Independent Banker - July 2022 - 79

looked at where we have gaps and
where things are not working well
... then, we prioritized the list of
projects based on those with the
most challenge and went looking for
partners. We found powerful players
doing things on their infrastructure
as software-as-a-service that we
couldn't do ourselves.
Copper France: Innovation is
about being the eyes and ears of
the community, but it's not just
about " How can this be better for
the customer? " It has to be about
employees as well. If we want to
attract and retain quality help, the
employee's experience has to carry
equal weight to the customer's. For
example, when we were vetting
vendors for online account opening
technology, we focused on ensuring
we were not creating additional work
for staff.
Anne Benigsen: I agree. When
I look at technology, I am really
looking at two things: Does it
consolidate things we do? Or does it
meet an entirely new need? It's like
both Isaiah and Copper said: We
have to ask, " Where are the gaps? "
...and must include the
core provider.
France: Another consideration is
how the core fits into things. For
the products we've evaluated, core
integration is a high priority and an
expectation.
Ortega: We really are looking at
the cores to create open banking for
us, using APIs and integration in an
interwoven way that makes it easy
for both customers and bankers to
operate in today's landscape.
France: Right, and core providers
do seem to be opening up to
fintech integration. They recognize
that it has to happen for them to
stay relevant. Similarly, fintechs
or providers have to realize that
" What worked well 20 years ago are not the
same things that work today. In the end, the
more services and new products we offer, the
more we lift up communities as a whole. "
-ANNE BENIGSEN, BANKERS' BANK OF THE WEST
their products must integrate when
necessary, and they need to be
relevant cost-wise. They should keep
in mind they have clients at small
banks in rural America, and their
pricing model has to reflect that.
Community banks and technology
providers must also stay apprised
of how industry developments
affect current and future needs.
France: We've got to listen and look
at the market, and ask ourselves, " Is
this the next internet and mobile
banking? " Cryptocurrency, for
example. What role does it play in
community banking?
Ortega: Agreed. We have to
keep a close eye on those major
shifts, like virtual currency, faster
payments systems and others.
I'm seeing the industry move, for
example with FedNow, and that
conversation should be happening at
a fintech level.
Benigsen: That's what's valuable
about the [ICBA ThinkTECH]
Accelerator. It lets fintechs know
what community banks need. ICBA
acts as a hub, sharing information on
everything from cryptocurrency to
FedNow to ISO 2022 changes.
Colleen Morrison is a writer in Maryland.
The innovation
journey
continues
For more information
about the ICBA ThinkTECH
Accelerator program and to
view product demos from the
2022 Accelerator cohort, visit
icba.org/thinktech
independentbanker.org Q 79
http://www.icba.org/thinktech http://www.independentbanker.org
Independent Banker - July 2022

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