Independent Banker - November 2021 - 32

PORTFOLIO INNOVATION STATION
the problem you are trying to solve at
the forefront.
When talking with solution
providers, consider asking:
 Why is your solution eff ective at
addressing our bank's core problem?
 Is your solution " shovel ready " or
does it require additional oversight
and maintenance by the bank?
 Is the price scalable to the level and
volume of activity the bank has?
Know where
you're going
By Charles Potts, ICBA
o paraphrase Yogi Berra, " If you
don't know where you're going,
you will end up someplace else. " Put
another way, the only way you will
end up where you want to go is to
decide in advance.
As you close out this year and
consider next year's eff orts, I'd like to
look at technology tools like artifi cial
intelligence (AI) and robotic process
automation (RPA) for the purpose of
enhancing digital- and mobile-fi rst
strategies. Let me emphasize that the
operative word here is tools. These
technologies only become solutions
when measured against capabilities,
customer needs, goals and objectives.
One of the best use cases
highlighted over the past year
was the use of RPA to accelerate
community banks' ability to process
Paycheck Protection Program (PPP)
loans. When community banks were
under pressure to quickly process
T
loans for small businesses, RPA
solutions that mimic the human data
entry process accelerated the loan
application approval process and the
disbursement of funds.
This served as a light bulb moment
for many community bankers.
Bankers learned that they could take
what they did with PPP loans and
apply it across the bank. Community
banks can further optimize solutions
by blending RPA, which automates
redundant tasks, with AI capabilities
that use a computer to imitate
human behavior.
For community banks focused on
improving their digital- and mobilefi
rst strategies or supporting their
front-end and back-end processes,
the next logical step may be using
innovative technologies like AI
and RPA. When assessing whether
these technologies are suitable for
your bank, it's imperative to keep
These conversations naturally fold
into complex regulatory compliance
questions, such as:
 Can I run these automated
technology solutions continuously
to fi ne-tune and improve the quality
of our back offi ce, compliance
and oversight?
 Can I augment, supplement or
substitute staff resources in siloed
functions like know your customer
(KYC), anti-money laundering (AML)
or Bank Secrecy Act (BSA) practices?
As I've said before, underpinning
any evaluation and assessment of these
tools, technologies and providers is a
clear understanding of your strategy,
where you're going and what you're
trying to accomplish. Don't allow
shiny object syndrome to cloud what's
important for your community bank
and its customers.
As you begin thinking about your
goals and objectives for the year ahead,
ICBA's Preferred Service Providers
directory is a great starting point to
research potential vendors selected by
community bankers for their excellence
that can help you on your journey. 
Charles Potts (charles.potts@icba.org)
is ICBA's senior vice president and
chief innovation off icer
32 Q ICBA Independent Banker Q November 2021
Independent Banker - November 2021

Table of Contents for the Digital Edition of Independent Banker - November 2021
