Banking in the Digital Age

Alden McDonald, president and CEO of New Orleans-based Liberty Bank and Trust Co, points out that change is going to happen whether you're providing loans or hawking ice cream. With delivery channels for selling products having undergone dramatic changes in just the last decade, he says it'...

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Bibliographic Details
Published in:	Black enterprise 2012-06, Vol.42 (10), p.56-60
Main Author:	McKinney, Jeffrey
Format:	Magazinearticle
Language:	eng
Subjects:	Banking industry Banks Business Careers Case studies Chief executive officers Customers Dictionaries Economics Entrepreneurs Financial services Friendship Gossip Leadership Mortgages Public relations Social networks Social research Success Succession planning Technological change Technology adoption
Online Access:	Get full text
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Summary:	Alden McDonald, president and CEO of New Orleans-based Liberty Bank and Trust Co, points out that change is going to happen whether you're providing loans or hawking ice cream. With delivery channels for selling products having undergone dramatic changes in just the last decade, he says it's very important for any business owner to look at how they're offering services today -- and tomorrow. Over the past decade, McDonald says Liberty realized that technological change was accelerating at such a fast clip that the bank had to gain a better understanding of the rapidly evolving environment. So in 2005 and 2006, the bank began to hire some 16 young people in their 20s, and while teaching them the banking industry, picked their brains for advice on how to help the bank become more technology driven. Looking ahead, McDonald maintains the young people Liberty hired to keep the institution abreast of technology trends are now in management posts. [PUBLICATION ABSTRACT]
ISSN:	0006-4165 2691-5510