FinXTech Report digital - Flipbook - Page 10
SUCCESS CHECKLIST
FIVE QUESTIONS TO STRENGTHEN YOUR STRATEGY
Bankers and technology experts offer the following questions for boards and leadership teams
to ask as they move their technology transformation forward.
1. What are our strengths? What are the potential opportunities?
“Where are we strong and weak? What should we stop doing? Where should we refocus? Who
are we going after? How are we competing? Why are we winning business? Why are we losing
business?” asks Ron Shevlin of Cornerstone Advisors. From there, consider what technologies
the bank has in place to build on its strengths, and what technologies to adopt to fulfill its
strategic goals.
2. What solutions will help us differentiate our institution in the
marketplace?
Lee Wetherington of Jack Henry & Associates advises that banks consider anywhere from two
to five fintechs that will help the bank differentiate its user experience, products and services.
From there, community banks can leverage their strengths digitally, providing “live, local, personal service in the moment of need.”
3. How do we benefit from collaboration?
Midwest BankCentre partnered with MANTL to develop its digital account opening capabilities, which it will expand to business clients in 2023. “We enjoy bouncing ideas off each other.
They let us know what they’re thinking from a road map perspective, and we give input on
those things,” says Erin Erhart, executive vice president of bank operations.
4. How will we measure our progress?
All projects should have an end goal in mind, says Shevlin. Understand why the bank is using
the technology — the specific need being addressed — and how you’ll measure the impact on
the bank, even if that’s difficult to quantify.
5. Do strategic discussions consider the future of banking?
Bank leaders need to understand how open banking and real-time payments connect to their
strategy, says Wetherington. As the financial ecosystem grows more fragmented, banks need to
determine how to put themselves at the center of the customer relationship.
9 | FINXTECH POLL RESULTS
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