Do you have a strategic technology plan?

by David W. Saylor

The pressure on community banks to remain relevant in the hyper-competitive U.S. financial services market has never been greater. Neo/challenger’s, big-box retailers, and tech giants pose a significant risk to the traditional community bank model.

Historically, community banks have not moved at the speed of technology. A cultural shift is needed from the “board-level-down” in many community banks across the nation — and we are starting to see that shift take form.

Understanding where you are from a technology perspective and who you are as a community bank (the niches you serve well) is the first step. Also, your key team members with your institution must understand what technology is available to complement your strengths and objectives. Getting your team on the same page in these three areas is the foundation of a Strategic Technology Planning engagement with Genesys.

More community banks are going outside of their core vendor’s “eco-system” to meet rising demands on forward-facing technology and back-office efficiency. Where do you start? What initiatives do you prioritize? What solutions/vendors will get you there economically and practically?

In our world, creating a strategic technology plan encompasses four pivotal phases; Discover, Assess, Educate and Develop.

The strategic technology planning process unites your team around a vision for your bank. Technology and the inherent strengths of your institution are at the heart of every initiative outlined in your three-year plan. Ultimately, this creates a cohesive culture that embraces technology rather than fearing it and will position your bank to thrive in this new era of banking.

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