Independent Banker - February 2020 - 7

FROM THE TOP
" As community bankers, our
bars are set high. We're not
OK with just being OK. "
Preston Kennedy
Chairman, ICBA
Preston Kennedy is president and CEO of
Zachary Bancshares Inc. in Zachary, La.
A television commercial debuted late last
year in which a patient in a hospital bed asks a
nurse about his doctor's credentials. With a shrug
of her shoulders, she responds, " He's OK. " The
look of horror on the patient's face reveals that
just " OK " is clearly not OK.
Our industry is another in which average isn't
acceptable. As community bankers, we strive to
exceed customer expectations, off ering best-inclass
service.
Take payments. Our current suite of off erings,
which has been enhanced, upgraded and
expanded throughout the years, meets the needs
of today's marketplace. We off er products and
services that get the job done, but as technology
changes and customer expectations evolve, our
payments system needs to progress with them.
That's why the community banking industry has
taken up the faster payments initiative. In today's
culture of 24/7 immediate gratifi cation, our customers
expect their money to move as fast as their
text messages and social posts. That's why realtime
payments are crucial to banking's future.
I've heard a community banker or two talk
about how their customers aren't yet demanding
faster or real-time payments. That might refl ect
most community banks' realities today, but while
customers may not be clamoring for real-time
payments just yet, the time will come when they
My Top
Three
With Valentine's
Day as our
backdrop, here are
the things I love
about community
banking:
1. Investing in local
economies
2. Improving
the lives of our
neighbors
3. Growing the
next generation
of community
bankers
will be, particularly if the big banks are off ering
them. And we don't want to be backed into a corner
and have to jump on board at the last minute.
Thankfully, that doesn't have to be the case.
Community bankers brokered a big victory in
2019 as the Federal Reserve threw its hat in the
real-time payments ring via the FedNow Service.
Through years of advocacy eff orts, ICBA and
community banks were able to thwart a megabank
monopoly and encourage a solution that
will support a more level playing fi eld for all.
But, while this fi rst battle is won, the war is far
from over. We need community bankers to insist
that the Fed develop its system as quickly as possible
to maximize adoption among community
banks and facilitate nationwide faster payments.
In addition, we should begin speaking with our
core processors about the impact of FedNow on
the availability and timing of the faster payments
services they provide.
As soon as FedNow is operable, my community
bank will be at the front of the line to take advantage
of it. And I know you feel the same, because
as community bankers, our bars are set high.
We're not OK with just being OK.
Connect with Pres @BankPres
independentbanker.org Q 7
http://www.independentbanker.org
Independent Banker - February 2020

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