Independent Banker - June 2020 - 27

Next: Many rural homebuyers rely on community banks
Many fi ntechs are adapting to the crisis by
altering the trajectory of their businesses and
business models so that they can better support
community banks.
Tom Freston, cofounder of MTV, said it well:
" Innovation is taking two things that exist and
putting them together in a new way. " We are
watching this play out with community banks
and technology providers through their partnerships
as they take existing services and solutions
and combine them in new ways.
As community banks reimagine the branch
experience and their interactions with customers,
they are using digital tools to connect with
employees working remotely and, in some
cases, host meetings with key customers.
Community banks are also getting creative in
their sponsorship of community events while
adhering to social distancing guidelines. In one
instance, a community bank showed its support
of local businesses by sponsoring a digital tour of
a nearby restaurant.
Innovation Station
By Charles Potts, ICBA
Leading
innovation in
a crisis
he COVID-19 pandemic presents community
banks and fi ntechs with opportunities to
create change. It's a pivotal moment, underscoring
the importance of leadership in innovation,
and community banks and fi ntechs are rising to
the occasion.
Charles Potts
(charles.potts@
icba.org) is
ICBA senior vice
president and
chief innovation
off icer
T
Take, for example, the operational and technological
challenges community banks are facing
related to the Coronavirus Aid, Relief, and Economic
Security (CARES) Act's ICBA-advocated
Paycheck Protection Program (PPP). Community
bankers are looking for smart, innovative solutions
to address pain points, and they are fi nding
them in fi ntech partnerships.
Innovative approaches to stay connected may
sound simple, but they demonstrate how community
banks are stepping away from legacy
behaviors to rethink and retool their business
models. For many, the challenges and solutions
presented by the crisis will serve as a catalyst for
change and a platform for further innovation.
Community banks have an opportunity to evolve
their digital platforms and reevaluate everything
from customer engagement to internal processing
and back-end servicing solutions, and they
should make the most of it.
The crisis we're facing is not a one-and-done
event that we rush to put in the rear-view mirror
so that we can go back to business as usual.
Rather, we need to refl ect on the lessons learned
and leverage the tools and resources we've discovered
and utilized during this diffi cult time.
Coming out of this, community banks should see
a natural evolution of capabilities that they can
embrace to create sustainable behavior and business
models for the future.
During these unprecedented times, ICBA is
here for you as a partner and an extension of
your community banking family. We must lean
on each other. When it's over, we will walk away
from this with shared knowledge and experiences
that we can put to use.
independentbanker.org Q 27
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Independent Banker - June 2020

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