Re-envisioning Community-Driven Financial Institutions with Bahari Harris

Speaker A: This podcast is powered by the Leading at the Top of your game development experience. If you would like to work with Karen and the shockingly different leadership team to up level the leadership execution acumen within your organization, visit developingyourgame.com to find out more. And I could not figure out, like, why these check cashing places, you know, able to thrive, you know, basically across the street from these banks, till I figured out that it was my families that were the primary customers of those, uh, of those institutions.

Speaker B: Welcome to the Lead at the Top of youf Game podcast, where we equipped you to more effectively lead your seat and at any employer, business or industry in which you choose to play each week, we help you sharpen your leadership acumen by cracking open the playbooks of dynamic leaders who are doing big things in their professional endeavors. And now your host, leadership tactics and organizational development expert, Karen Farrell Rhodes. Hello, my superstars, this is Karen. And welcome to another episode of the Lead at the Top of youf Game podcast. We have, uh, a tremendous guest on the show today, and I cannot wait to dive into some very rich conversation on a topic that's near and dear to all of our hearts. We are so pleased to have on today's show Mr. Bahari Harris. And he is the Senior Vice President and Director of Financial Inclusion, Inclusion Initiatives at Truist Financial Corporation. And Truist is one of the nation's leading bank holding companies. And Bahari, um, leads very dynamic programs such as a partnership with Operation Hope, uh, workplace banking and student banking at Florida State University, among others. And I can't wait to dive in to have Bahari share his insights on, you know, what are inclusive financial systems or do they even exist these days? And what are some of the ways that traditional banking is evolving to support economic, uh, mobility within, uh, our communities. So welcome to the podcast, Bahari.

Speaker A: Thanks so much, Karen. It's great to be here.

Speaker B: Oh, it is absolutely fantastic to have you. And, um, as I was, uh, mentioning before the show, I don't think 30 minutes is going to be enough time for everything we want to dive into, but we're going to do our best. Right?

Speaker A: Right. Let's go.

Speaker B: All right, well, before we, uh, dive into your area of expertise, um, we always love to know just a little bit more about our guests. So for just as much as you feel comfortable, can you give us a sneak peek into your life outside of work?

Speaker A: Yeah, yeah, no, absolutely. And, um, so I am married. Uh, I've been married for 18 years. We have one child, a son. Um, and, um, for, for fun, uh, outside of work, my, my wife and I really enjoy Latin dancing. She, she enjoys it. I'm kind of addicted to it. So, uh,

Speaker B: she's your partner, huh?

Speaker A: Exactly, exactly. So, uh, yeah, all forms, uh, salsa, merengue. Yeah. So I just love it.

Speaker B: Uh-huh. That is amazing. And what a great activity for you all to share in as well. So. Well, one of these days we're going to see you all on Dancing with the Stars. Right? Okay.

Speaker A: Okay. That would be a lot of fun. That's a lot of work, but that's

Speaker B: a lot of work. I know. A lot of work from what I hear behind the scenes. Absolutely. Well, thanks so much for that, that bite of your personal life. We really appreciate it. So let's turn the tables, um, a bit and um, start off by, um, if you don't mind, if you wouldn't share just maybe some of the highlights of your career and then what led you to truist?

Speaker A: Yeah, no, um, thanks for the question. Um, so I went to Virginia Tech for undergrad and um, I double major. Can't ever really figure out what I want to do when I grew up, so I just kind of have to do it all. So I double majored in um, business management, um, and in Spanish. I actually got a dual degree, BS in Business Management, BA in Spanish. And um, after I graduated I really wanted to make an impact with my career and so I decided to go into the non profit sector. Um, and I started a non profit called Urban Hope. And in Urban Hope, we work with urban youth and their families primarily around the issues of financial literacy and entrepreneurship. Um, so I ran that for 11 years and wore every hat in the business. Uh, so I was the CEO, the Chief Marketing Officer, the chief Development Officer, uh, but, but grew that to a year round, um, uh, programming with uh, our biggest piece being a summer camp, uh, for kids. Uh, from fifth grade through the tenth grade. What I began to observe in the community because not only did I work in this community, but I lived in this community, um, was that we were within a five minute walking distance of about four mainline banks. And there was a large credit union that was there too. But we were um, we were bookended by two thriving check cashing places. And I could not figure out like, why are these check cashing places, you know, able to thrive, you know, basically across the street from these banks.

Speaker B: Right.

Speaker A: Till I figured out that it was my families that were the primary customers of those, uh, of those institutions. And that really, um, it really put a burden in my Heart to figure out, wait, how can we help these families have more access to traditional banking? Because although the systems um, with the check cashing places are accessible, they're very expensive, right? They're very expensive forms of financial services. And so thus began my journey back to grad school. I went uh, to a world class university in my backyard, Duke, uh, university again. Can't ever quite figure out what I want to do when I grow up. And so uh, I double mastered, uh, got a Master Business Administration and a Master of Public Policy. And you know, even at that time I knew that if I wanted to make a true impact with my life, I had to have the languages not only of the non profit sector but also of corporate America and also of policy. Because it's really at the nexus of the three where you have the biggest change that happens, right? And so um, I went through that three year program, uh, had an internship, um, actually at bank of America, um, and then I took a full time role with, with that bank, um, before um, uh, heading to Truist. So I was at bank of America for about five and a half years, uh, doing the work, very much so of what I do now, uh, community banking, primarily in low to moderate income spaces, uh, driving the strategy there. Um, and then in 2021, so right during COVID I was recruited over to um, Truist where I continued the work in financial inclusion.

Speaker B: What an rich and inspiring background. Uh, and it so resonated with me because um, I do a lot of volunteer uh, and service work um, as well. And I remember um, being approved to uh, to help with foster children who are aging out of the system. And one of the things we did was a financial workshop. And I kid you not, I was you know, sitting in a group, it was probably about 30 or so um, kids who were aging out of foster care. And we were, we had a, it was a fellow bank that was helping to co sponsor this session and not a single one in the room knew that they could get an account at a bank. They had only known check cash in stores and they thought the fees that were charged were just the cost of life. They did not know there were alternatives. And we actually helped them to get um, a free checking account, um, set that up for them. As I'm sure you know, many of your programs you do as well. But I think um, especially those of us in the business world and professional worlds, we underestimate the underserved communities and the lack of knowledge of financial literacy, um, amongst um, you know, some of the more Vulnerable communities out there. So I just give you and your team kudos for all that you're doing in this space.

Speaker A: Yeah, yeah, no, thank you so much. And to your point, if you don't really understand financial services and if you have been actually part of that system where you know, you have those alternative financial services, um, that is your reality, right? So if, if, if you face a disruption somewhere like either your mom or. Sorry. Or your, your parents or your grandparents. Right. That tends to, to go down to the second and third generation.

Speaker B: Yes.

Speaker A: Yeah, yeah. So it was, it was many of my kids that we were teaching when I was a non profit. We were teaching them for the first time about the financial system, about the banking system, etc, right. To really help them to understand. I always like to say there are certain things that are caught right around the dinner table, in the car ride, right about, about, about life. Right. And about, and about um, the reality, especially when it comes to finances. And there's other things that are taught, right? There are other things that are taught in the, in the classroom and so um, um, um. And we did a little bit of both, right. To make sure that our kids were the most prepared for their futures.

Speaker B: I love that. I absolutely love that. And to your point, even in, I'll just share in my family, I mean my parents were probably the first generation that really became deeply financial, ah, literate about all the options that were out there. Uh, they were the first ones to you know, purchase stocks and have a diverse portfolio and things like that. But they taught that to me and I have passed that on to our children as well. But to your point, it's, it's if you have the knowledge as a parent that's when you try to, to give it. Um, I'd love to do a double click down on you know, your role at Truist. Um, and I know you have uh, you know, some personal um, efforts that you do as well, programs and such. But I'd love to have you share with the audience, you know, some of the programs that you're involved in on helping to get that information out to those that need it.

Speaker A: Yeah, yeah. Well you know, um, at Truist we are a value driven uh, company and we live according not only to our values but to our purpose. And um, it's really important that as we design our products and services, um, that we live up to that purpose. At Truist, um, um, our purpose is to um, inspire and build better lives and communities. And um, that's exactly what we do on a day in and day out basis. I just have the privilege of being there where the rubber hits the road many times. For those that are new to banking or, or being reintroduced into banking. Um, one of the things that I'm. One of the programs, initiatives that I'm the most proud of, um, um, is something that we started years ago, um, around um, emergency savings. Had, uh, opportunity back in 2021 to start a, uh, initiative called Start Save Win. And um, this was for new to saving, um, clients, right? So new savers, new savings accounts, um, who were, who were uh, just getting started on that, on that journey. And so they needed an incentive, right? An incentive around. How do you do this? Well, and so what we did was, it was really interesting at the time we incentivize them around their own money, right? So, uh, we had a sweepstakes style, um, program where for each $25 that you saved of your own money, we put that into an entry and you had up to five entries to win some, you know, micro, um, prizes. So $100 up to $500, right? You could, you could win. Um, it was so incredible, right, to see the response to that, right? We, we, we started, um, uh, over 25, uh, thousand new accounts right through that initiative. It was incredible, right? And we went into the millions that we were able to help people save. And again, this is their own money, right, that they're, that they're saving, right? And so it was again an incredible initiative, um, uh, where again, just, just, you know, when it comes down to savings, it's all about behaviors, right? So it's not about the dollars necessarily that, that you have to say, like we always teach, hey, pay yourself first, right? Don't, don't save just the leftovers. Pay yourself first, right? And the best way to do that is through automatic savings features, right? So that's the automatic transfers that you have going from perhaps from your checking to your savings account or even better, um, have a direct draft coming out of your paycheck, right?

Speaker B: Going into a, you don't even see it, right?

Speaker A: You don't miss it, right? That sense of that behavior to where when you see that going up, um, and you know that you have a, uh, safety cushion, right? You're, you are, you're less nervous, right, about, about making ends meet, about, you know, falling into debt, about having an emergency because you have something to fall back on, Right, right. And so, and what the statistics show is that even in times, for instance during COVID right, um, people who had a savings behavior started a savings behavior Before COVID actually continued during COVID although many of us were living in, in our savings accounts.

Speaker B: Right.

Speaker A: With all the economic disruptions and m. Uh, many folks who started that savings behavior did not, um, um, disrupt it during COVID And so that showed all of us that yes, people do have the ability to save. And so many times they just need that incentive or that nudge to make that behavior change. Again, it's not about the dollar amount, it's about the behavior.

Speaker B: No, absolutely. It's about the behavior. And other. I know we talked about just the lack of knowledge or experience, um, generationally, but are there other barriers that you see, um, kind of out in the workforce or community or whatever that um, other barriers to folks being able to um, be more financial literate and actually um, build upon their savings and manage it appropriately? Because it's one thing to save, but it's another thing to manage it effectively, you know, to help it grow. So any other friction out there that we should be aware of?

Speaker A: Yeah, yeah, many times it's the fear of the unknown. Right. So earlier I talked about the check cashing places. Right. Um, and the check cashing place is like a, um, um, is almost like a fast food restaurant. Right. You walk in, you see the price. This is how much it costs to cash to check, this is how much it costs to pay a bill. Right. You know, what the experience is going to be, you know, when you walk out, you know how much you're going to have to pay, etc. So it's a very concrete experience. Well, when you walk into a bank, many times the, the signage is not there that will help you understand, you know, hey, how much does it cost me to have a savings account or a checking account? How much does it, is it going to cost me to, to cash a check at this place? Right. And, and you may think that, that even these days you can cash a check on, you know, on the bank. Right. If it's, if it's a, um. For instance, I work at Truist, right. If it's a true check, like can you cash a truist check there, um, there are some banks, I'm not saying this truist, but there are some banks that will actually charge you a fee. Yeah, right. To, to cash a check that's on the bank. Right.

Speaker B: That's the bank itself. Yes.

Speaker A: And that was, that was a surprise for me even over in the past 12 months that I walked into a bank to cash that I didn't have an account in and I, and they, and they charged me a fee of $10. Right. That's an unexpected experience.

Speaker B: Yeah.

Speaker A: So many times. Again, it's the fear of the unknown, right. That, that causes you to, to want to go the other way. And so part of um, part of what I have, um, been able to lead at Truist is, hey, um, let's bring the bank to where the people are. Right. And bring financial education alongside the ability to be able to start when one of our products or services, right. We call it a workplace banking center of excellence. Where we are, uh, where we, you know, we go to the workplace and we actually combine those two pieces together. So we have a small, um, um, session where we are educating, um, the employees. And then we say if you want to take the next step with us, we're right here. You don't have to worry about coming right to the bank, figuring out what, what your schedule is vis a vis, you know, when banks are open these days. Right, right. Open up the, we can open up that account, you know, for you, right where you are in your workplace. And so that's another piece, right. That accessibility is what we're trying to solve for there. So two things, fear of the unknown and the accessibility piece, I think are, are, you know, pieces that, that um, that we're trying to solve, um, in banking and financial inclusion.

Speaker B: Yeah. You know, I love that. And I'll be honest with you, you know, I'm very experienced in a lot of different, um, industries. But you know, financial, historically financial institutions haven't really been branded or known for being mission driven or, I mean they, I'm sure some of them factor it into their overall strategic plans, but that is not an industry that would instantly come to mind as being mission driven and creative. And um, you know, I know you're all about the community, but that's not usually part of the branding. So I'm, it's so insightful to hear of a position such as yours that um, does focus on that. And I'm sure it's quite a change from the nonprofit sector, but it does infuse um, I guess a bit of, um, energy and diversity into um, what is historically sometimes thought of as like a hard and fast, uh, rigid kind of industry. I'm curious your thoughts on that. Am I way off and I just haven't been exposed, or is this something you're tackling?

Speaker A: I, I, I, I will say this, there are not many of me out there. Right. We, we all kind of know each other.

Speaker B: Yeah.

Speaker A: Travel in the same circles. Right. Uh, conferences and we Always are running into one another. Um, but the work that we get to lead is absolutely incredible. When you think about, um, for instance, you, you talked to me about, um, about what I used to do in nonprofit. Well, at the heart of nonprofit. Right. And at the heart of what I do, uh, at Truist, is value driven leadership.

Speaker B: Mhm.

Speaker A: How you influence people, how you keep purpose right at the center of your actions is relevant. No matter if you're in nonprofit or in corporate America, people remember how you treat them, how they feel Right. In the, in any interaction. And so if we are committed to really delivering our purpose, and that is again, what I, what I said before, forward to inspiring, build better lives and communities, then we have to make people feel that there's something different about what we do, the experience that they have. Right. Care is so important, um, in terms of, of how we show up, uh, in both the nonprofit and the for profit arenas.

Speaker B: Sounds good. And it seems like you're also not only passionate about your work at Truist, but then you have a personal passion around it as well. I think if you have either a podcast or a call your finance champ where you can give out information. Can you let our listeners know a little bit more about that, if you don't mind?

Speaker A: Yeah, yeah. Actually, um, uh, it's a hashtag right now, so. Hashtag,

Speaker B: that's a way to follow.

Speaker A: Uhhuh. I have curated, uh, content on um, LinkedIn, Instagram and Facebook. And all you have to do is search my name, Bahari Harris. B A H A R I Harris. And um, and you can find me there. And what I try to do on those sites is to, um, you know, demystify the financial services arena. Right. Make it more accessible, make it, um, um, such that, you know, folks who don't know much. Right. Can figure out what those inroads are. Right. Can have some of their questions answered, can feel good about some of their actions. Right. Many times we don't have that positive affirmation that, wait, is this the right choice? Am I making a good choice here? I want you to know as your finance champion. Uh, yeah. When you do this, you're making a great choice. Right?

Speaker B: Right. Right.

Speaker A: So that's part of how, of how I've curated this material to make sure that people are really affirmed. Right. And educated at the same time.

Speaker B: Gotcha. I think I was talking over you when you, um, gave the hashtag. So can you give the hashtag again and the platforms that you share, share insights on.

Speaker A: I'll be glad to. It Is hashtag your finance champ. So champ is short for champion. Hashtag your finance champ. And you can Find me on LinkedIn, Instagram and Facebook by searching my name, Bahari Harris. B as in boy, A H A R I. Last name Harris. H A R, R I S. And that will, how, that's how you'll find me on any of those, um, platforms I would ask you to like and follow.

Speaker B: Awesome. Wanted to make sure everybody got that information. We will have it in the show notes as well. But you, um, all know me, I love to talk and converse and sometimes I talk over my guests. So I wanted to make sure we get that valuable information out there.

Speaker A: Thank you. Thank you so much, Karen.

Speaker B: Well, um, you know, one other question, um, I want to ask you, Bahar, before we get to our signature question. Um, you know, this is a podcast on, um, you know, some of the best practice in leadership and we always love to have, um, a piece of advice or, ah, a piece of insight that to leave our listeners. So as an executive within the financial industry, what is your approach to, um, solid, effective leadership, um, in your areas of expertise?

Speaker A: Yeah, absolutely. For me, leadership is about meeting people where they are and finding the right motivators to move them forward. Right. I believe in leadership that comes alongside you. Right. So we're not across the table. We are actually on the same side of the table looking at the issue together. Right. When I was, when I was a, uh, m. Uh, in my early days in banking and I was actually in the branches, right. I would actually coach my bankers to come from their side of the table and literally sit beside the client and say, hey, what are we solving for today? Right? And let's do this together. Let's meet you where you are, decide what your options are, how to overcome those hurdles, because we are aligned shoulder to shoulder to get to your financial goals. And so that's, that's how, that's how I lead. I really believe in making sure that I am, um, joined with a person, join with those communities to overcome those obstacles and get, uh, to that, that degree of wholeness that we're all searching for.

Speaker B: I love that as well. You know, I'm like you, I have many degrees as well, but one of them is in, uh, industrial organizational psychology, which is basically the psychology of the workplace. And with a topic that is as sensitive as, um, financial stability, you know, that impacts someone's sense of wellness and security if things aren't going correctly. So I love your advice to, um, your team to go where your clients are on that side. And it turns into a more intimate conversation of where they're, you know, troubleshooting or thinking through options for what will be best for them and their families. And you know, we always, the banks always want you to be loyal. That will definitely shoot loyalty up through the stars if you're able to meet them.

Speaker A: Absolutely.

Speaker B: Um, well, Bahari, you know, we cannot let you get out of here without asking our signature, Signature question of you. And for my newer listeners out there, you may not realize, but, um, my company, um, Commencement, commissioned a research study years ago on leadership execution and what it took for high performing individuals and companies, um, to really be in that 1%, um, um, of the world, if you will. And um, what came out were seven big buckets of activities. We call them tactics, but activities that all leaders who are successful did. And we always love to ask our guests which of the seven really pop for them. All seven are equally as important, but usually there's one that really resonates. And Bahari was so kind to share that strategic decision making really resonated with him. And strategic decision making is all of what it sounds like. It's making a really good decision yourself or leading a great decision making process with your team or colleagues or whoever you're working with. So Bahari, curious minds want to know why, ah, strategic decision making really resonated with you, um, as one of the seven that came out of our research.

Speaker A: Yeah. Yeah. Well, one of the things about decision making, um, that I remember, um, from, from, from your um, from your writing is that it's all about, you know, your judgment, um, your experience. Right. And also making sure that you have the facts.

Speaker B: Yes.

Speaker A: And that is so important for me. So for instance, when I was deciding, um, what to do after, After I, um, graduated as a person who went to grad school for um, that um, um, that career switch, right? That's what, that's what I was, that was, I was there for, um. And you know, I didn't know exactly what I was going to do. And all my friends are like, Bahari the banker, like, what is that about?

Speaker B: You know, came out of nowhere, right?

Speaker A: That's weird. You know, but, but for me it was next step. Not only because of my experience, right. Going right back to the experience of what I just had in, while I was in non profit. But also I got, I got some great, um, advice from um, folks that I put around me, right, who, who knew me, who knew a little bit more about, you know, the area that I was about to go into and um, um, one of my mentors, she, she said, hey, there are some people who, their first step out of, out of school has to be right back into impact, right? Packed, right? And you, you have a gap, right? And you have, and your gap is you need to learn more about corporate America. You need the language of corporate America. That's why you came here. And so, you know, and when I thought about it as a gap analysis, right. I looked at the gaps in my life and my career and I said, you know what, I need to go and fill some of those gaps. Right? Strategic decision making. Since I needed to take, uh, have an experience, take the offer on the table for me that would give me that experience. I happened when I, my first step out of school was a, um, mba, uh, leadership rotational program, right? Banking, where I was able to learn things, um, about the industry, literally end to end, soup to nuts. I was, I was in back office operations learning about all our systems and, and um, structures. And then I was in the branches, um, in the financial centers, learning about how the sausage is made, if you will. Right. With the clients and the, and the customers and um, and you know, just the blocking and the tackling. And then I went up to a 30,000 foot level and I had a strategy experience with the, with the C suite, um, and lines of business leaders. And so again I was able to see the whole gamut. And that really did give me the tools in my toolbox that I needed to be able to apply my passion. Right. That was always there. The passion never left.

Speaker B: Right, right, right.

Speaker A: It never waned. Right. Um, but I needed to have those tools and resources again in my toolkit to be able to apply it appropriately so that I could have the most reach. Right? So actually the work that I'm doing right now, right. Is kind of the work that I was doing in non profit, but just on a much larger scale. Right. Instead of just impacting one community, I'm able to impact thousands of community across our footprint. Right. And for me that is so rewarding. I may not be able to see all the people up close and personal. Right. That I'm able to assist with my work. But I tell you what, I know that I'm making a difference, right. I know that I'm opening the doors for many people, doors that haven't been opened before. Right. And bringing folks in. And then sometimes I do get to actually get up, uh, close and personal with our clients and hear their stories. Right. Um, and be able to know that. Okay? Yep. If it was just for that one Client. I made a difference. That one new homeowner, that one person who was able to get out of credit card debt. Right. That one new student that started, um, their, their account. Right, Their checking account for the first. I'm going to tell you this, Karen. I still have my first checking account from when I was an undergraduate student.

Speaker B: Uh, really?

Speaker A: Yeah. I'm, uh, going to, I'm going to age myself when I say this, but almost 30 years ago, right, that I was, I was an undergraduate student. I still have that account. Right. And I still have part of my direct deposit going because they were my first big. Yes. Right. And so. And I've. And they've grown with me and I've grown with them. So. Yeah, so it's all about that for, for me. And again, we started. I, I started talking about strategic decision making, but it's that it's, it's making sure that I have the facts, the experience, and then if I don't have the judgment myself, relying on other others that I've surrounded myself with from America that have that right, that can weigh in and have that judgment help me.

Speaker B: Amazing.

Speaker A: Yep.

Speaker B: Awesome. Well, I for one really applaud you Truist and all the work you're doing in all of our communities. Um, the work is extremely important and we need more people like you and other financial institutions. So hopefully they'll, uh, expand, um, into this area as well. But, um, unfortunately we've run out of time. But, um, I want to. I knew we were when we started talking. Uh, but, um, before we let you go, um, we'd love for you and you did share a little bit on your social media, but, um, you said where people can find you. So I encourage, um, our community to do that as well. Um, please, um, at a very minimum, listeners go on LinkedIn and make sure you connect with Bahari. Um, even on Instagram and uh, Facebook and areas as well if you are a part of those social media outlets. Because I'm sure there are tons of more tips, um, and heads ups and things that he will give you kind of inside knowledge that, you know, you might not just get by, you know, searching on Google. So thank you so much, Bahari, for the gift of your time today. This has been absolutely tremendous.

Speaker A: The pleasure is certainly m mine. Thank you so much, Karen, for having me.

Speaker B: Absolutely. And thank you too, listeners, for the gift of your time as well. As I always say, we know that there are literally millions of other podcasts you can be listening to and we do not take your patronage lightly at all. All that we ask is that you like and subscribe on your favorite platform of choice and share our podcast with just one friend because by doing so it'll help us all to better lead at the Top of our games. Thanks so much and see you next week. And that's our show for today. Thank you for listening to the Lead at the Top of youf Game podcast where we help you lead your seat at any employer, business or industry in which you choose to play. You can check out the show notes, additional episodes, bonus resources, and also submit guest recommendations on our website@leadyourgamepodcast.com youm can follow me on Twitter, Twitter, Facebook, Instagram and LinkedIn by searching for the name Karen Rhodes with Karen being spelled K A R a N. And if you like the show, the greatest gift you can give would be to subscribe and leave a rating on your podcast platform of choice. This podcast has been a production of shockingly different Leadership, a global consultancy which helps organizations execute their people talent development and organizational effectiveness initiatives on an on demand project or contract basis. Huge thanks to our production and editing team for a job well done. Goodbye for now.