The future of the financial service industry is moving toward the bundling of products and services and expanding technology.

The financial services industry evolved from the banking industry, said J. Scott Johnson, regional president for Wells Fargo Bank in Iowa and Illinois, in a lecture titled “Building the Right Foundation for the Financial Services Industry – Right Here in Iowa!” on Thursday in the Gerdin Business Building.

Johnson’s lecture was part of the College of Business’s Stafford Lecture series.

Johnson said the financial services industry is a “one stop shop” for customers, rather than just a banking service. This makes it easier for the client.

When people hear the word “banking,” many assume the only jobs involved are bank telling, Johnson said.

However, bank telling is only one aspect of industry – there is a wide array of jobs in human resources, product development, trust services, sales management and many other areas, he said.

The impact that the financial services industry has on the business world is growing.

“Technology helps businesses become more productive,” Johnson said.

In the past, banking involved writing checks and making deposits. Today it is moving towards a more electronic method.

There are also a lot of jobs available in this sector of the industry.

“It creates capital, jobs and economic development,” Johnson said.

Johnson also stressed the importance of teamwork. Johnson said believing, affirming, motivation and having fun are the four degrees of teamwork.

Johnson said leadership and teamwork are like painting a picture.

“The role of a leader is to paint that picture,” he said.

“But don’t finish painting it yourself, let other people paint.”

To be successful in any industry, employees need to be able to embrace change, practice sharp communication skills and understand and accept diversity, he said.

Johnson also said it is important for people being interviewed to do their research on the company and its culture.

“We are interviewing you, you need to interview us,” he said.

“Put yourself in a place where you are uncomfortable.”

When interviewing and hiring, Johnson looks for certain characteristics in potential employees, such as involvement in activities and holding leadership positions.

Because he’s been an Iowa resident his entire life, Johnson was also able to give a personal perspective of what it is like having a career in the banking and finance field in the Midwest.

“Consider Iowa as a great place to have a career,” he said.

Labh Hira, dean of the College of Business, said Johnson is an excellent role model.

“We are proud of Scott,” Hira said.

Robert Stafford, the man who the lecture series is named after, also attended the lecture.

“I was intrigued by the lecture and the discussion of changes over the past decade in the financial industry,” Stafford said.