KeyBank has been a leader in creating business opportunities by focusing on long-term relationships with and developing responsible products for underserved, low-to-moderate income communities for more than a decade.
Bruce Murphy is EVP and Head of the Corporate Responsibility group at KeyBank. He currently is responsible for the bank’s: fair and responsible products and services; community investments, including community development lending/investing and philanthropy; a diverse and inclusive workplace and business environment, including supplier diversity; and environmental sustainability efforts that help neighborhoods across the nation thrive. He also serves as Board Chair for the Center for Financial Services Innovation and sits on the FDIC Advisory Committee on Economic Inclusion. Above all, he is a firm believer that conscientious corporate citizens strike a balance between earning returns and doing so responsibly.
What are the challenges you face with regard to customers and the banking industry?
So many things happened to shake the consumer’s confidence in the banking industry over the last decade. The subprime lending debacle, bankers leveraging relationship advances, and industry abuses all resulted in broken trust between lenders and the people they serve. Even with the formation of the Consumer Financial Protection Bureau, we, as an industry, still have not yet fully earned consumer trust back.
Our industry is trying to sort out how it failed, determine what the future demands and rebuild its profile with our customers.