Independent Banker - May 2019 - 48

NOW ON DEMAND
Managing IT Risk
in the Cloud Age
3 Strategies to Protect
Your Financial Institution
Featuring:
Josiah Meurer
Chief Technology Officer
As more community banks
embrace cloud computing as a
strategy to both modernize and
reduce cost, institutions run the
risk of adding complexity to their
IT security posture.
This webinar will outline how
your institution can embark on its
digital transformation with confidence,
and leverage cloud computing
securely with compliance
in mind. We'll cover: understanding
the cloud security landscape,
protecting data in the cloud, and
navigating regulatory compliance
in a hybrid cloud world.
" Many banks will say they have a strategy,
but what they really have is a tactical
guidepost with a limited horizon or focus.
Instead, they should have a strategy that is built on the
idea of digital transformation. "
-Mike Carter, Strategic Resource Management
back, even on IT spending, or any
spending at all, " he says. " They're
only buying what can promise them
a return ... or to meet a compliance
requirement. "
In line with the investment trend
indicated in Celent's report, a 2018
Gartner report projects that overall
bank technology spending will
increase 4.4 percent this year, but
nearly two-thirds of spending will go
to maintaining existing systems rather
than implementing new technology.
Bolton points out that community
banks are continually updating
internet banking, mobile banking
applications and their websites, as well
as adding digital wallet products like
mobile payment and p2p. However, he
says Community Spirit Bank and other
institutions face obstacles including
cost, compliance and the extra cost
from vendors associated with those
actions, which can be significant to a
community bank.
REGISTER TODAY!
To register and view our full
library of free on-demand
webinars, visit the Independent
Banker Webinar Center at
Independentbanker.org
" Many of the fringe benefits
you would like to offer have to be
considered carefully, " Bolton says.
" The cost of the new technology versus
the actual user penetration can be very
difficult to measure. You oftentimes
have just enough people who want
it that you feel you need it. But you
might not ever see the product or
service really take off, and yet you still
have to carry the expense. "
Nimble innovation
Demands of core system upgrades
and regulatory compliance aside,
community banks are still focused on
innovating and working with smaller
vendors to integrate innovations,
Schaus says. " Progressive banks
are focused on what will make
clients happy. Traditional banks
are still more geography- and
convenience-focused. "
Progressive community banks
are increasingly analyzing data to
determine which technologies will
best appeal to customers and which
will be useful to employees or the
bank. " The traditional core banking
[services] are getting cheaper, " Schaus
says, adding that they are no longer
the end-all, be-all of community
banks' IT efforts. " The biggest issue
we hear from banks is, 'How do we
differentiate ourselves?' "
Indeed, Carter points out that
consumers today no longer rely on
going to their community bank for
financial services. " They no longer
http://www.Independentbanker.org
Independent Banker - May 2019

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