Independent Banker - May 2019 - 25

Next: Revisiting the investment ladder approach
innovation required to keep up with
the changing norms of the industry,
such as remote deposit capture,
mobile banking and online account
opening. Competitive edge innovation
includes p2p payments off erings,
digital lending and contactless cards/
mobile wallets. Every bank must be
focused on table stakes innovation.
Your bank can be more selective about
its pursuit of competitive edge innovation
depending on its unique strategy.
Your core processor is not your
innovation plan
Innovation Station
By Kevin Tweddle, ICBA
Are you ready
for the future?
pring is certainly my favorite time of year. The ice
fi nally begins to melt, and the previous year gets further
in the rearview mirror, with audits and shareholder
meetings behind us. This is the time when we become
laser-focused on executing our strategic plans.
As I write, we are fresh off of our ThinkTECH Accelerator
showcase and several of our innovation-focused sessions at
ICBA LIVE. I want to focus on two of those sessions in particular:
Lessons Learned from the Most Innovative Banks,
and Fintech Partnerships 101. There are several key lessons
that bear repeating.
Kevin Tweddle
Innovation applies to every bank
Sure, there are some community banks, like Live Oak Bank
and NBKC bank, that have a heavy focus on innovation, but
every bank should have some focus on innovation. There
are two types for banks: table stakes innovation and competitive
edge innovation. Table stakes innovation refers to
(kevin.tweddle@
icba.org) is
chief operating
off icer of the
ICBA Services
Network
S
One area I have been talking about
with our members is how reliant they
have been over the years on their core
processor. Many banks have wrapped
their entire digital strategy around
their core processing contract and
have thus relied on it for innovation.
That seems to be changing as mobile
and ancillary solutions become more
critical to the customer experience.
While your core processor is a critical
component of your bank's innovation
plan, innovation must be driven by
your executive team as part of your
overall strategic plan.
Mobile technology is here to stay
Probably the most rapid change
in technology, as well as customer
preference, has been the move to
the mobile-fi rst banking experience.
I believe the future of banking will
include a heavier reliance on phones
or tablets to complete banking
transactions.
Community banks have a niche:
high tech, high touch
Community banks' secret weapon is
coupling the personalized, trusted
human relationship with the convenience
of digital banking. This is how
community banking will evolve with
trust at the center of the high-tech,
high-touch experience.
independentbanker.org Q 25

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Independent Banker - May 2019

Table of Contents for the Digital Edition of Independent Banker - May 2019

Table of Contents
Independent Banker - May 2019 - Intro
Independent Banker - May 2019 - Cover1
Independent Banker - May 2019 - Cover2
Independent Banker - May 2019 - Table of Contents
Independent Banker - May 2019 - 2
Independent Banker - May 2019 - 3
Independent Banker - May 2019 - 4
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Independent Banker - May 2019 - Cover3
Independent Banker - May 2019 - Cover4
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