Kenneth B. Martin has been named executive vice president and director of business banking at Citizens Financial Group. Martin is responsible for directing all strategies relating to the sales, lending, operations and risk/compliance functions across 13 states for Citizens Bank/Charter One. He has a B.A. in economics and political science from the University of Rhode Island.
PBN: What are you looking forward to in your new position?
MARTIN: I am fortunate to have my “dream job.” The role provides an outstanding opportunity to build a great business with a growth company which values and sees business banking as one of its revenue growth engines. We are committed to this business segment, recognizing that it is the backbone of our small- and medium-size business relationships. This opportunity allows me to leverage all of my banking experience to develop strategies and tactics to support our objective of being a leading provider of banking services, to small-and medium-size businesses.
PBN: In a financial forecast, would you say that business banking is going to change in the future?
MARTIN: The global economy we live in now is important to all companies in a competitive marketplace. We are seeing more companies market and export their products on an international basis. Technology has allowed banks to provide many product advances, such as cash management products, which were previously only available to large firms and will now be utilized within the small-business market. Finally, I see continued interest and growth in the online space of business banking as business owners leverage and use technology to its fullest. Despite this trend, relationship management will remain critical to customers.
PBN: What do you see as one of the toughest obstacles banks are facing in the current economic climate?
MARTIN: Today’s economic climate is challenging for all banks for a number of reasons. The slowdown in housing and related sectors, rising energy, and health care costs and the fluctuation in the stock market all have led to a significant drop in consumer and business confidence. Banks have had to deal with tremendous margin pressure due to the swift drop in interest rates. This combination has created major challenges for top-line revenue growth which has become one of the key measures of success for the financial services sector. These challenges look like they will continue for the remainder of ‘08 and as we head into ‘09. •
