Managing Director, Banking and Financial Services
Rick develops strategic solutions for banks, specialised financial service firms, B2B payment providers and payment disruptors, keeping BKM's work aligned with where the industry is actually moving. As a former BKM client, he came to the agency already knowing what good looks like from the other side of the table.
He has spent over 25 years in banking and in management consulting and advisory work for the financial industry, and has led more than 30 bank merger programs and system conversions — some inside institutions, some for BKM. That range gives him a feel for the nuances of an individual deal and for which requirements actually determine whether execution succeeds.
Before BKM, Rick was Director of the Commercial and Enterprise Payments practice at Mercator Advisory Group, and held leadership positions at Associated Bank, First National Bank of Omaha, CEB TowerGroup and Rockland Trust. He holds a BA in Marketing from Ohio State University and completed an executive management program in Strategy Formulation at the Wharton School.
What do you find most interesting about what you do?
I have found over the years that the many people who have thought of banking as an antiquated industry that will self-destruct, have over-estimated the complexity of what banks do on a daily basis. Having spent most of my career understanding how decisions get made – or don’t within banks – leads to a much more credible conversation with clients. Having literally been in most of their roles, I think I have an understanding and empathy for what can and will work that many others can’t offer. I enjoy having clients telling me that I clearly understand their pain and that I know how to help.
What do you find frustrating about marketing in banks?
Ultimately marketing should be measured by the financial and reputational success of the bank. The role isn’t just about campaigns and branding, it’s about growing the business and creating recurring value. It is also about facts more than directional interpretation. Banks that aren’t investing in data and analytics are eventually going to prove the industry skeptics right. That factor is the single most important in looking at great marketing teams.
What is the best compliment you have been given?
When I think about that, there are two. The first is a client that said to her team that we don’t always need to talk to him but when we do – we really do! The other is that a member of my team appreciated that I listened to them when others didn’t and made them feel their point of view was valued. We all need that, and it doesn’t happen often enough.
What is the biggest challenge you see for bank marketers going forward 5-10 years?
Lack of true strategy and the data and analytics to support it. There are fundamental shifts happening in the bank marketing space and they aren’t all about the next cool technology. It is really just about what are we trying to accomplish, why are we trying to accomplish it, what information will help us create success and how will we know how we performed. If you can’t answer these – or aren’t trying to answer those questions – the value of your marketing efforts will always be under appreciated.
What are the most interesting experiences that have influenced you?
There are a few. Personally, I have been fortunate to have been exposed to a number of people and points of view throughout my life. This has proven very influential in my decision-making skill development and perspective of what is and isn’t important in my life. It was also a good lesson in learning through listening in an honest way, not with a preconceived filter. Professionally, it was working for and with some of the smartest and most forward-thinking people in the business - as well as many of those that may have been less so. They both teach you if you pay attention. Not everyone is a leader and being able to identify a good leader to follow from one you should avoid is very important.
