentucky banks – and businesses in general – have performed exceptionally well in 2021. However, challenges loom on the horizon for banks due to squeezed margins and the environment. highly competitive loan. Many financial institutions will focus on managing the risks associated with cybersecurity at all times. Protecting banking and customer information is paramount and will add levels of complexity to our growing business. In early 2022, Forcht Bank will open a new location in downtown Lexington providing businesses and residents with access to merchant bankers and an interactive automated teller machine (ITM) with access from 7 a.m. to 7 p.m., six days per week. As evidenced by our investment in ITMs, the bank will continue to assess and improve digital banking channels to ensure our customers have the tools they need to make their banking “happier”.

Tucker Ballinger Chairman and CEO, Forcht Bank

“I am cautiously optimistic about the Kentucky economy for the coming year. Consumer demand is strong and could continue to improve if we successfully continue on our current path without significant disruption. The variables of the economy, which remain of concern, are inflation; labor; supply chain issues; and the unknown results of the pandemic. PNC’s success, both in Kentucky and from a national perspective, is directly tied to the macroeconomic issues facing the rest of the United States. While the economic environment across the country continues to be challenged, we believe the economy is resilient and will effectively overcome its current obstacles. “

John gohmann Regional Chairman-Lexington, PNC Bank

“In the Kentucky / US economy in 2022, we will continue to face challenges in the job market as we navigate ‘The Great Resignation’. People are rethinking their careers and taking advantage of this moment to retool and improve their skills. In the long run it will be good for the economy, but in the short run it will be a challenge. In our industry, while some banks see the fintech industry as a threat, Fifth Third is embracing technology. We are integrating new technologies into our current operations, which we know will continue to be an important differentiator for us in the future. When it comes to capital spending and staffing, Fifth Third is currently third in deposit market share in Kentucky. We will remain focused on attracting and retaining the best talent to achieve growth, deliver our clients and increase our market share. “

Kimberly halbauer Kentucky Regional President, Fifth Third Bank

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