The community banking and credit union industry remains hyper-competitive, and many of our clients are looking for ways to differentiate their institutions by leveraging technology to improve their customers’ experience. Consider the fact that various disruptors, particularly in the Payments space, continue to gain market share, the competitive pressure on these institutions to provide products and services in a seamless fashion becomes even more important.
The technology trends in banking will continue to shift. At the center of these trends is the intent to provide an easy, fast, and frictionless customer experience. It is simply how today’s consumer wants and expects to do business. To keep up with this demand, community banks and credit unions are looking for technology leaders that can partner with business line leaders within the organization to drive innovation. The days of the CIO or CTO hanging their hat in the basement and managing firewall patches and pulling cable are gone.
Today’s technology leaders have to identify current and potential barriers or silos within an organization and develop a strategy to remove them if true innovation is going to take place. The ability to develop an technology roadmap and strategic plan that fits the institution’s master strategic plan is critical. As technology trends shift, today’s IT leader will need to identify those shifts and determine if it’s in their organizations best interest to pursue. Whether your institution endeavors to be on the “bleeding edge” of technology or a “fast follower”, the CTO should be a key member of the senior executive team to foster collaboration, innovation, and a wonderful customer experience.