Independent Banker - July 2024 - 51

that before a community bank does
anything involving a tech upgrade, it
needs to " articulate and define for what
you're trying to solve. " Are you trying to
grow your customer base? Attract new
customers? Expand your share of wallet
for existing customers? Identifying a goal
can help you decide what to address first
rather than trying to take a " big bang "
approach of upgrading everything all at
once. This approach can be frustrating
and drawn out and may ultimately not
lead to the right long-term solution.
Taking the first big step
Even the mere idea of upgrading
digital platforms can be daunting for
a community bank that is " too small
of an organization to employ someone
on staff who's thinking about all
this, " says Sanat Patel, chief lending
officer of Avana Companies, which
owns $42 million-asset First State
Bank of Abilene in Abilene, Texas.
Bigger banks typically have a chief
technology officer whose job it is to
focus on strategic initiatives, whereas
at smaller banks, several people may fill
that role. Community banks may also
think it's too cost prohibitive to start
a digital transformation and could be
overwhelmed when trying to think about
how to upgrade everything.
Instead of tackling it all at once,
Patel says First State Bank of Abilene
picked one pain point and started
there. For the community bank, it
was consumer lending. " We started
following the journey of a loan and built
technology around it, " he says. From
loan origination to underwriting to
closing and servicing the loan, bank staff
were " following the loan and following
the experience
of the borrower
in a thoughtful
way and their
experience with
the technology. "
Commencement
Bank started
its digital
transformation
journey with
ICBA, by working
with Potts and
his team to create
an information
technology
strategy plan
that went along
with the bank's
" We acknowledged we
need to be able to provide
services to customers
whenever they want to
do their banking. "
-LAURA ORCUTT,
BELL BANK
normal strategic plan. Commencement
then partnered with a consulting firm to
create a plan for how to move forward,
which also meant recognizing that it
didn't have the in-house knowledge to
do this itself and knowing that " they're
bankers, not technology people, " says
Manolides. Acknowledging this helped
make it easier to decide to partner with
someone who was.
70%
62%
expect anyone they
interact with to have the full
context of their query
think experiences should flow
naturally between physical
and digital spaces
62%
agree that personalized
recommendations are better
than general ones
independentbanker.org // 51

http://www.independentbanker.org

Independent Banker - July 2024

Table of Contents for the Digital Edition of Independent Banker - July 2024

Contents
Independent Banker - July 2024 - Cover1
Independent Banker - July 2024 - Cover2
Independent Banker - July 2024 - Contents
Independent Banker - July 2024 - 2
Independent Banker - July 2024 - 3
Independent Banker - July 2024 - 4
Independent Banker - July 2024 - 5
Independent Banker - July 2024 - 6
Independent Banker - July 2024 - 7
Independent Banker - July 2024 - 8
Independent Banker - July 2024 - 9
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Independent Banker - July 2024 - 16
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Independent Banker - July 2024 - 18
Independent Banker - July 2024 - 19
Independent Banker - July 2024 - 20
Independent Banker - July 2024 - 21
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Independent Banker - July 2024 - 24
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Independent Banker - July 2024 - 31
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Independent Banker - July 2024 - 34
Independent Banker - July 2024 - 35
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Independent Banker - July 2024 - 37
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Independent Banker - July 2024 - Cover3
Independent Banker - July 2024 - Cover4
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