ARE YOU IN THE GAME?

In the world of sports, all athletes want to be in the game. They don’t want to stand on the sidelines or sit on the bench. They want to contribute, be a part of the action and bring home the victory!

Being involved, working as a team member and making a difference is an inherent part of all of us.

UNDERSTAND YOUR CUSTOMERS

This is especially true in our chosen industry: COMMUNITY BANKING!

As community bankers, we have the opportunity to support and make a difference in the lives of our employees, our customers and the communities we serve.

Is your bank in the game?

At our 2019 Convention at the Greenbrier, I talked about the importance of staying relevant and competing. It’s not an option, but a necessity if we are to survive in this fastpaced, ever changing global economy that we are a part of.

The main challenge is to learn how to survive, excel and win. How do we do this?

Here are a few thoughts on some essential steps that must be taken, if you are to be relevant and compete:

STAY ENGAGED

Be involved and a leader in your community and in community banking. The KBA offers all kinds of opportunities for engagement. Take advantage of what is offered.

UNDERSTAND YOUR MARKET

What is your current market? What do you want your market(s) to be? The answer to these questions are the key in determining your strategy, your competition, what products and services are required to be successful, and delivery alternatives. The winner in this new digital age of banking will be “who controls the customer relationship.” A key question is: Will your bank be your customers’ first stop when they need banking services?

A key is to understand your customers’ wants and needs and develop the delivery channels that they demand. Convenience and technology play a key role in customer satisfaction. In addition, the battle for the “customer” has intensified.

CREATE A COMPELLING CULTURE

An intentional focus on culture at every single touch point - each time and every time - is the key to customer engagement, retention and delivering a memorable experience. A compelling culture plays a major role in winning the “customer relationship.”

USE TECHNOLOGY EFFECTIVELY

Technology is changing at an ever increasing pace. Simply investing in the latest trend is not the best answer. Your technology investments must be directly related to the products, services and delivery channels demanded by your customers.

DISTINGUISH YOURSELF

This can be accomplished in many different ways. It can be geographic market(s), products and services, delivery channels, customer engaging banking centers or the “WOW” customer experience, or a combination of all of these alternatives. Given that competition is just no longer across or down the street, this is very challenging.

You must be proactive in putting your bank in the forefront. How do you differentiate your bank? Would your bank be the first mentioned if you took a poll of individuals and businesses in your market(s)? continued on the next page

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CHAIRMAN’S CORNER | OVERTIME

DEVELOP STRENGTH Develop strong risk management, compliance, operational and financial control systems and processes that fit our size and complexity. This is an absolute necessity! As a heavily regulated industry, strong internal controls are essential. It is also essential that you understand, effectively manage, monitor and mitigate risks inherent to the financial services industry. Hire the right people to make sure this happens! EXPECT THE UNEXPECTED Things happen that are not expected and can cause disruption. A good example is what we’re facing now with the COVID-19 pandemic and its disruption. And we all remember the financial crisis that was a significant disruption! This illustrates the fact that we are in a global economy; we are impacted by what happens in our world. Unexpected disruptions create uncertainty, concern and the fear of the unknown. There is no quick or easy answer. As a community banker, you must stay calm, keep informed and communicate vital and timely information to your Board of Directors, employees and your customers. You should have a team in place to evaluate, monitor, make decisions and coordinate communications. All areas of your bank can be affected and your team should include personnel qualified to monitor the potential impact on employees, customers, bank liquidity, financial performance, the loan portfolio and third party vendors. As always, be proactive and be a leader in addressing unexpected challenges! and community are ever changing. As community bankers, you must also be willing to step back, re-evaluate and take a different course of action. STAY THE COURSE You don’t win a championship in the first game of the season. Progress is made one game at a time. The same is true in achieving the strategic goals for your bank. Follow the plan, move forward one step at a time, and persevere. Henry Wadsworth Longfellow said it this way: “The heights by great men reached and kept were not attained by sudden flight, but they, while their companions slept, were toiling upward in the night.” BE AN ADVOCATE Be a leader in your community, be proactive and involved with the legislative process on a state and national level, and be a supporter of the KBA. I hope that each of you want to be in the game! If you are to be relevant, compete and be successful, you must understand what it takes to be a winner. BE PLEASED, BUT NOT SATISFIED Remember, be pleased, but not satisfied - there’s more work to do. “The achievement of an organization are the results of the combined effort of each individual.” - Vince Lombardi

BE FLEXIBLE

#WeAreKyBankers @kybankers

WE ARE KENTUCKY BANKERS!