Independent Banker - March 2019 - 62

CEO and senior lender of $144 million-asset Community
Spirit Bank in Red Bay, Ala. " Community banks must stay
ahead of the technological curve by keeping their online
services up to date and fresh. "
For his part, Bolton says Community Spirit Bank tries
to support the always-on expectation through access to
personal bankers, as well as encouraging lending and
deposit staff to share cell phone numbers with their
customers. " Customers expect instant access not only to
their money but to their banker. If they have a question,
they are now utilizing personal texts to their banker and
they, like everyone else, watch the screen to see if they are
getting an immediate response, " Bolton adds. " That is what
our customers expect. I believe the bankers who provide
these wow moments for their customers-even if it's 9 p.m.
on a Saturday night-will get some type of a response. "
John Gill, chief operating and risk offi cer for $1.2 billionasset
Somerset Trust Co. of Somerset, Pa., points out that
while branches are still being used to open new accounts,
resolve problems and receive fi nancial advice, the bank's
digital channels are where its customers are completing
more than 85 percent of transactions and 60 percent
of deposits.
" We are also seeing more customers using social media
or sending secured messages through mobile banking for
questions or assistance, " he says. " With the new accountopening
technology vastly improving, I believe that we
will soon start noticing a much higher percentage of
accounts being opened through the digital channel versus
the branch. "
Larry Ponemon, founder of the Ponemon Institute
in Traverse City, Mich., sees " huge implications " for
the banks that seek to provide services and products
to retail and business customers in the wake of digital
transformation. " This concept of digital transformation
has led customers to believe they are entitled to everything
all the time, " he says. " This creates some big positives
and some big negatives for banks ... especially since
A day in the life of a bank customer: past and present
It's no secret that life has
radically changed for
the average consumer
over the past 30 years,
when the mobile devices,
digital assistants and
mainstream internet
were not at the fingertips
of even the most
tech-savvy banking
customer. Let's compare
the average day of
a customer in 1989
versus 2019.
6:30 a.m.
1989: Your radio alarm
clock buzzes and begins
blaring Paula Abdul's
" Straight Up. "
2019: Your smart
home device beeps,
alerting you to wake
up, before playing
the algorithmically
programmed station from
your favorite musicstreaming
service.
7 a.m.
1989: You peruse the
newspaper over eggs
and bacon. You're on the
Atkins Diet.
2019: Over breakfast, you
review the text messages,
emails and social media
posts that came in while
you were sleeping.
You check the balance
on your banking and
investment accounts via
your community bank's
mobile application.
62 Q ICBA Independent Banker Q March 2019
8 a.m.
1989: You sit down at
your desk. You may have
a computer; you may not.
There is no password to
log on.
2019: You sit down at
your work computer and
log in with two-factor
authentication, which
likely includes a PIN,
password, email and/or
fingerprint.
Independent Banker - March 2019

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