Hard Skills & Soft Skills

Thomas J. Murphy, President & CEO Arrow Financial Corporation Glens Falls National Bank and
Trust Company

What do you believe the role of brick-and-mortar banks will be by the next decade?
While in-branch transactions are decreasing and digital transactions are increasing, a large customer segment still utilizes our brick-and-mortar locations. Additionally, physical branches continue to be a driver in bank selection and brand awareness for prospective customers. Instead of brick-and-mortar going away, we see an evolution toward smaller and more efficient locations with an emphasis on consultative interaction. All this allows for a better experience for our customers and is more cost-effective for our company.

How have changes in technology and changing consumer expectations impacted your industry?
Everyone has benefited from technology: our customers, our employees and our shareholders. Our customers now interact with us 24/7, on their terms. Our employees rely on advances to manage the current regulatory environment and combat cyber criminals. And for shareholders, technology brings improved reporting and efficiency, which allows for better performance and management of our company. The pace of change is fast, so a mindset of continuous improvement is key when it comes to technology!

What are you doing to stay ahead of cyber criminals?
Constant investment in technology and qualified people, as well as continued training and development of our tea in all matters associated with cybersecurity is critical. We work day and night to ensure that our firewalls, programs to identify suspicious transactions and risk-mitigation protocols are strong. Additionally, education, communication and self-service account-monitoring tools empower our customers to watch for red flags and join us in fighting fraud.

To what degree is local community reinvestment of your deposits a priority?
Caring for our communities is central to our mission and company culture. We track the hours and dollars contributed in our service area and we tell the story of the impact we make. As a community bank, we understand that if the community is successful, we are successful. And so, we are proud to have given more than $4 million in the past decade, including $470,000 in 2020.

How has the COVID-19 pandemic affected your company?
The pandemic has forced all businesses to find new ways to connect with customers. We thrive on face-to-face interaction but our team has continued to cultivate relationships and deliver value from a distance. Throughout the pandemic, we have consistently relied on social distancing, face-coverings and Plexiglas shields, as well as temporarily lobby closures when necessary. But we have also instituted some faster, better ways of doing business, and these improvements will last forever.

Arrow Financial Corporation is a publicly traded $3.8 billion holding company that includes Glens Falls National Bank and Trust Company, Saratoga National Bank and Trust Company and Upstate Agency, LLC. Together, as the Arrow Family of Companies, we deliver community-focused, relationship-driven financial services from Plattsburgh to the Capital Region. This includes commercial and consumer banking, comprehensive wealth management, and both property and casualty and group health insurance services.

Arrow is headquartered in Glens Falls, with 40 bank branches and nine insurance offices. Combined, our Company has over 525 employees who live, work and give back in the communities we serve.

Glens Falls National Bank
Headquarters: 20 South Street
Glens Falls, NY 12801
518 793-4121

www.gfnational.com