Independent Banker - March 2021 - 28

PORTFOLIO INNOVATION STATION
Leveraging existing
digital platforms and
solutions for new
customers and markets
is critically important.
Use what you have
By Charles Potts, ICBA
A
t this time in 2020, community
banks were feeling the fi rst
rumblings of COVID-19's impact
on their institutions and customers.
Early on, community banks found
themselves at the forefront of economic
relief, helping to process more than
4 million Paycheck Protection Program
(PPP) loans. At the same time, they
were responding to new challenges and
opportunities critical to their success.
I recount these accomplishments to
make a crucial point.
The digital platforms and solutions
that community banks employed to
process PPP loans and digitalize the
onboarding process should serve
as the foundation upon which to
build new solutions and reach new
market segments. Specifi cally, many,
if not most, of these digital tools and
solutions can be repurposed to attract
new customers and meet the needs of
your existing customer base.
With government mandates related
to COVID-19 relief eff orts, a new round
of PPP lending and shifting customer
demands, it can be hard to know where
to start. Here are three practical steps
your bank can take to ensure success.
1. Conduct a critical inventory.
Consider what tools, services and
innovations you put in place to
address the crisis. How can you use
these to attract new customers?
What services and products can you
promote to new market segments?
2. Identify what's missing in
your strategic plan. Considering
the pandemic's impact on your
organization and your customers,
what changes or additions do you
need to make to your strategic
plan? What new partnerships and
technology do you need to put into
place to propel you forward?
3. Seek out ICBA resources. Use
ICBA resources to identify solutions
and companies to help support
your community bank's business
goals and capture new market
segments. Consider a fi ntech partner
to put digital marketing tools and
capabilities in place to support your
bank's performance marketing needs.
Participate in ICBA events to learn
more about emerging technologies and
identify potential startup partners.
ICBA's 2021 ThinkTECH Innovation
Showcase, held virtually on Tuesday,
March 16, can accelerate the process
of identifying new technology and
fi ntech partners.
The event, following on the heels of
ICBA Connect on March 9 and 10, will
highlight our third cohort of accelerator
participants. For community bankers
who have not yet participated in
our accelerator program, it is an
excellent opportunity to learn about
innovative solutions that address new
client demands and the needs of new
market segments.
Embracing the new normal as
" business as usual " and leveraging
existing digital platforms and solutions
for new customers and markets is
critically important. This will help
community banks succeed as they
continue to provide the high-tech,
high-touch level of support that
customers expect. 
Charles Potts (charles.potts@icba.org)
is ICBA senior vice president and chief
innovation off icer
28 Q ICBA Independent Banker Q March 2021
Independent Banker - March 2021

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