Pub. 9 2019-2020 Issue 2

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S September • October 2019 7 Digital technologies are driving change in the financial services industry. Today’s demographics, sophisticated and global customers, are in search of banking services through omni-channel platforms. set up to offer the services that customers expect and that an innovative consumer banking platform offers. The disruption is happening with a large number of small tomid-size financial institutions, paying huge amounts of premium for online and banking platforms with very few features. Put simply – many small to medium size community and regional banks have been taken advantage of in regards to online and mobile banking. They are often pressured to sign restrictive contracts with termsmore than five years. Customers feel limitations of those services that still require them to come to a physical branch location for cash or check transactions. Financial institutions are beginning to realize the need for branch automation, which includes personal teller machines and self-service kiosks. Even though self-service kiosks have been around for quite some time, they are becoming adapted by more and more financial institutions recently. Finding the best way to implement these kiosks in a cost- effective manner that actually provides all available options will require a great deal of due diligence and selection of the right technology partner. Community and regional banks must position themselves for the future ahead with capabilities to better serve multi- generations of diverse cultures with different expectations on accessing banking services, languages, and lifestyles. Sharp cost cuts are needed in today’s highly competitive, regulated, and overcrowded financial industry. Along with entrepreneurship and leadership, the right technology investments are required in order to remain relevant and competitive. The challenge is for leadership to make the best decisions that will capture meaningful savings with minimum damage to current revenues and maximum advantage for long-term performance. Only the banks with the proper corporate culture, appetite to innovate, growth strategies, and leadership team will experience success through the economic boom and downturn. The winners will seize efficiencies and capture opportunities! n