By Ruth Razook,Founder & CEO
RLR Management Consulting, Inc.

As I research what the trends for community banks are in 2019, I keep thinking “No, this just can’t be!”. Isn’t banking just banking? Not anymore! Digital disruption, emerging technologies, intelligent data capture, artificial intelligence, palm devices???

The time is now, so they say…Only half of banking customers surveyed by Forrester Research are willing to keep their businesses at banks that don’t get the customer experience right.Do bank applications need to feel like a smartphone device and less like the bank applications of yesteryear? Yes. This will especially be true when it comes to the sought-after and tech-savvy millennial generation.

So, what’s a bank to do? Start planning for the short and long term, if you haven’t already. Regardless of where you are in the planning or implementation process, you are probably already behind. The customer wants a “compelling customer journey” that will differentiate your organization from the new or revitalized kids on the block. Realize that technology cannot be efficiently implemented without fairly significant organizational changes. Siloed business units work well for the status quo, but not when you are turning an organization inside out and upside down, which is what will be required for banks to remain competitive.

For 2018, we talked about Fintech companies, branch transformation, cyber-security and automating and streamlining inefficient processes. We hope you are on your way and will continue down the path of embracing the technology, re-thinking your organization and of course, keeping it secure! The future of banking will be digital in nature providing world class customer experiences!