{"id":82,"date":"2023-08-11T05:05:04","date_gmt":"2023-08-11T05:05:04","guid":{"rendered":"https:\/\/live.21lab.co\/mlab\/?p=82"},"modified":"2023-08-11T05:05:20","modified_gmt":"2023-08-11T05:05:20","slug":"a-guide-to-embracing-meaningful-change-in-banking","status":"publish","type":"post","link":"https:\/\/live.21lab.co\/mlab\/a-guide-to-embracing-meaningful-change-in-banking\/","title":{"rendered":"A Guide to Embracing Meaningful Change in Banking"},"content":{"rendered":"\n<p>Change is paramount for banks and credit unions attempting to stay current in today\u2019s ever-evolving landscape, including technological advancements, shifts in consumer behavior, economic fluctuations, and competitive pressures.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Embracing meaningful change and flexibility can set you up for success in many areas:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Market relevance<\/li>\n\n\n\n<li>Risk mitigation<\/li>\n\n\n\n<li>Customer satisfaction<\/li>\n\n\n\n<li>Partnerships and collaboration<\/li>\n\n\n\n<li>Future-proofing your business<\/li>\n\n\n\n<li>Talent attraction and retention<\/li>\n\n\n\n<li>Gaining a competitive advantage<\/li>\n\n\n\n<li>Innovation and modernization&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>As Heraclitus puts it, \u201cchange is the only constant\u201d, and now embracing change is no longer optional \u2013 it\u2019s a must. Banks and credit unions that proactively embrace meaningful change are better equipped to navigate the modern-day business landscape and position themselves for long-term success.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image alignwide size-large\"><img decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/live.21lab.co\/mlab\/wp-content\/uploads\/2023\/08\/b5-1024x512.jpg\" alt=\"\" class=\"wp-image-83\" srcset=\"https:\/\/live.21lab.co\/mlab\/wp-content\/uploads\/2023\/08\/b5-1024x512.jpg 1024w, https:\/\/live.21lab.co\/mlab\/wp-content\/uploads\/2023\/08\/b5-600x300.jpg 600w, https:\/\/live.21lab.co\/mlab\/wp-content\/uploads\/2023\/08\/b5-300x150.jpg 300w, https:\/\/live.21lab.co\/mlab\/wp-content\/uploads\/2023\/08\/b5-768x384.jpg 768w, https:\/\/live.21lab.co\/mlab\/wp-content\/uploads\/2023\/08\/b5.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This was the topic of discussion during our recent webinar,\u00a0A Framework for Change: The First Step and Beyond\u00a0with\u00a0Tower Community Bank\u00a0and\u00a0The Financial Brand. Mike Hughes, VP of Product Marketing at FintechOS, interviewed Brett Hollenbeck, Virtual Bank Director at Tower Community Bank, on his role designated to bringing meaningful change into the bank.\u00a0<\/p>\n\n\n\n<p>Below are a few highlights of their discussion.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why Does Change Matter?<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Integrating meaningful change is difficult for any organization, but especially for traditional banks and credit unions dealing with obstacles like outdated processes and existing legacy systems.\u00a095% of incumbent banks\u00a0say they are still hindered by legacy systems and most struggle to attract and retain top tech talent.\u00a0\u00a0<\/p>\n\n\n\n<p>This directly affects the customer experience, with most customers agreeing that their banks don\u2019t integrate well into their lifestyles. So, it\u2019s time for banks and credit unions to look onwards \u2013 towards a more innovative future \u2013 by identifying new profit pools, channels of distribution, and ways to automate and streamline back-office processes.&nbsp;<\/p>\n\n\n\n<p>But before you can drive change at your financial institution, consider if your bank or credit union is ready to take the leap.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to Get Started with Meaningful Change<\/strong>&nbsp;<\/h2>\n\n\n\n<p>Fintech expert, Ron Shevlin, recently claimed that\u00a0innovation as a management fad is dying. Why? Not because innovation is in any way bad, but because organizations aren\u2019t ready for disruptive innovation.\u00a0\u00a0<\/p>\n\n\n\n<p>Shevlin says, \u201csuccessful innovation requires a supportive infrastructure, culture that embraces experimentation and failure, and an organization-wide commitment to change\u201d. He stresses that most companies don\u2019t have these key factors in place yet are surprised when miracles don\u2019t happen overnight.&nbsp;<\/p>\n\n\n\n<p><strong>The success of innovation heavily relies on an organization\u2019s ability, and willingness, to change.&nbsp;<\/strong>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Tower Community Bank Embraces Meaningful Change<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Nashville-based institution, Tower Community Bank, was ready to embrace meaningful change that would differentiate them further in their current market. While they came from traditional roots, they were forward-thinking and wanted to be on the front edge of trying new tools and technologies.&nbsp;<\/p>\n\n\n\n<p>They set their sights on improving their current customer experience, attracting new customers in the community, and generating additional revenue sources. To accomplish this, the bank hired change and process management expert,\u00a0Brett Hollenbeck, MBA, to lead digital innovation and provide the bank with a fresh set of eyes.\u00a0<\/p>\n\n\n\n<p><strong>Here\u2019s Brett Hollenbeck\u2019s guide to embracing change:<\/strong>&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Designate a Change Agent<\/strong>\u00a0\u2013\u00a0A change agent,\u00a0in this case Hollenbeck, is someone who will lead the change and innovation happening organization-wide. This person plays an instrumental role in getting everyone on board, identifying key areas to initiate meaningful change, keeping timelines on track and individuals accountable, and later acting as a\u00a0liaison between the bank and their chosen technology provider.<\/li>\n\n\n\n<li><strong>Idea Generation&nbsp;<\/strong>\u2013 This is the brainstorming process. The change agent needs to take the time to identify the bank\u2019s future goals and strategic vision, as well as launch discussions with people throughout the organization to gain feedback on first thoughts and potential obstacles. This is the time to dig deeper and disregard \u201cthis is just the way we do it\u201d as an answer. Question how things have been done and make sure current investments are truly valuable to the customer.<\/li>\n\n\n\n<li><strong>Identify Opportunities \u2013&nbsp;<\/strong>Identify what the financial institution is already doing well and how you can take a different approach to the problems you\u2019ve been seeing for a while. Ask customers and clients what they like about your business, why they\u2019ve chosen to invest in you, and what their main pain points are. You can\u2019t be everything to everyone, so really home in on what\u2019s working best.<\/li>\n\n\n\n<li><strong>Balance Priorities<\/strong>&nbsp;\u2013 With so many great ideas in mind and projects in development, it can be tough to juggle it all. Especially when each internal department has its own priorities. Make sure the person calling the shots (the change agent, CEO, or other organizational leader) is prioritizing the things that will make the \u201cbiggest splash\u201d. The prioritized investments should be those most meaningful to your customers.<\/li>\n\n\n\n<li><strong>Overcome Challenges<\/strong>&nbsp;\u2013 There will be many obstacles in the way of change and innovation, including compliance, regulations, and budget. Overcoming these challenges requires careful planning, effective communication, an adaptable culture, and strong leadership.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>Embracing meaningful change is difficult for every organization, but it is much easier for those who can get their team on board to execute a well-researched plan.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Putting Meaningful Change into Action<\/strong>&nbsp;<\/h2>\n\n\n\n<p>For most financial institutions, especially local banks and credit unions, large technology innovation projects are handled by a technology vendor or fintech provider. Often, internal IT teams don\u2019t have the skills, numbers, or resources to implement new tools and technologies, especially if they\u2019re already battling\u00a0existing legacy systems.\u00a0\u00a0<\/p>\n\n\n\n<p>When it comes to evaluating and choosing a new tech vendor, be on the lookout for red flags. A good vendor will have the following things in place:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>A flexible and highly-customizable product \u2013\u00a0<\/strong>This makes\u00a0handling changes in the market a breeze\u00a0instead of being forced to start back at square one.<\/li>\n\n\n\n<li><strong>Constant communication \u2013&nbsp;<\/strong>Problems are bound to arise but maintaining an open dialog builds trust on both sides.<\/li>\n\n\n\n<li><strong>Customer-focused<\/strong>\u00a0\u2013 You want a partner who knows your industry and has experience implementing the products your customers want.<\/li>\n\n\n\n<li><strong>Clear and measurable timelines \u2013&nbsp;<\/strong>set&nbsp;from the start, keeping both parties accountable and aware of expectations.<\/li>\n\n\n\n<li><strong>Aligned values \u2013&nbsp;<\/strong>Get to know how the organization operates, the people you\u2019ll be working with closest, and how they perform under stress.<\/li>\n\n\n\n<li><strong>Previous customers speak highly about their deliverables \u2013&nbsp;<\/strong>Don\u2019t hesitate to gather unbiased feedback.&nbsp;&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>Lastly, make sure your chosen tech provider can enable you to launch new products and services quickly, so you don\u2019t miss out on capturing competitive market share as opportunities arise.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Conclusion: Embracing Meaningful Change is a Marathon not a Sprint<\/strong><\/h3>\n\n\n\n<p>Embracing meaningful change is a journey that requires commitment, vision, and adaptability. Financial institutions that choose to proactively navigate this path are better positioning themselves for long-term success as they remain relevant and resilient in today\u2019s ever-changing financial landscape.\u00a0\u00a0<\/p>\n\n\n\n<p class=\"has-small-font-size\">Via: https:\/\/fintechos.com\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Change is paramount for banks and credit unions attempting to stay current in today\u2019s ever-evolving landscape, including technological advancements, shifts in consumer behavior, economic fluctuations, and competitive pressures.&nbsp;&nbsp; Embracing meaningful change and flexibility can set you up for success in many areas:&nbsp;&nbsp; As Heraclitus puts it, \u201cchange is the only constant\u201d, and now embracing change [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":83,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[9],"tags":[5,19,6],"class_list":["post-82","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-banks","tag-payment","tag-technology"],"acf":[],"_links":{"self":[{"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/posts\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/comments?post=82"}],"version-history":[{"count":2,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/posts\/82\/revisions"}],"predecessor-version":[{"id":85,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/posts\/82\/revisions\/85"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/media\/83"}],"wp:attachment":[{"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/media?parent=82"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/categories?post=82"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/live.21lab.co\/mlab\/wp-json\/wp\/v2\/tags?post=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}