ABA Banking Journal - February 2012 - (Page 22)

tech topics    |   COMMuNITy baNK STraTeGIeS Money pit ... or enabler? Six ways to make technology work for you. The keys: Add it to strategic plans, lean on vendors, embrace new ideas, reconsider outsourcing BY LISA VALENTINE, CONTRIBUTING EDITOR F or community banks, technology can be an enabler—or a source of continued frustration. At times, it can feel like a money pit, out of which bankers are anxious to climb. But there are community bankers who sound almost giddy when talking tech. They described it to ABA BJ as “integral to the bank”; “something I’m passionate about”; “exciting.” Frank Sorrentino, chairman and CEO of $729 million-assets North Jersey Community Bank, Englewood Cliffs, N.J., says, “We see our bank partially as a technology company. We are a local community bank, but we also have a powerful technology engine that fuels the type of products found at a money center bank.” For example, when remote deposit capture emerged, many community banks took a wait-and-see approach. In contrast, North Jersey Community jumped in and picked up a substantial client base as a result. “A lot of our ability to bring our business customers in as depositors revolves around our ability to serve them electronically,” Sorrentino says. In 2011, six of the bank’s ten most profitable, recently acquired customers didn’t set foot in a branch. While no one is suggesting that bankers discard deposits and loans for bits and bytes, even those with a love-hate relationship with technol- 22  |  ABA BANKING JOURNAL  |  February 2012

Table of Contents for the Digital Edition of ABA Banking Journal - February 2012

ABA Banking Journal - February 2012
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
ABA Community Banking
Pass the Aspirin
Tech Topics
Stop Drowning Us
10 Tech Trends to Follow in 2012
Compliance Clinic
Compliance Inbox
Aba Resources
Legal Issues
First Person

ABA Banking Journal - February 2012

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