This will be my final article as the Chair of the New Jersey Bankers Association.
I have been humbled over the past year to work with so many peers to advance the banking industry in New Jersey. The year has passed quickly, but in these many months, with the hard work of NJBankers staff under the leadership of Michael Affuso, much has been accomplished for the benefit of our industry and the people and businesses of New Jersey.
I find it fitting that the theme of this issue is the state of the economy and the strength of New Jersey banks. We have been faced with many economic challenges over the past several years that placed pressure on the industry as a whole. One of our great advantages is the strength of the region in which we operate. By most measures, the economy (both local and national) continues to provide opportunities to the residents and businesses that call this great state home.
We, as New Jersey bankers, are fortunate to have one of the strongest industry advocate organizations in the country and the resources, guidance, and partnerships it provides are invaluable to navigating challenges and opportunities. Whether it is advocacy in the halls of Trenton (and beyond), professional development, or health and welfare benefits through Bankers Cooperative Group, NJBankers strives to meet the needs of its members.
The health of the economy and state of the banking industry drive stability and growth. The two are intertwined in such a way that the economic landscape greatly impacts how we manage our financial institutions in both the short and the long term, and in turn how people and businesses perceive the banking sector and “their” bank.
A strong economy serves as a tailwind to success, both for individuals and businesses of this great state and region. The overall health and vitality of our nation’s financial system, and the critical role of New Jersey banks, will be instrumental in achieving sustainable growth while avoiding stagnation or contraction.
New Jersey banks and the New Jersey Bankers Association play a major role in shaping New Jersey’s economic trajectory. New Jersey’s finance industry employs more than 218,000 workers with an annual average wage of nearly $138,000. New Jersey boasts a diverse banking sector comprised of a mix of large national banks, regional institutions, and community banks. This diversity offers consumers and businesses a wide array of choices for their banking, investment, and insurance needs while fostering competition and innovation.
Despite challenges, including competition from emerging Fintechs, the interest rate environment, cybersecurity and fraud risks, and economic uncertainty, the outlook for New Jersey’s banking industry remains promising.
New Jersey banks have shown resilience and adapted to evolving market conditions while maintaining stability in the communities they serve. We have all embraced technological innovations to enhance convenience and efficiency for customers, while streamlining operations. Our commitment to developing strong risk management and governance procedures ensures the safety and soundness of our banking institutions, providing consumers and businesses with confidence in the financial system.
The connection of the banking industry to the community unites us with our neighbors. Whether through financial support, employees volunteering their time and expertise, or providing financial literacy and fraud prevention tips, our industry has formed unique partnership with our community members. As we invest in our future, and the future of New Jersey, our commitment to the continued investment in developing the next generation of New Jersey banking leaders will be critical to building upon our successes.
Your involvement with the New Jersey Bankers Association helps us continue to serve as a catalyst for growth and opportunity across the Garden State. We encourage you to volunteer for New Jersey Bankers Association committees, attend workshops and events, support the Future Ready Internship Program, promote financial literacy in your communities, and help recruit new bank and affiliate members. In closing, I would like to thank Michael Affuso and the entire New Jersey Bankers team for all that they do and for the support they have given me. It has been an honor to serve in this position and New Jersey Bankers is in great hands for many years to come.
