Pub. 1 2021 Issue 2

30 | The Show-Me Banker Magazine IMMUNIZING YOUR TECHNOLOGY PLAN By Emily Twillman, CSPI We’ve surpassed another milestone; surviving a full year from the COVID-19 global pandemic that forced a government shut down last March. That doesn’t surprise many, as community bankers have always been known for rallying through the storm and upholding their com- munities. 2020 has proven once again that community bankers will continue their efforts to do whatever it takes to get the job done. From working endless hours filing PPP loans to their nimble pivot adapting digital banking transformation, community bankers went above and beyond to ensure their customers’ needs were exceeded. While digital banking transformation has been in hot pursuit over the past decade, it became the priority as bank lobbies started shutting down. Digital banking transformation is a broad term that encapsulates both digital technology advancements and the ability to track data and analytics to formulate a more accurate depiction of growth opportunities. In a survey completed by Harland Clarke, 74% of financial institutions surveyed experienced more than 10% growth in digital banking adoption. While it would be easy to remain complacent, community bankers need to do what they do best: prioritize their cus- tomers’ needs, grow customer relations, analyze risks and potential growth opportunities, and take action. As digital banking remains at the forefront, financial institutions need to continually evaluate and evolve this channel. We firmly believe community bankers will continue to drive technological change. While the days of imple- menting digital transformation every 3-5 years when a contract expires are likely behind us, it’s more important than ever to select a vendor that’s agile and keeps up with industry trends. Banks need to continuously evaluate processes, seeking to improve the customer experience to remain competi- tive. As financial institutions prepare for transformation, below are a few suggested areas to incorporate into your digital strategy: Identify Key Goals & Initiatives Brainstorm goals and write them down. Are you seeking to improve your operational efficiencies, transform your customer experience, identify competitive advantages, or grow your bottom line with a new business strategy? Although it’s crucial to be mindful of the customer experience and evaluating new trends, don’t overlook There is no shame in changing course when aiming for success. — Robert Herjavec