Interview: James Andreacci, Market

Another key development could be Gov. Murphy’s proposed NJ Public Bank. Murphy has proposed opening a state-run bank to help build a financially inclusive New Jersey. The COVID-19 pandemic hit the brakes on the project in November 2020 but the governor and his administration are intent on seeing it through.

Looking ahead Despite the pandemic headwinds, financial activity in the past year gained speed rather than slowed down. Looking forward, as fintech players and digital platforms multiply, banks will need to adapt to the new landscape.

The disruptive transformations introduced by technology and innovation, along with new regulations, will consolidate the next phase for the sector that will continue to act as a pillar of growth and resilience for the state’s key industries, as it did during the distribution of the PPP loans and the dissemination of other financial tools.

The bottom line for the near- and long-term future is simple: To guarantee further growth, financial institutions will need to serve their customers wherever and however they want to be served. James Andreacci

Market President & Senior Vice President Truist

Is inflation transitory or is it the emergence of something more long term?

A lot of things are happening in the marketplace right now. There’s a lot of uncertainty from that standpoint but our clients are stable and are excited about everything that is happening. We’re starting to see some price increases but at the same time, we’re there to help our clients and provide stability as they go through those situations. The Federal Reserve governors are changing their outlook as to when rates will change. At this point, we’re starting to see that change coming.

What elements go into creating a safe and stable virtual platform?

Through Truist Ventures, we’re investing in technology companies that allow us to be on the cutting-edge of cybersecurity, even as a bank. We’re investing in local companies, constantly looking at what they’re doing and seeing if they can benefit our clients. The key is to invest in the right companies and grow our portfolio. Our technical team is providing the firewalls and making sure that we are constantly protecting our clients’ assets, the bank’s assets and everything else from that standpoint.

What industries is Truist focused on?

Food and agriculture, logistics, transportation, beverage, waste management, building material, defense contractors, manufacturers, medical — there is nothing that we can’t touch or help a client with because we cover many different areas and industries and we have specialists that allow us to gain depth.

How is the bank positioned for growth?

We’ve really grown in the South Jersey market. The past year was one of the best years we’ve had in the five years we’ve been in this marketplace. We’re ramping up and developing our culture here. We’re differentiating ourselves with cutting-edge technology, a consultative sales approach and building better lives in the communities we serve.

Healthcare:

South Jersey’s healthcare industry felt the strain of COVID-19 in 2020, more so than in many other parts of the country. But as the vaccine rolls out and elective surgeries return, along with health industryfriendly administrations at the state and federal levels, the future looks bright.