The Most Powerful Women in Banking: Jennifer Barker, No. 17, BNY

Jennifer Barker's experience living and working abroad — including nine years of her childhood when her father was in the military — have served her well for maintaining her dual roles at BNY.

Barker joined BNY in 2022 as global head of treasury services. In the first quarter of 2024, she started overseeing depositary receipts, a line of business that helps clients get listed on a stock exchange outside of their home country. The common thread between the two services is their global nature and that CFOs are the typical buyers. 

Hear her speak at The Most Powerful Women in Banking Conference in New York City, October 22-23.

"I have a strong focus on innovation and using technology to improve the client experience and reduce cost," said Barker.

Since Barker assumed her role as global head of treasury services, the business's revenue has grown 25% from $1.29 million in the 2021 fiscal year to $1.6 million in the 2023 fiscal year. Sales performance has grown 75% in the same period, and is on pace to double this year, according to BNY. 

One specific accomplishment under her watch is enabling 24/7 clearing of U.S. dollars for BNY's clients, which means clients who operate in U.S. dollars anywhere in the world have real-time access to their account positions and can settle payments at all hours. This launched in the fourth quarter of 2023. Barker also oversaw the launch of Bankify in September 2023. This capability for BNY clients is meant for any entity that accepts payments from consumers online. It will let consumers pay merchants via their bank accounts through the Automated Clearing House, and eventually real-time payments, as an alternative to their credit or debit cards. ACH funds can typically be returned within 60 days, but BNY will guarantee these payments to the merchant. 

"It helps our companies from an accounts receivable and working capital perspective because they know immediately they have good funds," she said. BNY is still rolling Bankify out to its clients, starting with e-commerce merchants.

Inside the company, Barker is the executive sponsor for WIN, BNY's Women's Initiative Network, which supports the advancement of women throughout BNY with networking, mentoring, training, skills-building and more.

One skill that Barker believes a rising banker needs to succeed today is a strategic mindset. "This industry changes every day," she said. "There are existing competitors, [which are] other banks. There are new competitors with fintechs. You have to understand, where will you focus and where is the puck going?"

That also means creatively solving what clients tell you are problems. But strong innovation also means solving unknown problems.

"[That's] where I spend a lot of my time," said Barker. "The things a client hasn't anticipated yet or don't know are a problem because they haven't connected the various data pieces."