Banking appears to have rebounded from the financial wobbles from a decade ago, yet the coronavirus pandemic has created renewed challenges and has required new customer focused responses coupled with strong leadership.
To gain an insight into the state of banking Digital Journal spoke with Stacy Kymes, current COO of BOK Financial, who was recently named incoming president and chief executive officer, effective April 1, 2022.
Kymes, who has been with the company for 25 years, has served in various roles with the company, including chief auditor, director of mergers and acquisitions, and chief credit officer. In his current role as chief operating officer, he leads BOKF’s revenue-generating business lines including Specialized Banking, Regional and Commercial Banking, Consumer Banking, and Wealth Management.
Digital Journal: Can you tell us a bit about your tenure at BOK Financial?
Stacy Kymes: I feel like I have “grown up” at BOK Financial (BOKF). I started as an audit senior in our internal audit department in 1996 and have held several roles over time, including Chief Auditor, Controller, Treasurer, Chief Credit Officer, and leading our Specialized Industries for the last 6 ½ years. It’s actually a long-running joke that I am unable to hold a job at the company, but I really think I am the beneficiary of a very purposeful effort to cultivate and grow talent internally at BOKF. Culture is critical for us, and developing our talented teams is an essential part of our strategy as a company.
DJ: Under your leadership, what are the bank’s future plans?
Kymes: As the economy appears to be emerging from the pandemic, our focus will be on creating top-line revenue growth across the company. We are very well positioned to grow our core franchise, and we expect to benefit from strong GDP growth. BOKF has an enviable footprint in fast-growing states that should allow us to grow faster than the national economy. We will also be focused on adding high-performing revenue producers to our team to help us grow our franchise.
DJ: What are your thoughts on the current state of the banking industry?
Kymes: The banking industry is as vibrant and healthy as it has ever been. While the industry’s reputation suffered during the financial recession over ten years ago due to a small number of non-traditional banks, traditional banking remains a noble profession. We are aligned with our customer’s interests. When customers do well, so does their bank. That is great alignment.
DJ: How has BOK Financial responded to the COVID-19 pandemic?
Kymes: Almost overnight, we sent 75 percent of our workforce home in the spring of 2020 and asked them to work virtually. No disaster scenario or planning could have prepared us for this, and our team performed exceptionally well. Whether facilitating PPP loans for thousands of customers or providing investment counsel during periods of stock market volatility to our investment and 401(k) clients, our teams provided excellent service and advice to help our customers navigate an unprecedented event.
DJ: How has the bank helped customers during this challenging time in our economy?
Kymes: We helped facilitate more than 12 thousand PPP loans to customers of all sizes when the economy was basically shut down overnight. These loans provided an essential bridge to economic recovery. Many of our investment management clients had concerns as the markets fell precipitously, and our counsel to be patient and stay the course proved helpful in times of uncertainty. Even as rates fell to almost 0 percent overnight, our investment team developed solutions to help customers in a challenging economic and rate environment.
DJ: What do you think makes a great leader?
Kymes: It is hard to find a great leader that does not have a great team. I think strong leaders have a way of surrounding themselves with the most talented people who can react and adjust when the world changes around them and strategies must shift. Great leaders also provide their teams the confidence to stretch and achieve what may not have been possible individually.
