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Regardless of your industry, without this hunger, you will be left behind as the nature of business is predicated on the need to develop advantages over your competitors in the marketplace. This also holds true with distinguishing yourself from your colleagues to advance within an organization.

Team Members who demonstrate this leadership competency have a mindset of continued growth, innovation and the constant pursuit of excellence. They challenge themselves to keep learning, to discover new opportunities to improve and are open and receptive to feedback. The characteristics they display include advocating for collaboration, adaptability and strategic thinking. Team Members who develop these skills and attributes also take a greater sense of ownership in their work and their contributions to the organization, thus making them more valuable to their employers.

To develop your own skills, start by always striving to learn more, improve your skill set and challenge yourself to keep growing. You and you alone are responsible for either moving forward or backward; you are never just sitting still. Remember, continuous improvement is a journey that will last your entire life, not a destination to be reached.

There are various models for continuous improvement, but to get started on your journey, it is helpful to examine several of the core components consistent in each variation.

Identify
Continuous improvement begins with identifying opportunities. This could be something you want to learn more about to further your knowledge or develop greater skills. It could be identifying a process that could be improved. One of the most crucial aspects of the identification process is to analyze and quantify the desired outcome.

Plan
Planning is the key to success. Once you know your desired outcome and how to get there, you have to create the steps to follow to achieve the desired result. This could be a long-term plan to learn a new instrument or a short-term plan to create and implement a new process that creates greater efficiency or enhanced value to customers or the business.

Execute
With your plan finalized, you know the optimal solution and are ready to take action. Implement your plan and make adjustments as you progress. Evaluate each step to determine if improvements can be implemented along the way or if additional considerations need to be taken into account.

Evaluation
The evaluation process is a critical component of continuous improvement. This is the time to study the results and recognize adjustments that can be instituted to improve outcomes. If your result did not generate the desired improvement, what needs to change? If your plan was successful, take the time to celebrate the win and then start the process over again. If you improved a process, what other process could be improved? If you learned a new language, what skill are you going to learn next?

The advice I offer to colleagues beginning their careers is to pursue what they are passionate about. If you don’t enjoy what you are doing, it is extremely challenging to find opportunities for improvement and the continued desire to grow and learn. The good news is that continuous improvement is much easier today than it has ever been. Any information you want to learn is literally available at your fingertips.

You can type a specific word into the Google Chrome browser* and access all the information you need. If you want to understand financial statement analysis or any ratio used in banking, or common acronyms, if you have the initiative to Google those terms, you can learn exactly what they are. The YouTube video community* is another great resource that can be used to learn just about everything.

Most importantly, don’t sell yourself short. Take the initiative and push yourself to keep improving in every aspect of your life. Remember, if you say you could have done better if only you tried, you have wasted a lot of your valuable time and natural abilities. Be passionate about what you strive to do and be the absolute best that you can be.

* Customers Bank has no association with Google or the YouTube video community.

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Adapting to and managing change is one of several core leadership competencies we look for in Team Members. This ability is often referred to as Adaptability Quotient (AQ). Adaptability is about accepting change, while agility is about managing and driving change.

When you look at the banking industry, as well as every other industry, everyone was suddenly challenged by the pandemic to change how we work. Customers Bank went from about a five to ten percent remote workforce to approximately a 90 percent remote workforce.

Team Members had to adapt. We were all challenged to work remotely, collaborate remotely and predict future changes. Having a high AQ enabled Team Members to adapt to the changes while continuing to produce at high levels. As we evaluate Team Members to identify our future leaders, we seek individuals with a high AQ, as we rely on our leaders to drive change, not just manage it. Another attribute of adaptability is speed. In an agile environment, the speed at which you can implement change sets nimble banks apart from larger financial institutions bogged down by bureaucracy.

Individuals interested in understanding AQ and developing their own skills may want to consider reading The Oz Principle. The book’s authors introduce the Steps to Accountability model that consists of four steps that can help you improve your AQ. The steps include: See It, Own It, Solve It and Do It.

Mastering your AQ skills will help you identify what needs to be changed and empower you to charge forward to lead that change. Oftentimes, it is the fear of failure that stops employees from acting. Failure, if used as a tool, can be a great learning mechanism that breeds agility and the ability to accomplish tasks quicker. If a change does not work, adjust to the circumstance and drive forward.

This is an example of the principles we use to create change faster to improve operational efficiency and, most importantly, impact our customers’ journey. Challenge yourself to continue learning and constantly improve your skills. Being the champion of your own professional development will set you apart from your colleagues and distinguish you as a more valuable asset to your employer.

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Hard work is not enough to reach the top levels within an organization. At Customers Bank, we firmly believe success is taught and continually developed through training to inspire our Team Members to achieve new levels of personal and professional growth within the organization, as well as in themselves.

We have introduced several initiatives at Customers Bank that help Team Members learn the pillars of success – Intelligence Quotient (IQ), Emotional Quotient (EQ), Adaptability Quotient (AQ) and Cultural Quotient (CQ). This approach equips our business leaders with the skills and knowledge they need so that both the Team Member and their business groups can succeed.

These pillars take continued practice to develop and master. To better understand Emotional Intelligence, Psychologist Daniel Goleman identified Self-Awareness, Self-Regulation, Motivation, Empathy and Social Skills as the main attributes of EQ in his 1995 book “Emotional Intelligence: Why It Matters More Than IQ.”

Employees must continue to develop their abilities as organizations continue to grow. As technology continues to change the work environment, EQ continues to become more important as an indicator of achieving success. By helping Team Members to continue developing their skills and abilities, we enable them to achieve a level of success that far exceeds their wildest dreams.

To further develop your own EQ abilities, start with an honest self-assessment. Do you listen to others and understand their point of view? Are you calm and levelheaded or do your emotions dictate how you respond in stressful situations? To get a preliminary assessment, take the Emotional Intelligence quiz that is part of this article from MindTools.com. You can also download three free Emotion Intelligence exercise packs from PositivePsychology.com to help you develop your skills.

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However, the security of mobile banking transactions remains a serious concern. While more than half of U.S. adults “want to be connected to the web at all times,” according to Fiserv, an equal percentage strongly distrust Internet security and privacy. It’s the greatest paradox of modern-day banking: how can we want the convenience of mobile banking, and be so afraid of it at the same time?

The good news is this: mobile banking does not need to be synonymous with risk. The threat of cyberattacks is relatively low thanks to the system requirements and precautions that banks already have in place. As for other threats: as consumers, we are our own strongest security advocates, capable of keeping our data secure when using our phones to conduct banking – as long as we know how.

Here are some tips to help you enjoy the convenience of mobile banking while keeping your data safe.

Access your accounts from a secure location.

Avoid using unsecured wireless access points, such as those found at airports, coffee shops, and hotels, when logging in to your accounts through your mobile device. Unsecured wireless access points are easy to intercept, putting your login information – and the data it protects – at risk. Only use secured wireless access when you’re banking from your mobile device.

Make sure you’re using your bank’s official app.

Never download banking apps on a “jailbroken” device — one that’s been modified to let users make changes and download apps that aren’t normally accessible or approved for that device — because, when you do, the operating system’s security layer is no longer enforced. Also, be sure to download the app only from your device’s native app store. Avoid apps that require third-party permissions.

Use the most current version of your bank’s mobile app.

Cyberattacks often attempt to leverage “bugs” found in outdated versions of bank apps. Check regularly for updates to your bank’s mobile app, and make sure to download the most current version of it, along with the most current operating system for your device.

Use a strong password – and change it frequently.

Avoid using the same password across multiple online accounts, and make sure you create a strong password that is a mix of upper and lower case letters, numbers, and special characters. Avoid using any words or phrases that contain your name, initials, or your birthdate. For maximum security, update your password every few months.

Enable multi-factor authentication and alerting.

Most banks offer some form of multi-factor authentication like a one-time passcode (OTP) delivered via voice or text. This will thwart criminals that may have compromised your credentials. Also, enable alerts where money leaving your account is involved, as in, when a new bill payee is created or a large amount of money leaves your account. This will help you detect unauthorized activity.

Avoid e-mail and text scams.

Your bank may send you e-mail and/or text alerts and updates. When they do, avoid clicking any links in the e-mail and instead log into your bank’s app to ensure that you’re entering a secure site. In addition, don’t respond to emails or text messages that ask to verify your identity by providing your username or password. Banks will not ask for this information via email or text.

Take additional precautions in case your device is misplaced, lost or stolen.

Set the screen on your mobile device to lock after a certain amount of time and use a password and/or a biometric indicator to unlock your mobile phone. Also, use PINs or other security features enabled on your smart watch. Avoid storing your passwords on your mobile device.

Monitor your accounts.

Check your accounts regularly to make sure all transactions posted are transactions that you authorized. Report any fraudulent or suspicious activity to your bank.

Banks and other financial institutions do everything possible to prevent data breaches. By taking the steps above, you can do even more to ensure that your mobile banking experience will be safe and secure.

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With unemployment the lowest it’s been in decades, we find ourselves competing at a higher level to recruit and retain the best talent in an industry that is undergoing radical transformation. Fintech, mobile banking, artificial intelligence, data science, marketing analytics, digital and social media – all of these have changed not only the way that banks work with customers, but also how customers experience banking. We need team members with the skills to understand how these technologies can be effectively applied, and we need customer-centric workforces that are agile and adaptive enough to navigate these changes with minimal disruption to customers.

How do we attract and retain this talent? We try to communicate the full value of what financial institutions and bankers actually do. While it’s vaguely understood that financial institutions manage money for individuals and organizations, the full impact that banks have on customers and on the communities we serve – and the value of that impact – is less well known.

We fuel economic growth and make job creation possible. And, we don’t do it by standing in a cage counting out cash.

Successful financial institutions require a diverse set of talent and skills – from economics to finance to compliance to customer service to technology – that work together seamlessly to provide the products and services that customers need to change their lives.

As regulatory and economic conditions change, and technology moves forward, we continually evolve to ensure that our offerings are timely and relevant. Far from being a stagnant, hierarchically driven industry, financial services is dynamic and perpetually focused on improving customer experiences and outcomes – whether it’s in the form of a new home for a first-time buyer, a business expansion loan for a company that will bring more jobs to the community, or a loan and savings plan that will finance a child’s education or a grandparent’s retirement. Sustainability, community involvement, and customer service are interwoven throughout everything we do.

Our industry is “going digital.” Only those financial institutions that embrace and master cutting-edge technology will survive. That’s easier said, then done.

The national talent recruiter Korn Ferry wrote recently, “Companies are making meaningful investments and commitments to ‘going digital,’ but they still feel like they’re struggling. Despite the fact that 96% of organizations see digital transformation as critical or important, 75% of them are ‘not very confident’ in their ability to execute a digital transformation – and 84% of executives believe that their organizations do not have the skills and capabilities to deliver on their digital ambition.”

We need IT talent, but demand outstrips the supply of skilled individuals. More than three-quarters of financial institutions report that they have created new IT roles in the last two years, but are having a hard time finding the IT talent they need. Half of all financial institutions say that hiring IT staff is either “difficult” or “very difficult,” due in part to the fact that, historically, banks aren’t known as technology or innovation incubators, especially in comparison to big Silicon Valley technology companies.

We must show prospective talent that financial institutions offer entrepreneurial environments where technology skills will be continually developed; where there is a clear, progressive career path for technology leaders; and where their contributions will have a tangible impact on the transformation of the organization.

At Customers Bank we recruit people who fit our culture based on trust and an absolute commitment to customer loyalty and memorable customer service. The vast majority of our new hires come from team member referrals. We know our current team members are best suited to spot potential colleagues so we give them a $250 bonus for every referral that results in a hire.

I meet personally with new hires and, over a welcome lunch, tell them, “The two things that matter most are having something to look forward to and knowing that someone cares about you. At Customers Bank, we’re ‘all in this together.’ If you understand the power of the team, you will have a great future here.”

We never hire someone just to fill an opening. That’s always a mistake. We wait to get the right person for the job and the organization. We treat candidates like valued customers.

After an individual is hired, the respect and nurturing must continue. We can’t simply attract talent; we must retain talent. I am so very pleased that Customers Bank’s turnover rate has ranged between 2% and 7% annually compared to the national average for financial institutions which is over 20%.

We retain employees by offering good compensation, excellent benefits, the opportunity for equity in the bank, a friendly and open-minded environment, and – we hope – fun. What’s the point of doing anything if it isn’t fun? So each office has ice cream parties, or picnics in the middle of the work day, or office outings. The CEO and I attend holiday parties in each region and give out awards for outstanding customer service and performance.

And we invest in continuing education and training. We are instituting a bank-wide “day of learning,” using Mass Open Online Courses (MOOCs) to offer diverse learning to our team members, and working with trade associations and chambers of commerce to join other firms in training and learning opportunities.

But all of this is secondary to our top talent retention tactic: we listen.

Each quarter, we hold a one-hour company-wide conference call to share financial performance results, explain strategy and take questions from team members. The CEO and I hold “town halls” with every business team and administrative unit to gain feedback and hear concerns. Recently we did a company-wide survey to learn from our team what they deem to be “stupid policies.” More than 140 issues were raised and now we are working to improve our policies, procedures, and methods based on suggestions and ideas. Team members said they are inundated by email, so we are experimenting with “No Email Fridays.”

Some of these ideas may not work, but we are listening and trying. Our people are our future. It’s that simple. A stronger, better financial services world will be built from the combined talents of diverse individuals. If I walked away from my conversation with President Trump and other executives with one thing, it was this: opportunities for progress abound, and we’re moving in the right direction. But our long-term success depends on how much we’re truly willing to invest in it – and that’s especially true of the talent that will carry our industry forward.

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However, the security of mobile banking transactions remains a serious concern. While more than half of U.S. adults “want to be connected to the web at all times,” according to Fiserv, an equal percentage strongly distrust Internet security and privacy. It’s the greatest paradox of modern-day banking: how can we want the convenience of mobile banking, and be so afraid of it at the same time?

The good news is this: mobile banking does not need to be synonymous with risk. The threat of cyberattacks is relatively low thanks to the system requirements and precautions that banks already have in place. As for other threats: as consumers, we are our own strongest security advocates, capable of keeping our data secure when using our phones to conduct banking – as long as we know how.

Here are some tips to help you enjoy the convenience of mobile banking while keeping your data safe.

Access your accounts from a secure location.
Avoid using unsecured wireless access points, such as those found at airports, coffee shops, and hotels, when logging in to your accounts through your mobile device. Unsecured wireless access points are easy to intercept, putting your login information – and the data it protects – at risk. Only use secured wireless access when you’re banking from your mobile device.

Make sure you’re using your bank’s official app.
Never download banking apps on a “jailbroken” device — one that’s been modified to let users make changes and download apps that aren’t normally accessible or approved for that device — because, when you do, the operating system’s security layer is no longer enforced. Also, be sure to download the app only from your device’s native app store. Avoid apps that require third-party permissions.

Use the most current version of your bank’s mobile app.
Cyberattacks often attempt to leverage “bugs” found in outdated versions of bank apps. Check regularly for updates to your bank’s mobile app, and make sure to download the most current version of it, along with the most current operating system for your device.

Use a strong password – and change it frequently.
Avoid using the same password across multiple online accounts, and make sure you create a strong password that is a mix of upper and lower case letters, numbers, and special characters. Avoid using any words or phrases that contain your name, initials, or your birthdate. For maximum security, update your password every few months.

Enable multi-factor authentication and alerting.
Most banks offer some form of multi-factor authentication like a one-time passcode (OTP) delivered via voice or text. This will thwart criminals that may have compromised your credentials. Also, enable alerts where money leaving your account is involved, as in, when a new bill payee is created or a large amount of money leaves your account. This will help you detect unauthorized activity.

Avoid e-mail and text scams.
Your bank may send you e-mail and/or text alerts and updates. When they do, avoid clicking any links in the e-mail and instead log into your bank’s app to ensure that you’re entering a secure site. In addition, don’t respond to emails or text messages that ask to verify your identity by providing your username or password. Banks will not ask for this information via email or text.

Take additional precautions in case your device is misplaced, lost or stolen.
Set the screen on your mobile device to lock after a certain amount of time and use a password and/or a biometric indicator to unlock your mobile phone. Also, use PINs or other security features enabled on your smart watch. Avoid storing your passwords on your mobile device.

Monitor your accounts.
Check your accounts regularly to make sure all transactions posted are transactions that you authorized. Report any fraudulent or suspicious activity to your bank.

Banks and other financial institutions do everything possible to prevent data breaches. By taking the steps above, you can do even more to ensure that your mobile banking experience will be safe and secure.

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For those involved with equity markets, 2018 was a bumpy ride.

Volatility, uncertainty, and changing global economies could provide further headwinds for businesses in 2019. And, many economists believe a recession could be looming for 2020. Those trends are accelerating.

Japan struggled with years of recession and is just now growing economically again. New taxes in Japan, however, could slow that growth. The Chinese and Indian economies are slowing. The Canadian economy, while still strong, is slowing because of the trade war. Great Britain is trying to figure out Brexit. Europe, apart from Germany, is trending toward political and economic chaos and even Germany is stressing.

In the United States, divided government and the run-up to a presidential election are bound to impact public policies that shape the economy.

The Federal Reserve Bank continued to increase rates for its benchmark funds in December to a range of 2.25 percent to 2.5 percent. In recent weeks expectations for continued rate hikes have diminished. Fed Chairman Powell has indicated the Central Bank is considering whether additional hikes are needed to combat inflation fears.

Two consecutive financial quarters of negative GDP growth is the technical definition of a recession. We are already seeing a gradual decline in commercial and industrial lending. If this continues, it’s a good indicator of reduced GDP growth. The Federal Reserve in its January “Beige Book” out this week noted a slow-down in lending in its New York District and slow-downs in other economic sectors. Whether or not the U.S. economy enters a recession in the coming year or two remains to be seen.

Managing in pre-recessionary times requires different business tactics. You can take steps in the short-term to strengthen your business’ financial standing.

It is important to consult a professional banker when evaluating financial strategies and options. Missteps can be costly. Working with a trusted business banker can help chart a safe course and might mitigate the exposure to future rate hikes. A business banker can also provide customized financial strategies and solutions designed to fit your business’ cashflow and credit profile.

Interest rate hikes have a direct effect on small- to medium-size businesses and their performance. Individually, the 0.25 percent hikes in the Fed Funds Rate might seem small, but in the aggregate the cost of money has almost doubled in the past year or so. Now is the time for business owners to take a step back and evaluate their financial strategies.

As interest rates rise, it is worth considering if it is better to use portions of these cash reserves to pay down debt or consolidate loans. Through normal business operations, many small- to medium-sized companies end up with multiple loans with different interest rates and payment schedules. Consolidating those loans can eliminate redundant fees and even reduce the overall interest payments.

Every business should look at the size of its cash reserves to evaluate whether that money could be doing more work elsewhere. A larger reserve, for example, could help absorb expenses and add to interest income. Running a successful business often means having to hold large amounts in cash reserve to offset unexpected expenses and regular operating costs. It is also important to be able to cover slow pays and no pays from clients.

As you prepare your business for the coming year, consider whether you are with the bank that’s best for you. It is worth shopping around to compare business banking services. Large national banks cast a wide net with their product offers, but they may not offer the best overall products for your business. Working with a regional bank that is focused on serving small- to medium-sized businesses and the broader community in which you operate, could result in more product offerings customized and tailored to your exact needs. These banks tend to offer low to no fees, high tech services, and provide personalized customer experiences. They also tend to be more agile and able to adjust to the changing financial headwinds. Most importantly, you want your personal banker to be a decision-maker; an individual who can give you a definitive answer about the products and services you need.

Buckle up. 2019 will be a lot of fun.

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Whether the result of malicious parties, or in most cases an individual’s own doing (however unknowingly), the rate of victimization raises the stakes on a question we too often leave unanswered: who is ultimately responsible for monitoring and maintaining the safety of financial and personal data?

On the one hand, the institutions who operate our financial systems have the technical capacity and manpower to monitor and prevent many fraud incidents, and they are the gatekeepers to our data. One might also put the responsibility at the feet of individual customers: they demand anywhere-anytime access to their money, and so surely, they have a responsibility to follow safety protocols and not expose themselves to undue risk.

Ultimately, the answer to this question is that the responsibility falls on both parties to protect personal information and data. Neither organizations nor individuals can guarantee the safety of data or personal information on their own. The best approach to protecting financial information and data requires a combined effort between institutions and the individual.

On the institution side, financial firms like banks, brokerage firms and asset managers, as well as other institutions including retailers and credit unions must reasonably invest in firewalls, anti-virus protection, fraud prevention, encryption, vulnerability management and other technologies that protect customers’ accounts. And, because no system is perfect, these institutions must also employ security specialists to enable vigilance when combating the evolving threats of the cyber world.

To some extent, this is the result of regulatory requirements: financial institutions may be held liable for losses their customers sustain as a result of a bad actor’s infiltration of the institution’s systems. Those regulations unify the interests of the institution and that of their customers, and that unity is precisely why financial institutions so actively track and identify the sources of fraud: recovering their customers’ money may reduce their own liability.

This drive toward security must coexist with a fundamentally incompatible reality: customers want easy access to their money. As institutions meet their customers’ needs with these new systems—from online banking, to smartphone apps, to virtual assistants—they have to build in tools their customers can use to secure their accounts.

As individuals, we have to recognize that while we desire more control over our personal data and money, we have to take steps to ensure we are doing our part to maintain our security. That means enabling multi-factor authentication, using strong passwords, opting-in to account usage alerts, and being careful of insecure networks we use. The individuals who secure their accounts with these simple fraud countermeasures exponentially improve their security. At the end of the day, the security of our financial information and data is not just an issue for institutions or individuals to manage. Data is only as secure as its weakest link, therefore data security is the responsibility of both organizations and individuals, and requires a consistent and active effort by both parties.

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