Harnessing the Power of Service and Innovation

Recently, I became aware of something fascinating: a stock-trading Twitter bot built from an algorithm whose mission is simple: buy when the President tweets a positive comment about a company, and sell when it’s negative. As I listened to the programmers behind @BOTUS explain how the bot was fed information to distinguish, for example, an actual apple from the company, I was struck by the parallels to our industry. Because despite the changing structure of community banks – what we look like both internally and externally – it will be the nuanced combination of humanness and technology that produces something profitable and relevant.

At Western Independent Bankers, our objective is to continually address the stunning pace of technology and the need for community banks to embrace modernity while harnessing the power of customer relations, regulatory dexterity, and security. Beyond assimilation, community banks have the unique opportunity to parlay the success of the traditional customer-centric model of banking with innovation that enhances the customer experience, improves internal efficiencies, generates measurable data, and leverages banks for steady growth.

Without question, relationship banking is the hallmark of independent bankers. With deep roots in areas where we work and serve, there is an understanding of local needs that remains remarkable; yet, we can no longer afford to rely on built-in market shares and generational banking. Customers want transparency, convenience, financial guidance, and they want it all to fall under the umbrella of security. The demand is clear: deliver mobile solutions, satisfy diversified digital preferences, and remain customer-centric. Still, technology – innovation – feels intimidating, time-consuming, and costly.

While education will undoubtedly be a means to gain a holistic understanding of trends, platforms, system capabilities, and product development, the outgrowth is not a forfeit of the personal for the progressive. On the contrary, employee-manned tablets within the branch system and real-time communications with customers are just two examples of how community banks can use technology to build upon an experience that is unique to the individual. One of the most exciting industry advances, however, is the ability of smaller banks to harness the power of big-data. With advanced analytics paving the way for data-driven decisions, the opportunity to leverage intelligence, mitigate risk, and enhance marketing is a competitive edge worth exploring. Despite the language of analytics and the constraints of thin margins, the business model remains front-loaded by relationships and fortified by new levels of access, increased market share, and customer loyalty. 

Whether decision-makers have inherited an obsolete legacy system or a gauntlet of antiquated thought processes, WIB is excited to help your team better understand the interdependent relationship between innovation and security. From our WiBinars on crypto-currencies to our upcoming annual Education Summit and Expo, we commit ourselves to helping you explore technology within the context of strategy, security, and expectation. Regardless of how far your bank is comfortable leaning into innovation, it’s important to acknowledge the forward trajectory of our industry. Because like the Twitter bot trading shares based on 140-character tweets, the architecture of the future is built from connections that are personal and from those discovered within the intriguing world of data sets.