Navigating your financial journey can be overwhelming. Mark Jensen, Director of the NDSU Center for Banking and Finance, breaks down what matters most and highlights smart strategies for success.
What’s changed about money and banking that people can’t afford to ignore?
Banking has become more complex, largely due to advances in technology, but at their core, banks still do three main things: lend money, take care of money, and move money around. In today’s financial landscape, the sheer number of choices can be overwhelming. Having a basic understanding of money management and then working with someone who can provide good advice can help you cut through the noise and make better decisions.
What should people be looking for when choosing a bank or financial partner?
North Dakota has the most banks per capita of any state in the US, and each one operates just a little differently. With so many options, you can decide which factors are the most important. Is it their locations or operating hours? Treats in the lobby for you or your pet? High rates on CDs and low rates on loans? All of these can be important, but let me suggest three questions to ask:
- People: Are they responsive, helpful, and easy to work with?
- Technology: Does their online and mobile banking actually make your life easier?
- Fit: Do their services align with your personal or business needs?
What’s one tip that would help people make better decisions with their money?
You can’t make good financial decisions if you don’t know your own numbers. A simple budget and intentional plan can change that quickly. Whether you use a budgeting app or just a good old-fashioned spreadsheet, the goal is to understand where your money is going. Or, if you’re comfortable, try uploading a sample of your transactions into an Al engine that you trust and ask it for insights into your spending patterns.
What’s one simple concept about money that can change how people make decisions?
Interest is either working for you or against you. In its simplest definition, interest is just the cost of renting money. Banks take deposits, pay interest to their customers, and lend those funds out at a higher rate to account for costs and risk. Understanding that simple concept can change how you think about saving, borrowing, and investing. Use debt carefully to limit your interest costs, and know that even a small cash balance could be safely earning interest for you.
How do banks decide whether someone qualifies for a loan, and what can people do to strengthen their chances?
The most important decision factors for any loan are related to whether the bank can be confident that they’ll be paid back. The two biggest indicators are:




