The Financial Brand Insights - Fall 2022

offering digital services alongside the community investment benefits of local banking. According to the Federal Reserve, one of the most prominent types of partnerships leverages third-party technology to improve efficiency and effectiveness. Vendors today can offer a wide range of holistic solutions, ranging from automating aspects of the loan origination process to enhancing fraud protection or providing more reliable customer authentication — ultimately improving core business processes and offerings without the hassle of developing in- house technology. Additional types of partnerships to consider include customer-oriented ones to enhance consumer-facing aspects of business such as online account opening tools or mobile deposit platforms, and partnerships to combine the bank’s infrastructure with technology developed by a fintech. As long as community banks carefully consider risk management and compliance and ensure that the collaboration strengthens existing operations and long-term strategic goals, these partnerships will undoubtedly become vital in ensuring they remain competitive and continue to meet the needs of their respective communities. Final Thoughts Community banks have loyally served consumers across the United States for decades. If they make certain changes, such as working to provide a better digital experience, there’s an opportunity for community banks to continue to build on their legacy of remaining agile and customer-centric in the years to come. ▪ About Shelba Murphy Shelba Murphy has more than 20 years of experience helping community banks and credit unions ensure their digital initiatives are up to par. She currently serves as SVP of Sales at Veritran, a global technology company that helps develop omnichannel digital solutions that financial institutions need to provide a superior and safe experience to their customers.

Generating Trust: Offering personalized, positive and predictive touchpoints with every customer interaction generates trust.

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that digital transformation is top of mind for executives and employees alike. Continue Building Consumer Trust One key consideration that will continue to propel community banks forward is consumer trust. Fortunately, many already have a solid base to continue working from, due to their legacy as a trusted partner to local communities. However, trust in today’s banking environment largely comes from offering personalized, positive and predictive touchpoints with every customer interaction. This could include automatic loan approval to ensure customers don’t have to wait weeks to be approved for necessary funds, or offering personalized financial suggestions based on an individual’s profile to ensure they’re in a positive cash flow position. Needless to say, personalization goes hand in hand with modernization — technology is a key part in ensuring that personalized capabilities are available to consumers. If community banks are able to build these services and leverage data to create necessary individualized experiences, they’ll be consumers’ first choice over larger institutions. Leveraging Partnerships to Drive Innovation There is one way for community banks to rapidly drive innovation and access resources at scale: partnerships. In the past year, banks have increasingly partnered with technology vendors, fintech companies and more to start

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103 THE FINANCIAL BRAND INSIGHTS FALL 2022

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