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The Most Powerful Women in Banking: Next May 2021 | americanbanker.com In a year that forced us all to reassess what’s important, roles that banks often take for granted — at branches and call centers, in human resources and marketing — stood out. THE MOST POWERFUL WOMEN IN BANKING: NEXT COMMUNITY BANK RANKINGS p.30 INSIDE PAYPAL’S SUPER APP p. 34 TAKING ON FOOD DESERTS p. 40 Shaheena Khan BMO Harris Bank 0C1_ABM0521.indd 1 4/22/21 8:51 AM U.S. Bank celebrates the power of women, whose work drives results and advances excellence across our company and the entire financial industry. We are honored to congratulate Anu Somani Achieve. on being named among the 2021 Most Influential Women in Payments: Next award and Angela Ratliff among the 2021 Most Powerful Women in Banking: Inspire. Next award. Elevate. Anu Somani Senior Vice President Head of Faster Payments and Payment Innovation Angela Ratliff Senior Vice President Global Head of Disputes and Prepaid Operations Thank you to all the honorees for your remarkable impact and influence. Member FDIC. ©2021 U.S. Bank ABM_0521.indd 2 4/22/2021 4:02:19 PM Table of Contents The Most Powerful Build your vegetables p. 40 Women in Banking: NEXT p. 10 Millions of Americans suffer from food insecurity, and Women make tremendous contributions to all facets millions lack access to sources of healthy, nutritious of the banking industry, but these 15 ascendant female food. But a decadelong state and federal effort to executives have made superlative efforts to navigate combat those problems is finally bearing fruit. their banks through difficult challenges. Deposits & Withdrawals: Should banks offer universal family leave? p. 4 Paid family leave has significant benefits to families, and by extension to their employers. But the specific contours of a family leave policy are important. Top 200 Community Banks p. 30 Teller’s Window: Belonging where you are p. 6 Community banks had a better year in 2020 than anyone might have predicted, thanks in large part to A 2020 survey by Coqual found that employees with federal interventions keeping asset quality from dete- a greater sense of belonging in their workplace were riorating and small banks’ role in distributing stimulus more loyal, dedicated and stayed longer. So who feels through the Paycheck Protection Program. like they belong, and how can managers make every- one feel like they belong? Book Review: Divergence theorem p. 47 In her debut book, “Engine of Inequality: The Fed and the Future of Wealth in America,” longtime regulatory consultant Karen Petrou makes the case that the Federal Reserve’s post-2008 monetary policies have The bank killer p. 34 not only failed to reduce economic inequality, but are actively making a bad situation worse. Fintechs have been circling the banking industry for decades, but the online payments company PayPal is poised to be the first one that even the largest banks can’t compete against. Cover Photo: Sara Rubinstein americanbanker.com May 2021 American Banker 1 001_ABM0521_001 1 4/22/2021 9:56:27 AM FROM THE EDITOR Volume 131, No. 4 | americanbanker.com Established 1836 One State Street Plaza, 27th fl oor, New York, NY 10004 Phone 212-803-8200 By John Heltman Editor in Chief of American Banker Magazine John Heltman 917-456-6240 anking is often thought of as a numbers Contributors Laura Alix, Penny Crosman, Miriam Cross, Jim Dobbs, Kate Berry, Allissa Kline, Hannah Lang industry, where decisions are based on data and abstract ideas. But the truth is, the data Executive Director, Brand Studio Michael Chu and models in banking all relate to people — Senior Designer Nick Perkins B Designer Joanna Yoon their preferences, their behaviors, their strengths and their aspirations. Editor in Chief Alan Kline 571-403-3846 This year’s Women in Banking — Next cover story Managing Editor Dean Anason 770-621-9935 Executive Editor Bonnie McGeer 212-803-8430 highlights 15 exceptional up-and-coming women in the Technology Editor Penny Crosman 212-803-8673 banking industry who embody that ideal of making the Washington Bureau Chief Joe Adler 571-403-3832 numbers and models work for their customers, their BankThink Editor Rachel Witkowski 571-403-3857 Community Banking Editor Paul Davis 336-852-9496 teams and their bottom line. Contributing Editor Daniel Wolfe 212-803-8397 A 2020 report by Oliver Wyman found that Digital Managing Editor Christopher Wood 212-803-8437 women make up just 20% of executive committees Copy Editor Neil Cassidy 212-803-8440 and 23% of board members in the fi nancial services Reporters/Producers industry, though they make up just over half of the Laura Alix 860-836-5431 Hannah Lang 571-403-3855 U.S. population. While those numbers might be Kate Berry 562-434-5432 Brendan Pedersen 571-403-3878 discouraging, they represent a doubling of female Miriam Cross 571-403-3834 Jon Prior 214-629-5894 Jim Dobbs 605-310-7780 John Reosti 571-403-3864 representation since 2003, when they made up just Neil Haggerty 571-403-3837 Gary Siegel 212-803-1560 11% of both boards and executive committees. Allissa Kline 716-243-2679 Kevin Wack 626-486-2341 Expanding the representation of women at the ADVERTISING top of the banking industry critical for transforming VP, Media Sales Brad Bava 212-803-8829 banking into an industry where people can reach their Midwest/Southwest Shelly Schmeling 312-932-9392 West Sara Culley 831-438-8408 greatest potential. And these women are proving that Midatlantic/Southeast David Cleworth 843-640-3713 transformation is not only possible but essential. Senior Marketing Manager Jamie Billington 212-803-6099 One of the executives invited a youth art program to design and paint a mural around a bank branch Customer Service/Subscriptions [email protected] 212-803-8500 damaged during protests. Another steered their Licensing and Reuse of Content: Contact our o cial partner, Wright’s Media, for more information about available usages, license and reprint fees, and award bank through a di cult acquisition by examining the seal artwork at [email protected] or (877) 652-5295. Please note that bank’s portfolio line by line. Yet another transformed Wright’s Media is the only authorized company that we’ve partnered with for Arizent materials. their bank’s call center from a cost center to a source of revenue by automating some processes and developing a system to tailor workers’ conversations to better meet their customers’ needs. These innovative approaches and the many others CHIEF EXECUTIVE OFFICER Gemma Postlethwaite highlighted in this issue demonstrate the importance CHIEF FINANCIAL OFFICER Debra Mason CHIEF STRATEGY OFFICER Je Mancini of creating a culture of inclusivity at your bank. CHIEF CONTENT OFFICER David Evans Inclusivity is not a burden — besides being ethical, CHIEF PEOPLE OFFICER Lee Gavin bringing in leadership that looks like the world around American Banker (ISSN 2162-3198) Vol. 131 No. 4, is published 9 times per year; January/ February, March, April, May, June, July/August, September, October and November/Decem- us works better than the alternative. And it works ber by Arizent, One State Street Plaza, 27th Floor New York, NY 10004. Subscription price: $149 per year in the U.S.; $229 per year for all other countries. Periodical postage paid at because there is no one kind of person who has all the New York, NY and additional U.S. mailing o ces. POSTMASTER: send all address changes to American Banker, One State Street Plaza, New York, NY 10004. For subscriptions, renew- best ideas. The more inclusive a bank’s leadership, the als, address changes and delivery service issues contact our Customer Service department at (212) 803-8500 or email: [email protected]. Send editorial inquires and manuscripts better its chances of hitting on one of those great ideas to American Banker, One State Street Plaza, 27th Floor, New York, NY 10004. This publica- tion is designed to provide accurate and authoritative information regarding the subject — and these 15 women and their stories have proved matter covered. It is sold with the understanding that the publisher is not engaged in rendering fi nancial, legal, accounting, tax or other professional service. American Banker is a registered that time and time again. AB trademark used herein under license. ©2021 Arizent and American Banker. All rights reserved. www.americanbanker.com. 2 American Banker May 2021 002_ABM0521 2 4/23/2021 2:20:58 PM Celebrating your passion and leadership Kyla Stubbs SVP, Care Center Site Manager Kyla, we’re proud to count you as a member of our team at PNC. And we’re proud of your business leadership, as well as your contributions to creating an inclusive, collaborative and innovative culture. Congratulations on your recognition by American Banker as one of the industry’s rising stars. And thank you for all you do for our company, our customers and the communities we call home. ©2021 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association. Member FDIC CORP SPON PDF 0421-050-1821805 CORP SPON PDF 0421-050-1821805 American Banker_Kyla Stubbs_7x10 Ad_FINAL.indd 1 4/19/21 7:46 PM ABM_0521.indd 3 4/22/2021 4:02:20 PM D&W | 4 TELLER | 6 REPLAY | 4 MOST POWERFUL WOMEN IN BANKING: NEXT | 10 COMMUNITY BANKS | 30 PAYPAL | 34 FOOD DESERTS | 40 BOOK REVIEW | 47 Allowing workers paid time off for important family-related milestones and crises helps Should banks adopt universal family leave? families and makes for better workers. But the details make a big difference. Karsten Vagner Ruth Martin Vice President, People Senior Vice President, Maven Clinic MomsRising ur workforce is changing. As millennials impact LGBTQ+ families, and also hurt working mothers magine missing a baby’s first smile, or a parent’s core part of a common-sense care infrastructure people become the largest generation in the U.S.
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