By Parker Steed, Client Success Manager
Are you worried that technology is going to put your community bank out of business? Don’t be.
While tech giants are trying to steal your business by “combining digital technology with advanced analytics to provide easy-to-use app[s]…customers still trust their primary provider,” according to Jim Marous of the Financial Brand. The question is, what are YOU doing to fight back? And what tools are at your disposal?
Stay Current with Tech
“Artificial Intelligence (AI) is emerging as the savior” of banks and credit unions in this fintech grapple, wrote Mohit Joshi in Finextra. Furthermore, “56 percent of financial services respondents said they were using AI in the past one to three years” according to a recent global AI study.
Just because you don’t have a billion-dollar marketing budget like Bank of America, you can still have the same technology. As a small institution you have access to resources such as Fiserv and FIS. You can enjoy the same technology as the giants, but you don’t have to build it yourself AND you can pay a lot less for it. So, if your bank is still living in the 90’s go upgrade!
(Part two of this post will look at how to make smart decisions about technology and the key role played by people.)