Independent Banker - April 2022 - 11
EXPERTS
Game-changing industry insights for community bankers
THE STATE OF BANKING
Three Areas Successful
Community Banks are
Investing in Technology Today
Kentucky
128
banking institutions
Total assets:
$72.3 billion
The Lexington-Fayette, Ky.,
area has the third
largest deposit market with
$15.4 billion
in deposits.
Median ROA:
1.14%
Residential real estate
has the highest loan
concentration at
188%
Source: FDIC Q3 2021 statistics
Michael Berman
Chief Executive Officer, Ncontracts
1. Fintech Partnerships
While the banking industry is undergoing a digital transformation, smaller
financial institutions rarely have the resources to commit to this change.
Partnering with a fintech can help smaller banks bring in the technology they
need to remain current and relevant. However, building out a formal partnership
strategy is essential to making collaboration work. Without being crystal
clear on your goals and future plans, finding the right fintech will be difficult.
2. Enterprise Risk Management
Strong risk management has always been a best practice, but now that
examiners are asking more about risk management, community bankers are
taking note. Operational risk, cyber risk, credit risk, and compliance risk are
all hot-button issues. Community bankers also report that examiners expect
to see risk assessments justifying strategic decisions, especially when it
comes to fintech partnerships.
Risk management is all about resiliency. Risk management is the new top
priority for banks, banks are operating in an environment of ongoing change
and disruption. Being able to quickly adapt to change is becoming necessary
to survival. Investing in resources to help identify, assess, measure, and
mitigate the risks are essential to building an institution that can handle
downturns and other shocks.
CORRECTION
In the " Inspirational Figures "
sidebar on page 61 of the March
2022 issue of Independent Banker,
Community 1st Bank Las Vegas was
erroneously titled Citizens 1st Bank
Las Vegas. And in a photo caption
on page 44, Brad Bolton's son's
name should be Brady. We regret
the errors.
3. Talent Attraction & Retention
Nearly half of community banks (48 percent) say attracting and retaining
talent is one of their top three business challenges in 2022, according to
Independent Banker's 2022 Community Bank CEO Outlook Survey.
Customers are used to banking digitally, and workers have the same expectations.
Digitizing and automating business processes and communication not only
makes a bank more efficient, but it also sends a message to potential
employees that they'll be working for a modern organization-one where
there is less busy work and more time to make significant contributions.
ncontracts.com * 888-370-552 * hello@ncontracts.com
http://www.ncontracts.com
Independent Banker - April 2022
Table of Contents for the Digital Edition of Independent Banker - April 2022
Table of Contents
Independent Banker - April 2022 - Intro
Independent Banker - April 2022 - Cover1
Independent Banker - April 2022 - Cover2
Independent Banker - April 2022 - Table of Contents
Independent Banker - April 2022 - 2
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Independent Banker - April 2022 - Cover3
Independent Banker - April 2022 - Cover4
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