TD Bank Regional President on the Future of Banking
Steve Adubato goes One-on-One with Michael C. Carbone, Regional President, Metro PA/NJ Market, TD Bank, to talk about the future of the banking industry and what it means for consumers.
"Michael Carbone is Regional President, Metro Pennsylvania New Jersey Market, TD Bank. Good to see you Mike. Good to see you Steve. Thanks for having me. Question. What are most consumers today looking for, want from their bank? They want everything. They want convenience. They want it for free. And they want easy access to their money. And the world has changed so much in the last five to ten years that you don't need to come into a bank to get all that. So it's really important. Hold on. I like to go into my bank, and perhaps it'll be... And here's why, and that's... But I like going in! A lot of people do. Am I...? but hold on. Are you saying that more people are doing the automated thing? It's starting to trend that way. Every year, more and more people do their banking by other choices. Whether it's their mobile phone, their computer, they're not having to come into the physical facility. Right. But the physical facility is important because it gives a sense of security that... if there's something really wrong and I need? I go in there and see somebody. But I could also talk to a person? And you could talk to a person. Are we losing that Mike? The whole personal piece of it? I think it's generational. It really is. I have a son who says, "I have no need to ever go into a bank." But for me, I still like to go to a teller, say "good morning" and... Same here. ...have cash in my hand. And if you think about it, the way... the natural order of things are with wealth, your more mature client is your wealthier client, and they want that physical presence and they want to be able to come in and do their banking. But today, most younger people, they want to swipe. They just want to be able to get access any way they can get access. So the personal thing is overrated for them? I think for them, a little bit. But they want what's cool. They want the app. They want that, "Oh, I could get money, I could have money..." We have an app that you could actually text money to you. You can? Yes. I didn't know you could do that. Yeah. You can. I haven't done it, because that's not for me. But that's the whole idea is you have to respond to different markets? Plural? You have to be able to... You have to be there for everybody. Yeah. So let me try this. We've had... Jen Icklan and I were talking about this, our executive producer, and I said, "Jen, do you realize how many people keep talking about student debt around..."