Independent Banker - February 2019 - 34

PORTFOLIO
Community banks everywhere are pressured
day in and day out to off er their services with
the same blazing speed and diverse connection
points as new entrants into the fi nancial services
arena. As the multigenerational cornerstones that
help communities progress and innovate, it is
especially important that community banks themselves
innovate, stay relevant to their customers'
needs and even stay ahead of the curve to serve
as role models.
Leading a new digital business model does
require a shift in processes and culture. In addition
to maintaining what's traditional, a leader
must now look at their organization through the
lens of technological innovation. It's an opportunity.
What can technology do for you and
your customers?
Leading by Example
By Chris Lorence, ICBA
Leading
a digital
transformation
D
igital technology is developing at an
exponential pace. With human-machine
partnerships becoming deeper and richer than
ever before, a world of opportunities is opening
up. However, the digital marketplace is
changing daily, and there is a huge risk for organizations
of being left behind. A 2018 study by
Dell Technologies found that 57 percent of businesses
surveyed felt they were struggling to keep
up with the pace of change, whether that was
because of outdated technology, a skills gap or
inadequate cybersecurity.
While most will agree that profound change is
coming-and very quickly-the question is this:
How do we lead the change in our organizations?
More importantly, do leaders need to do anything
diff erently to lead a digital transformation?
34 Q ICBA Independent Banker Q February 2019
Chris Lorence
(chris.lorence@
icba.org) is ICBA
group executive
vice president-
member
engagement and
strategy
With that perspective in mind, there are
three things a leader can do to support digital
transformation within the bank and the
greater community:
1.
Stay informed. Keep an eye on trends. Find
out what customer behavior is like across
the banking industry as well as related
industries. Find out what steps other leaders
in the community are taking, even outside
of banking. Interacting with peers is a great
way to share ideas and discuss strategy. From
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the new developments are. Subscribe to an
innovation or technology blog and commit to
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you enjoy and tune in regularly.
2. Ask questions. If you don't understand a
new digital development, there is nothing
wrong with admitting that. Find sources that
you trust for answers. Focus on long-term
objectives and impact. As the organization
innovates, is it still aligned with its mission?
Save the ROI questions for last, as there
may not be an immediate return, rather an
opportunity to remain competitive.
3. Take a step back. You don't need to innovate
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the people around you or bring people on
board who can bring about transformation
successfully. You are shaping the culture of
your organization, and people respond to
how you behave and act. Be supportive and
inspirational.
Independent Banker - February 2019

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