Independent Banker - October 2018 - 23
Next: What it takes to off er wealth management services
from the Google Trend graph on the previous
page, AI (noted in red) continues
to remain top of mind while interest in
blockchain (noted in blue) has diminished.
Excellent areas to apply this
technology include fraud prevention,
customer service (chatbots) and lending
process improvements.
3. Data and analytics
Bankers are sitting on a treasure
trove of transactional data that, if
interpreted properly, can lead to an
advantageous customer-relationship
strategy. Amazon and Facebook would
salivate over such banking data and
want to add it to their social media
data to get a complete picture of the
customer and provide more tailored
off erings. The two primary roadblocks
to success in this area are having the
right people on board to interpret the
data and the right data infrastructure
to access and analyze the data. Done
correctly, this can create a signifi cant
competitive edge for your bank.
4. Cloud infrastructure
This is a natural fi t for bankers, as
movement to the cloud can signifi -
cantly reduce operating costs, improve
employee productivity and transparency,
and facilitate collaboration
across the bank. The biggest considerations
remain potential cybersecurity
and vendor-management challenges
for this commonly outsourced banking
service. If you can allay these two
concerns, this is a " no-brainer " to
begin implementing.
5. Mobile first
It's important to move toward ensuring
your banking products and
services are available via mobile device
before rolling them out to other channels.
This has been a slower move for
many community banks as they try to
balance the high-tech, high-touch relationship
experience.
Ready to invest in new financial technology?
ICBA's Fintech Strategy Roadmap can help guide your community bank
in the right direction. Visit icba.org/fintech
Changing the Way You View Funding.
800.783.4273
http://www.icba.org/fintech
Independent Banker - October 2018
Table of Contents for the Digital Edition of Independent Banker - October 2018
Table of Contents
Independent Banker - October 2018 - Intro
Independent Banker - October 2018 - Cover1
Independent Banker - October 2018 - Cover2
Independent Banker - October 2018 - Table of Contents
Independent Banker - October 2018 - 2
Independent Banker - October 2018 - 3
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Independent Banker - October 2018 - Cover3
Independent Banker - October 2018 - Cover4
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