Community bankers have recognized the evolution and acceleration of digital transformation in their industry, and it’s one of the reasons why ICBA developed its ThinkTECH Accelerator program and other innovation initiatives over the past few years. This heightened awareness was magnified by the pandemic and has forever altered many people’s visions of how business will be done after the pandemic ends.
As community bankers transition into the new normal, lessons learned during the pandemic hold tremendous value. Take, for example, digital account origination. When opening accounts online, customers can do a lot on their own, but they also want to know they can push the easy button, if necessary, to put them in direct contact with a banker or relationship manager. A digital customer experience that is frictionless and easy to use is important, but it must never disintermediate the community banker from the relationship.
Building on the successes of the past few years, community bankers must continue the iterative process, evaluating and measuring tools and technologies for continuous improvement as they consider digital solutions and the digital customer experience. Embracing the right approaches, tools and technologies, coupled with providing customers with value in the relationship, are foundational for success.
Another critical component is employee engagement. Bringing every employee into the innovation conversation early on is essential.
Allow me to share a story to illustrate this point. When internet banking was in its infancy, I watched a bank invest heavily in its online banking experience. During its kickoff party, I saw a customer walk into the lobby, ask to see the head teller and pull out a statement stuffer he had received announcing the launch of the bank’s online banking platform. As I recall, he asked the teller, “What’s this all about? Is this how I will have to do business going forward?”
The teller responded, “Don’t worry. Keep coming to me, and I’ll take care of your needs.”
Yes, it was essential to ensure that the customer felt comfortable. But what the teller also did, inadvertently, was indicate to the customer that the bank’s significant investment in its new online platform wasn’t necessary and that the customer didn’t need to use it.
This anecdote illustrates the role that employee buy-in, along with education and effective communication, plays in the successful rollout and adoption of digital solutions. It’s also why ICBA places a high priority on providing high-quality educational tools and resources for its members.
ICBA recently rolled out its ThinkTECH Innovation Series, which focuses on topics related to fintech innovation, including the digital transformation journey. The series (icba.org/thinktech) will help community bankers better understand where innovation is going, how to work with fintechs and how to embrace digital transformation.
Consider ICBA your partner and advocate on the digital transformation journey. That’s why ThinkTECH exists and why we continually innovate to introduce new resources as the industry evolves.
