Independent Banker - September 2020 - 35

Next: Blending CRM and marketing automation platforms
focus for ICBA and many community banks
coming out of COVID-19. Economic impact payments
and Paycheck Protection Program (PPP)
loans highlighted the need for digital services and
products. From marketing products and services
to onboarding and loan origination, enhanced
digital engagement tools should be on every community
bank's radar.
Innovation Station
By Charles Potts, ICBA
Budgeting for
innovation
he COVID-19 pandemic crisis accelerated
the innovation process as community banks
across the nation moved to digital platforms for
everything from onboarding new customers to
loan authorization. It also highlighted the importance
of budgeting for innovation as an essential
component of a community bank's strategic plan.
As community banks look toward the future,
it is critical that they are strategic and missiondriven
in their planning process and make
innovation an integral part of how they run their
business. Here are three areas to consider when
budgeting for innovation:
1. Digital engagement tools. Digital engagement
tools and strategy have become a strong
T
Charles Potts
(charles.potts@
icba.org) is
ICBA senior vice
president and
chief innovation
off icer
2. Small business opportunities. PPP
loans brought digital lending to the forefront,
highlighting opportunities for innovation and
digitization. The increased availability of software-as-a-service
(SaaS) solutions and digital
solutions through companies like LendSmart, a
fi ntech startup that came through ICBA's ThinkTECH
Accelerator program, have expanded the
menu of services and products community banks
can off er their small business customers.
3. Compliance solutions. If you're looking for
faster, more effi cient processes to manage compliance,
there are a wealth of solutions available. The
number of digital products that streamline the
compliance process for underwriting, know your
customer (KYC), Bank Secrecy Act/anti-money
laundering (BSA/AML), and other requirements
are growing daily and accessible to community
banks through such services as ICBA's Preferred
Services Provider portal. Solutions like these
are right-sized for community bank budget and
implementation considerations.
For community banks that are already
budgeting for innovation, now is an excellent
time to refi ne that strategy. And for community
banks that haven't engaged in strategic planning
and budgeting around innovation, now is an
excellent time to start. You can start by reviewing
our member resources and our Preferred
Service Providers portal. You can also reach out
to us to learn more about ICBA resources and
opportunities for community banks focused on
strategic innovation planning.
Key to any eff ective innovation strategy is
knowing what's important to your market and the
communities you serve, as well as approaching
innovation planning and budgeting with these
considerations in mind. With proper planning,
and the right product mix, you can turn challenges
into opportunities to serve customers and spur
mission-driven innovation.
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Independent Banker - September 2020

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