Editor’s note: This column was included in the March 13 Pulse, a weekly BankBeat newsletter sent to subscribers.
Early Tuesday, I flew to Nashville from the Twin Cities to attend the Independent Community Bankers of America’s annual conference.
After landing at the airport, an Uber whisked me to the site of the conference, the Gaylord Opryland Resort. The massive venue — replete with hundreds of hotel rooms, exhibit halls and spaces for smaller group settings — was, at first blush, much different than any banking conference I attended in the Twin Cities. Palm trees and other tropical plants line the interior of the building. The weather outside is far warmer than Minnesota, reminding me of summers in my home state without the humidity.
Despite the unfamiliar setting, the conference has reminded me of the important role community bankers play in their communities. An ICBA display I saw when I entered the resort provided several statistics illustrating their importance:
- More than 1,000 community banks have served communities for more than 100 years.
- Nearly 80 percent of Americans say local lending decisions matter.
- Seventy-four percent of customers prefer locally-based banks.
- Eighty percent of ag loans originate from community banks. Community banks still make 60 percent of small business loans.
I find the presentations relevant and informative. During a breakout session Tuesday morning, Teslar Software Founder Joe Ehrhardt said community banks must embrace consumer lending to succeed in the commercial lending sector. On Tuesday afternoon, the ICBA ThinkTech Showcase included multiple vendors offering solutions. Another breakout session I attended Wednesday morning provided an overview of how crypto will continue changing banking in the coming years.
My learning hasn’t been confined to banking. On Tuesday night, I attended BankIn Minnesota’s reception at the Grand Ole Opry. Though I am not a close follower of the country music genre, I was left in awe that the tunnel we entered the theater through had also been used by country music legends Dolly Parton, Reba McEntire and Garth Brooks. I now have a greater understanding of how the Grand Ole Opry and the city of Nashville have shaped the music industry.
I am finishing this column in a crowded expo hall surrounded by hundreds of vendors promoting solutions to bank challenges. Their presence — along with the openness bankers are showing by considering the solutions — deepens my understanding of their relationship-focused approach. That will be the most important lesson I learn from the conference.