SPOTLIGHT
Bank Innovation Reimagined Challenges, tips, success stories, getting started, customer experience, employee adoption, improving efficiencies
t’s a new era for community banking - the pandemic forced banks to become proactive, and to question existing business models. At the same time, fintech firms emerged that challenged the status quo in banking. According to an Accenture report, some of the top banking trends for the coming year include reimagining the importance of innovation, using technology and automation to improve banking experiences and back-office efficiencies, understanding the impact of new payment alternatives, and fighting for talent. Georgia community bankers have found that keeping up with the changing digital marketplace is indeed a challenge and opportunity. CBA is pleased to share experiences from those on the digital front line – challenges, where to start, employee adoption, improving efficiencies and successes.
What has been the biggest challenge when it comes to fintech/innovation? Any suggested solutions?
Frank Griffin
Griffin: The biggest challenge for me concerning fintech and innovation is knowing what President innovative product or offering fits in my shop. Like many, I like new technology and I am Flint Community Bank intrigued by the latest and great advancements. Every vendor throws around phrases like Albany Fintech, Metaverse, NFT’s or Crypto Currency, so much so that it has created a cacophony of buzzwords that can make you feel like you are behind the times if you are not participating in or providing a way for your customers to use those products. Quite 770.406.8598 frankly, today, most of those words have no real tangible ottomoto.net impact on the way the majority of community banks interact daily with their customers. For most community bankers, I believe it is best to keep your ears to the ground THE “THREE R’S” OF PROGRESSIVE LENDING. and stay in the conversation, so that you do not miss an opportunity that to provide new technology that fits The average consumer will purchase 9 vehicles during their lifetime. Will you be their lender of choice for the future?* in your market or will be of benefit to your customers. However, be careful to not be overwhelmed by the fastOTTOMOTO helps you build long-term profitable relationships that help you retain customers and remarket to them for talking heads who attempt to play to your fear of missing all their financing needs both now and in the future. out. This can cause you to purchase a product or change course unnecessarily which will not produce a return for THE SHARPEST TOOLS, your bank and can end up being a costly mistake. TM
What tips do you have for bankers exploring innovation? How to get started.
Griffin: Do your homework!! Make sure the product fits in the unique structure of your community and your bank. The new product or offering must enhance the experience of your customer so much that it is easily seen in an increase to the bottom line by growth in revenues or decrease in operational expenses, or preferably, both!!
ALL IN THE SAME SHED.
VERIFY BUYER IDENTITY
ON-DEMAND VEHICLE INSPECTIONS
ACCURATE VEHICLE VALUATIONS
CERTIFIED PRE-OWNED VEHICLES
REFINANCING LEADS DIRECTLY TO YOUR CUSTOMER
EXTENSIVE DEALER COACHING
ACCESS & SELL VEHICLE PROTECTION PRODUCTS
*https://www.carchex.com/research-center/auto-warranties/how-often-do-people-change-cars/ts.
J u ly/ A u g u s t 2 0 2 2 | G e or g i a C o m m un i ti es F i rs t | 13
