Independent Banker - October 2022 - 76

CONNECTIONS INNOVATION CONVERSATIONS
How innovation strategy
aligns with bank culture
Two community bankers share how creating the right innovation
strategy includes several essential ingredients, from a bank's
core values to its customers to harnessing the technology to
make it happen. By Colleen Morrison
nnovation comes in all shapes
and sizes, and regardless of a
community bank's approach, to
be successful, bank leaders say it
must align with who they are as
an organization.
" What we think might work, other
banks might pass on right away, and
that's OK, " says Josh Hofer, chief
risk and information security offi cer
at $2.3 billion-asset Stearns Bank,
N.A., in St. Cloud, Minn. " We know
we're diff erent in approach, but it
works for us. "
Tim Shangle, associate vice
president of innovation and data
analytics at $2.4 billion-asset
ChoiceOne Bank in Sparta, Mich.,
concurs. " It's really easy to get siloed
in the banking world, but it's when
you know all of the diff erent pieces
that move around and are able to
move between them. That's our
greatest asset. "
Tim Shangle
Josh Hofer
That's why a community bank's
mission, vision and values must
drive its innovation strategy...
Shangle: We're always trying to give
our customers something that they
need and that they want. Innovation
isn't magic. You don't need a wizard
to make your bank innovative.
Innovation simply is something
that's new today that probably will
eventually become normal down
the road.
Hofer: At Stearns Bank, one of our
core values is " constant progress, "
and our fi ntech team always looks
for innovative partners that help us
advance our strategic priorities to
evolve so we continue to be proactive
in banking, achieving progress
and fi nding ways to better serve
our customers.
...and the strategy starts with
the community bank's-and its
team's-core strengths.
74 Q ICBA Independent Banker Q October 2022
I

Independent Banker - October 2022

Table of Contents for the Digital Edition of Independent Banker - October 2022

Table of Contents
Independent Banker - October 2022 - Intro
Independent Banker - October 2022 - Cover1
Independent Banker - October 2022 - Cover2
Independent Banker - October 2022 - Table of Contents
Independent Banker - October 2022 - 2
Independent Banker - October 2022 - 3
Independent Banker - October 2022 - 4
Independent Banker - October 2022 - 5
Independent Banker - October 2022 - 6
Independent Banker - October 2022 - 7
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Independent Banker - October 2022 - Cover3
Independent Banker - October 2022 - Cover4
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