Patrick Smith was recently named head of consumer and business banking for Santander Bank. He has served as head of small-business banking for Santander since 2020, and has more than 25 years of experience in the financial services industry. He has a bachelor’s degree from Tuskegee University, a master’s degree in business from the University of Chicago and a master’s degree in information technology management from the University of Virginia.
PBN: How has small-business banking changed since the pandemic? Is there still a need for brick-and-mortar branches and in-person interactions with business customers, and how does Santander approach that?
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SMITH: The pandemic impacted everyone and small-business customers were not immune to that. What we’re seeing is that our customers want a true adviser/partner – not just someone who can execute a transaction – someone who understands their business needs and can help them navigate everything from the Paycheck Protection Program, or the current business environment, considering inflation and supply chain issues.
Going forward, whether it’s in-branch or digital, we are going to engage with customers wherever they are. Santander Bank has an omni-channel approach and aims to provide outstanding service to our customers. We continue to closely align our in-branch offerings with our small-business services, as well as our investments portfolios for a greater focus on strong referrals and partnerships, and growing deposits as a major part of the bank’s strategy. The in-person interactions that happen between our team members and customers are central to those relationships and everything we do.
PBN: What do you see as the greatest challenges to growing Santander’s business banking line?
SMITH: Technology has permanently changed customers’ expectations and, as an industry, we need to constantly focus on the digital tools and resources that will improve their banking experiences.
At Santander, we are working to continue to evolve our technology from the back-office through to the customer interface so we can deliver the right products to our customers through the channels that are convenient for them. Technology has been essential in helping businesses to better serve their customers and expand their reach to meet new ones.
As part of our investment in technology, we are working with an industry-leading provider that offers a digital investments platform with remote engagement and advice. This complements our investments business, ensures all clients have quality investment options and is an example of our digital transformation.
PBN: How does technology play into the company’s services for consumer and business customers? Any new technology plans coming that you can share?
SMITH: Santander recently announced our digital banking transformation strategy to improve the experience for our customers and employees. That work will help us simplify our processes and integrate new tools and resources, allowing us to be more responsive to our customers.
PBN: How have rising interest rates impacted loan demand, both on the business and consumer sides? What, in turn, does that mean for the company?
SMITH: Helping our customers – consumers and businesses alike – navigate uncertainty is part of our job and rates are one of those market dynamics. This is where being part of Banco Santander, a diversified global bank, is an advantage because we can leverage our strong balance sheet throughout market cycles.
The results in the Federal Reserve’s recent stress test showed that Santander can remain well capitalized during times of severe market stress. We ranked in the top quartile among participating banks.
PBN: What are your top three goals for the next year?
SMITH: Our ultimate goal is to help individuals and businesses prosper. When I look at how consumer and business banking accomplishes that, I’m focused on deepening our customer relationships, expanding our footprint through new digital capabilities and offering a range of simplified products and services that enhance the experience for customers.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
