Independent Banker - December 2020 - 29

Next: What compliance updates did this year bring?
Accelerator program and Preferred Services
Providers directory, community banks hastened
their implementation of new technology solutions
and services.
As a result, digital platforms, including online
loan origination, launched in a matter of days,
not weeks, enabling businesses to remain open
and pay their employees. The accelerated timeline
brought the need for increased digitization
and robust mobile platforms into sharp focus;
this should inform business and strategic planning
for the year ahead.
Ask yourself: Where did we leapfrog or accelerate
innovative solutions and services this year?
How can we integrate components of these solutions
and services across bank operations to
establish a new normal?
Innovation Station
By Charles Potts, ICBA
A truly
innovative year
ood battle plans are thrown out once
you meet the enemy, " to paraphrase an
old military adage attributed to Prussian fi eld
marshal Helmuth von Moltke. It's a good mantra
for 2020. COVID-19 hit hard, and plans made
earlier in the year went out the window.
Let's take a moment to refl ect on the challenges
and victories of the past year and celebrate the
heroic action that community banks took to meet
the needs of their customers and communities.
Against a backdrop of branch closures, operational
constraints and compressed timelines,
community banks processed more than 4 million
Paycheck Protection Program (PPP) loans for
small businesses. To do so, they turned to new
technologies and fi ntech partners that enabled
them to process PPP loans in record time. Due to
their exposure to and partnerships with fi ntech
solution providers through ICBA's ThinkTECH
" G
As we consider what that new reality might look
like for community banks, it can help to focus on
trends that came out of the crisis. For example,
customers have grown comfortable with distance
servicing and working from home. For community
banks, this might mean embracing more
technology, self-service and automation. Community
banks also saw a surge in new small business
customers as a result of their eff orts. They should
consider ways to deepen and broaden their relationships
with these businesses, such as cash
management services, fi nancial accounting capabilities
or payroll.
In refl ecting on 2020, community banks should
have a profound sense of accomplishment. Pat
yourself on the back for your resiliency and
heroic actions. Now build on that momentum as
you look to the year ahead. As you do, we are here
to support you every step of the way.
ThinkTECH 3.0 coming in 2021
Charles Potts
(charles.potts@
icba.org) is
ICBA senior vice
president and
chief innovation
off icer
ICBA continues to foster successful
collaboration between promising
fintechs and community bank leaders
in support of our mission to create
and promote an environment where
community banks flourish. The ICBA
ThinkTECH Accelerator 3.0 launches in
January. icba.org/thinktech
independentbanker.org Q 25
http://www.icba.org/thinktech http://www.independentbanker.org
Independent Banker - December 2020

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