Independent Banker - July 2024 - 53

Community banks can also focus on
how much easier these new systems make
employees' jobs. Avana, for example,
created a dashboard for bankers to use.
" When the team logs into the
dashboard, the loan's there, " Patel says.
" The data's there to know if the deal is
viable or not. They can quickly look at it
to make sure the loan confirms and then
we're done. "
Reaping the benefits
After identifying that its greatest need
was speeding up the loan process,
Climate First Bank spoke to technology
providers about its options and decided
to keep its legacy system but develop a
loan demand generation and point-ofsale
application to overlay the legacy
lending system.
" We realized we were happy with the
legacy bank solutions. We just don't
like the user experience, " Cucci says.
Now, instead of a loan taking days or
even a week to be approved or declined,
customers can fill out a loan application
in an average of three minutes and get a
decision within 30 seconds.
Commencement Bank launched its
new platform in August 2023. In less
than a year, it's found that the new
solution is not only more cost-effective
but has also addressed eight of the 10
issues the bank set out to cover. The
other goals are " on the road map, and
they're coming in quick succession, "
Manolides says.
The community bank was also able to
improve its customer service by meeting
more customers where they are and on
whatever platform they prefer, which
Manolides says is critical to the bank's
brand and customer retention.
Bell Bank launched its new platforms
in May 2023 and has since seen a 65%
increase in users on its website.
" That's huge in itself. I don't know
if we would have had that success if
we would have waited another year
[to do the update], " says Orcutt. The
community bank was able to roll out
Don't forget the
human touch
While
community
banks are
competing
in the digital
landscape with much bigger financial institutions, they
shouldn't forget why their customers choose to bank
with them, even if they decide to engage with the bank
digitally first.
" As a customer, there should always be an
opportunity for me to hit the magic eject button and
get to a person, " says Charles Potts, ICBA executive vice
president and chief innovation officer. " Don't send me
down a force-fitted digital rabbit hole and just leave me
up to the digital gods. "
Part of the planning process must include identifying
the appropriate places where a customer can interact
with a human being.
" It's a huge value proposition to pair the high tech
with the high touch nature of what differentiates
community banks from a lot of larger institutions, "
Potts says.
digital account opening for consumer
deposits, consumer loans and for a range
of business products, including digital
account opening and CDs.
Since the transformation, Bell Bank
has also seen increased usage of its
mobile app not just with their younger
customers but across all generations.
So, while a major digital
transformation can be disruptive, costly
and complicated, establishing clear
goals up front and keeping staff and
customers informed will reap benefits
for everyone.
Jen A. Miller is a writer in New Jersey.
More from ICBA
Dive into and learn
more about the
world of digital
transformation
through ICBA's
five-part webinar
on demand series,
Digital Transformation
Demystified.
icba.org/education/
webinars
independentbanker.org // 53
http://www.icba.org/education/webinars http://www.icba.org/education/webinars http://www.independentbanker.org
Independent Banker - July 2024

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